Tips to Reduce Your Motor Vehicle Insurance Premium

[Image Source: Singapore Motor Insurance]

Tips to Reduce Your Motor Vehicle Insurance Premium

Vehicle Insurance is a MUST in India. According to the Motor Insurance Act, you can not drive any vehicle on the Indian roads without having insurance.

And driving a vehicle without any vehicle insurance is illegal in India. So it is advisable to have a vehicle insurance in India.

Here ate the Tips to Reduce your Motor Vehicle Insurance Premium

01) Discount on Premium -

If you don’t claim your vehicle insurance in a year than you will get a discount on premium in the next financial year. This is known as no claim bonus. This can be some percentage of premium reduction in the next financial year.

02) Voluntary Deductible Discount -

he insurance companies also offer a discount on your vehicle premium if you bear a certain amount of loss associated with each claim.
Voluntary deductible is the amount that you agree to pay yourself towards a claim before the insurance company pays up the balance. The higher the voluntary deductible that you agree for, the lower your premium will be.

03) Choose the make and model of your Vehicle carefully -

Many people are fond of status lifestyle and to maintain their high status lifestyle they also buy vehicles of high status. Remember that, some makes and models are associated with high insurance premium rates.

04) Drive your Vehicle Carefully -

In developed countries, if you are a risky driver than its going to increase your motor insurance premium. However, fortunately in India we don’t have such kind of business models in Insurance companies.

Thus, the above are some great tips to reduce your vehicle premium.