car and third party insurance
DESCRIPTION
Car insurance policy safeguards you and your car from any untoward incident and legal liabilities. http://www.bharti-axagi.co.in/car-insuranceTRANSCRIPT
Tips to save-on your car insurance renewal
premium
Car insurance policy safeguards you and your car from any
untoward incident and legal liabilities. Hence, it is essential to
remember your car insurance renewal date and pay the
renewal premium timely. However, before renewing your
premium with the same insurance provider do pay heed to the
following tips so that you do no land up paying more premium
than required.
Accurate information: If you provide accurate information of
the details demanded by the insurance provider you can save a
good amount.
Make and model of your vehicle: The model type of your car is
quite important in the calculation of the premium. If as per the
insurer, the model type of your car is prone to road-accidents,
then the renewal premium of the car would be higher.
No claim bonus (NCB): The premium consists of two parts; own
damage and third party damage. NCB is offered on the “own
damage” part of the premium. It refers to the discount being
offered (in percentage) on the renewal premium for not
claiming any insurance over a policy year. The NCB amounts to
20% discount in the second policy year and can mount up to
50% discount in the sixth policy year. However, if a claim is
made within a policy year then the NCB discount is not
applicable. Read more here: Third Party Insurance.
Deductibles: Deductibles are directly proportional to premium
discount. Deductibles are of two types: Voluntary and
Compulsory. In both types of deductibles, certain amount of
monetary loss has to be borne by the insured while filing a
claim. Though deductibles reduce your premium but in case of
damage you may have to shell out a hefty amount from your
own pocket.
Avoid claims for minor damage: The more claims you file, the
more would be your next premium. Hence, if you car
encounters minor dents or scratches avoid filing a claim as this
would result in higher premium in next policy year and you
would also lose NCB discount in the subsequent policy year.
Think rationally, as there is no point in filing a claim if the repair
cost of minor damage is negligible.
Installation of safety devices: If you car has safety devices
installed by a reputed company considered by your insurer, you
can further avail some percentage of discount on your
premium. The safety devices like anti-theft locks or airbags
provide protection to your car and also help you reduce your
car insurance premium.
Keeping the above factors in mind would be beneficial for you
as there is no escapism from buying insurance as third-party
insurance is mandatory in our country but these factors would
help you lower your premium to a great extent.