Owning a favorite car is a dream of everybody, however most of them fulfill their dreams by owning a car without having a valid reason as they follow their passion. Sometimes maintaining a car is a big headache for most of the car owners as unwanted expenses often occurred during the car maintenance. One of them is insurance, car insurance is something which needs to be done every year without fail as it's a mandatory act as this has been passed by Indian motor act. As you cannot skip your insurance renewal, however there are lots of areas where you can save your insurance premium. Here I will let you know those points; you can follow them and save lots of your money in your insurance premium. 1. Compare premium and purchase The very first thing you need to do is when your insurance renewal date comes near, start asking the quotation from different insurance companies. Compare them in terms of your requirements; exclude additional add-ons which you think is not required for your vehicle. It's time for smart phones, thus you need not to go anywhere, all you need to do is just start your mobile internet and start exploring insurance policies. As online shopping is a trend nowadays then why not insurance? This will not only save your time but in a less time you will get lots of other benefits like filling long forms physically as all these exercises will be done by an online company representative who is assisting you regarding your insurance. 2. Increase the voluntary deductible A voluntary deductible is an amount which will be deducted from your claim amount in case of any claim, meaning upto your deductible; you need to pay the amount from your pocket.o if you think, you can bear a certain cost in case of any claim, then you can take the voluntary deductible to reduce the premium. Example: if you take a voluntary deductible for the amount of 15000 and a claim aroused of 50000 in an insured year, then 15000 has to be borne by you and another 35 thousand will be borne by the insurer. 3. Don’t claim for a small amount: If you met with a small accident and you think that the loss is not major and you can borne the small amount loss then do not go for the claim. If an amount spent on the loss repair is lesser than the NCB you will receive next year on your premium, then you should pay for the loss rather opting for a claim. 4. Transfer your NCB: NCB is something given by insurers to insured as a reward for a claim free year and that goes up to 50% of your own damage premium. So in case you are planning to buy a new vehicle and you have a good NCB percentage to your previous vehicle then you can transfer the previous NCB to your new vehicle. This will be a reward and definitely low down your car insurance premium. Even if you are not going to purchase a vehicle but selling an old car then also you can reserve your NCB for upto 3 years, please make a note that NCB is linked to the policy holder and not with the policy of the car. 5.Reduce your vehicle’s IDV Do Not go for the higher IDV for your vehicle, always remember that you will get your higher IDV value only if your car got total loss or in case of theft otherwise there is no need to increase your vehicle’s IDV. As higher IDV leads to a higher premium, however, make it according to the market price, so that you can save money by choosing the correct IDV for your vehicle. 6.Install Anti-Theft devices for your vehicle: Installing an anti-theft device for your vehicle not only secures your vehicle from theft but also benefits you while renewing your vehicle’s insurance. As it shows your love and care towards your vehicle thus insurance companies reward you by 5% discount on the premium amount by doing this. The funda is as simple as you can understand. I am pretty sure that few of the ideas will definitely work for most car owners as time requires smartness and being a smart person doesn’t cost you anything but make you more capable to make the right decisions at the right time.
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