Purchasing your dream car is a significant milestone in your life. Now that you are a proud owner of the dream machine, you should consider buying a comprehensive car insurance policy that can provide insurance coverage for your own damage as well as third-party liability. It also fulfils the statutory requirement of having third-party insurance on your car.
A comprehensive car insurance premium need not have to be costly as you can bring down the premium amount by applying the following tips.
- Increase Your Voluntary Deductibles
A voluntary deductible is the percentage of the claim amount to be paid by the car owner in the event of any claim. Opting for higher voluntary deductibles lowers your comprehensive car insurance premium as the general insurance firm must incur a lesser claim amount.
You can raise your voluntary deductibles if you are confident in your driving skills or you don’t drive extensively.
Modifying your car can cost you higher own-damage premiums. This is because modifying your vehicle to enhance its looks increases the chance of theft. Also, customising the engine or mechanics to increase acceleration or enhance power increases the risk of accidents.
Thus, you should avoid going for too many modifications. Remember to inform your general insurance firm about such modifications; otherwise, your claim may get rejected later.
Install Authorised Anti-Theft Devices
Installing anti-theft devices certified by the Automotive Research Association of India can reduce theft risk. Therefore, insurance firms provide discounts on own-damage premiums to encourage installing such devices in your car.
Accumulate No Claim Bonus
No Claim Bonus (NCB) is the discount you can get while renewing your comprehensive vehicle insurance if you haven’t filed any claim in the previous year. You can accumulate NCB every year and get up to a fifty percent NCB discount on your premium after a few years.
Additionally, avoid making small claims to save your NCB.
Maintain a Clean Driving Record
Clean driving history can impact the vehicle insurance rate. Therefore, you should always aim for a spotless driving record with no accidents, no overspeeding tickets, or even petty traffic rule violations. Apart from getting a better vehicle insurance bargain, maintaining a good driving record also inculcates safe-driving habits.
Never Let Your Policy Lapse
Your vehicle insurance policy lapses if you forget to renew it before its expiry date. The insurance provider might charge you a higher premium if you renew the policy well after its expiry.
Thus, you should always ensure to renew your policy in time. You can consider buying a long-term car insurance policy of two to three years to stop worrying about policy expiry every year.
It is possible to have a comprehensive vehicle insurance policy at a reasonable premium if you know the tips mentioned herein. A few years down the line, you can consider opting for the mandatory third-party insurance cover to further bring down the premium price when your car gets older.