Increase the deductibles: The deductible is the amount that you pay before your insurance kicks in. With higher deductibles, you can substantially lower your payment. Set your deductible based on how much you can afford to spend out of pocket.
Avoid small claims: You are entitled to a no-claim bonus (NCB) for every claim-free year. Even for the smallest claim you make, you lose this advantage which can lower your car insurance premium up to a maximum of 50%.
Accumulate and transfer bonus: The accumulated NCB can be transferred to the new car purchased because auto insurance is linked to the person who buys it, not to the car.
Ways to reduce your motor insurance premium.
Long-term cover for new car: For your new car, a long-term policy of three years is entitled to an OD discount. The long-term policy is also eligible for discounted third-party premiums as decided by IRDAI.
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Benefits of safety device: Safety devices such as steering locks, gear locks, wheel locks, anti-theft alarms, and airbags can help reduce insurance premiums. Your car might qualify for a discount of up to 5% if it has these features.
Avoid car modification: Modifying a car certainly makes it stand out from the crowd. However, this has a negative impact on insurance rates. Aftermarket parts or high-end gadgets can result in higher premiums.
