9 Ways to Reduce Your Motor Insurance Premium

As important it is to choose the best of the deals on the car loan that you settle for, it is equally or maybe more important for you to choose and select the best or ideal car insurance for your vehicle. This is due to the fact that the motor insurance you take can help you in staying away from legal woes in the long run.

Thus, here are some of the ways to reduce your motor insurance premium.

1. Cater the right information

Whenever you are presenting the right amount of information to the insurer, you are in turn decreasing the premiums by 10 to 30 percent.

2. The gender and the profession of the driver

Even though still a farfetched idea in terms of the norms in India, many western countries consider the premium amounts based on the profession as well as on the gender of the driver. Usually in there in case the driver is a female, she is entitled to more discounts. Factors such as whether the person works at an office or is a salesperson and has to travel across cities are also taken into consideration here.

3. Manufacturer and car model

Discounts are also applicable in motor insurance premium rates depending on the manufacturer and the model of the car. If the car model or the company has a past record of being accident prone, chances are that you would get higher discounts when compared to others with better history.

4. Place where the car will be used

It is extremely important to inform where the car will be driven the most along with the fact that the place of registration and pile will also be considered. The claims are calculated depending on the locale by the insurance companies and it is seen that the scratch and dent claims are more in congested cities than in the rest.

5. Pay heed to the safety features

This might sound interesting but inform your insurance company of the safety features your car and get the features like anti-theft as this would be an easy path to getting 2 to 5% discount without doubt.

6. The facts of no-claim bonus

The no-claims bonus is nothing but the percentage which is allowed as discount on the damage premium. If the facilities are not availed, the percentage can increase with each passing year (even to up-to 50%) and you can choose whether you want to transfer this to another vehicle or no.

7. Stay-in concessions

In case your vehicle is in the garage without use for more than 2 months, you are eligible to avail concessions after that you inform the insurance company. These concessions can be easily availed when you go about renewing the insurance policy or extending the expiry or credit period.

8. The voluntary deductible perks

The premium discounts can go up-to more than 35% while the voluntary deductibles are applied. If the insured chooses to opt out of the minor damage claims, he or she gets eligible for higher discounts.

9. Become an automobile association member

If you are a part of the Automobile Association, you are eligible to get discounts on damage premiums for both your private car and two wheeler policies. Due to the ever changing policies and the range of discounts, it is always better to stay updated with your insurance company to know how much you are eligible for at a given point of time.