With the increasing number of drivers, there also increases the risk of accidents. As a result, it’s extremely important to have a proper motor insurance in place. Motor insurance too like others has both pros and cons. The benefit is that it protects a person against his/her investments getting dwindled during unprecedented events which result in damage to the person’s vehicle or 3rd-party liabilities.
The disadvantage which many consider is that it costs one huge amount of money in the form of high premium rates. However, considering the unprecedented nature of events and high costs of the resulting consequences if paid individually, nothing is better than a comprehensive motor insurance policy.
It’s mandatory for car owner to have a proper motor insurance in place. Fortunately there are motor insurance companies which offer quite reasonable motor insurance. One just needs to put in little efforts to compare and evaluate policies of different companies which have become much easier online! Doing this can probably save you thousands of rupees on a yearly basis!
This article is to help customers figure out ways to reduce premium on motor insurance. Let’s take at each of them one by one.
#Keep your insurance company informed
Insurance companies consider the type of vehicle one owns while determining the rate of premium. Expensive & luxury vehicles are prone to get broken or get stolen more than ordinary cars. However, if your vehicle is equipped with high end security features then you can get a discount on the premium of your motor insurance. You just need to tell this to your company and benefit from lower premium.
#Your driving record matters
One’s driving record also plays a major role for insurance companies in determining the rate of premium for the particular individual. If one has a clean driving record then he/she will be able to receive various benefits in the form of discounts on premium of motor insurance. On the contrary, if one has a driving record of several accidents & speeding tickets then he/she will have to pay greater premium. Hence, try your best & maintain a clean and safe driving record.
#Paying deductibles on your own can reduce your monthly premium
Deductible is the cash amount which one pays before his/her insurance company pays for any given claim. The greater your deductible amount, the lower will be your monthly premium payment.
It’s always a good idea to keep looking for better insurance from different companies even if you already have a motor insurance. In this way you will be able to spot various insurance companies and their insurance policies. As a result you can select better deals if you find any other insurance company offering better services in the same rate.
Also you stay updated on the current market rates of premium on motor insurance. Comparing motor insurance online policies from different companies on a regular basis like say on a yearly basis only increases your knowledge about further lucrative offerings at lower premium rates. In this way you can get a better motor insurance cover when spotted! Hence, keep looking for better deals from credible companies.
To buy motor insurance online, Visit, BajajAllianz.com
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