17 July 2019
Home / Business Productivity & Finance / 7 Smart Tips to Lower Your Car Insurance Premium While Renewal

7 Smart Tips to Lower Your Car Insurance Premium While Renewal

Tips to Lower Your Car Insurance Premium While Renewal

Some of us are very particular about things related to money. Be it paying bills or something as simple as buying car insurance. Everything is done vigilantly on time. But in the haste to get the car insurance renewal done, are we overlooking some of the key factors?

 

It is said that a car insurance policy should be customized to suit the policyholder’s needs. Furthermore, it should also fit one’s budget and not burn a hole in the pocket.

 

 

If you were simply renewing your policy in time without reviewing it in depth, you could be missing out on many things that matter.

 

In this article, we will shed light on some of the tricks that will help you reduce the premium of your car insurance policy.

 

7 Smart Tips to Lower Your Car Insurance Premium

 

#1. Gauge Your Requirements

 

As mentioned above, a car insurance policy should suit your requirements. If you are buying a policy without knowing what type of coverage you need, you are spending either more or less amount of money than you actually should.

 

This will result in you being under or over insured, both of which are not good. For example, if you mostly drive with friends or family and do not have a passenger cover, you might have to bear the cost of treating their medical injuries in case of an accident.

 

#2. Know the Market Value of Your Car

 

This is important while buying a comprehensive car insurance policy. During the purchase journey, you will be asked to set the IDV of your car. IDV stands for Insured Declared Value. It is the approximate current market price of your car.

 

IDV will ideally depreciate at the time of car insurance renewal. Thus, you need to be aware of the current market value of your car and set the IDV accordingly.

 

 

Remember that setting a higher IDV will increase the cost of your car insurance policy. On the other hand, setting a lower amount may result in a lower claim amount in case of total loss (irreparable damage) or theft.

 

Also, use car insurance calculator to know the approximate amount of premium you need to pay.

 

#3. Drive Safely

 

Driving safely is the moral duty of each driver. One should take care of themselves as well as others on the road while driving. This could mean a loss to people as well as to the insurance company.

 

To avoid these insurers, offer a No Claim Bonus. If you drive safely, you may not raise claims and this gesture will be appreciated by your insurer. No Claim Bonus reduces your car insurance premium.

 

#4. Look for Memberships

 

Becoming a part of certain associations like the Automobile Association of India will fetch you an additional discount on car insurance.

 

If you have any such membership, don’t forget to get in touch with your insurer and inquire about any applicable discount.

 

Also, buying online car insurance renewal will fetch you more discounts.

 

#5. Safety of Your Car Matters

 

As important as it is to drive your car safely, it is equally important to keep the vehicle safe. To do so, consider installing an anti-theft device in your car and protect it from potential theft.

 

This will also work in your favor and help you fetch a discount on car insurance premium. Make sure that the device is certified by the Automotive Research Association of India (ARAI).

 

 

#6. Compare

 

Compare various car insurance plan when you do the online car insurance renewal. This will help you reduce the amount of car insurance premium.

 

You can compare plan based on the features, price and the services provided by the insurance company. Using a car insurance calculator will help you while comparing policies.

 

#7. Renew in Time

 

Timely car insurance renewal will help you avoid having a lapsed policy.

 

In case of a lapse, you won’t be able to avail any service offered by your insurer and the coverage will cease to exist. You will have to bear all the expenses related to an unfortunate event all by yourself.

 

Follow the rules and stay insured!

 

Tips to Lower Your Car Insurance Premium

No votes yet.
Please wait...
Gaurav Jain
Article by Gaurav Jain
Hey There! My name is Gaurav Jain, a full time affiliate marketer since 2007. The reason for starting eMoneyIndeed.Com blog is to help you Save & Make Money Online. I write about Blogging, Online Marketing, Webhosting, SEO, Affiliate Marketing, Startups, Social Media, Email Marketing and more. Hope you enjoy the posts on eMoneyIndeed.com

Want To Earn Money Online?

Get Tips & Tricks in Your Mailbox
Subscribe Below
Join lot's of other subscribers:
Making money is a hobby that will complement any other hobbies you have. Stop wishing - Start doing. The goal is living life on your terms.
SUBSCRIBE

Check Also

Difference-Between-ISDN-and-PSTN

With ISDN Now Being Phased Out, What Are Your Alternatives?

BT Wholesale, an arm of the UK telecoms giant BT, has announced that sales of …

Leave a Reply

Your email address will not be published. Required fields are marked *

Want To Earn Money Online?

Get Tips & Tricks in Your Mailbox
Subscribe Below
Join lot's of other subscribers:
Making money is a hobby that will complement any other hobbies you have. Stop wishing - Start doing. The goal is living life on your terms.
SUBSCRIBE
Want to Learn Tons of Ways to Make Extra Money From Home?
Show Me How

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join lot's of other subscribers
SUBSCRIBE