Tips to reduce costs on your car insurance

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CAR INSURANCE
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Tips to reduce costs on your car insurance
Whether you own a set of shiny new car or rust
box at your garage, insurance is mandatory by law
if you wish to drive your car on road. We all
know the importance of car insurance. It offers
financial back-up in case of third party damage,
loss of life, health injury as well as damage
done to your own vehicle. While purchasing motor
insurance, if you dont have a sound knowledge on
the subject you end up paying more. It might
prove an irrelevant for your car as well. There
are several ways in which you can cut down the
unnecessary costs on Insurance premium. Some of
the ways to reduce your car insurance premium
would shop around for insurance using an online
quote, Bundle your vehicle cover with other
policies, Raise your deductible, Drive a low-risk
car, Change your driving habits, Ask about
discounts and Maintain good credit.
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Here are some tips that will help you reduce
insurance costs No Claim Bonus
Every time you finish the year without a single
claim youre rewarded with No Claim Bonus points.
You can redeem them against the claim amount or
premium reduction. So, check and see if you can
avail of this benefit. If yes, then the discount
will be deducted from your insurance premium and
you will have to pay less for the current year.
Voluntary deductibles Deductibles would be the
portion of money payable by you in case of an
accidental damage. If you have a good financial
background and willing to settle down the petty
claims on dents or scratches from your pocket,
voluntarily, then the cost of the premium for
vehicle insurance could be reduced by 20 to 30
percent.
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Security features Few cars come with enhanced
security systems which are built-in such as an
immobilizer, anti-theft alarms, telematics
dongles, speed governors that will help you boost
the car safety as well as incur lesser premium
costs. But you will have to ensure that these
devices are approved by Automotive Research
Association of India so that you avail some
discount on your premium. Shop
Around Prices always vary from car insurance
company to company, so its pays off well when you
shop around. Get at least three to four price
quotes. You can call companies directly or
compare them under one single platform online. In
fact, an online comparison will help you sort the
best deals of minimum premium costs. You can also
compare features benefits, discounts, claim
settlement ratio, and then go for purchase.
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Good Credit Record Maintaining a good credit
history can cut your car insurance costs. Most
insurers use credit information to decide the
insurance policies costs. To maintain the credit
records, make bill payments on time, dont get
higher credit unnecessarily and land in credit
default, keep your credit balance as low as
possible. Check credit record on a regular basis.
In order to buy car insurance policy with a
lower premium payout, often people reduce the IDV
of the car. But in case of an accident, the
benefits will not be adequate. So, always try and
choose a policy that offers you maximum IDV, even
if it means a slightly higher premium costs.
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