How to get lower car insurance premiums.

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How to get lower car insurance premiums.
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Getting affordable car insurance can be a
difficult task. This is because there are so many
car insurance companies which provide different
car insurance policies at rates which may differ.
Hence, experts advise people to get an insurance
plan which gives maximum coverage at lowest rate.
One of easiest ways to get thecheapest car
insuranceis to find an affordable plan and lower
the premium even further using the following tips
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Add voluntary deductible- In case of a claim,
instead of letting the insurance company pay the
entire bill, you can pitch in too by paying an
amount known as voluntary deductible. The higher
your voluntary deductible, the lower your
premium! In fact, you can avail discounts up to
25 by paying a voluntary deductible.
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Avail no claim bonus- Your car insurance company
gives you nearly 50 of reduction on car
insurance. This happens when one does not claim
his/her insurance. You can also transfer your No
Claim Bonus in case you decide to switch
insurance providers. Therefore, if you find a
plan that offers better coverage at a lower
premium than you current plan, remember that your
NCB discount can sweeten the deal and avail
evencheaper car insurance.
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Adding safety devices Remember that if you find
an affordable plan, you can further reduce the
premium by adding safety devices to your car.
This is because installing anti-theft device,
steering locks, bugler alarms, etc. will help you
get discount on your insurance premium. However,
the safety devices you add should be approved and
authorized by the Automotive Research Association
of India (ARAI). Further, lets have a look at
the factors which affect your car insurances
premium. These factors are based on the insurance
providers undertaken risk factors which are
grouped as per below 4 categories-
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Vehicle-linked risk factors- Vehicle related
risk factors include elements such as the
vehicles fuel type cubic capacity. These
factors determine your car insurance premium
cost. Vehicle types like SUV and commercial
vehicles demand higher premium payouts. Its
because insurance firms receive huge count of
claims on such vehicle types. Diesel vehicles
usually demand 10-15 higher premium rates than
the petrol cars. During renewal of your car
insurance policy, your cars age and its
depreciation value will predominantly decide the
insurance premium. The premium for vehicles
which are less than 5 years old is decided as per
the depreciation value of the car over the years.
Its known as the IDV (insurance declared
value). The premium for vehicles which are more
than 5 years old is decided as per the cars
current market value.
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Location-linked risk factors- Location related
risk factors relate to areas of registration.
Usually, urban residents are charged with higher
premiums than the rural ones. The area which
shows high level of theft demands greater
premiums from people. If there are multiple
drivers for your car then rates of premium goes
up. Also the drivers age and profession impacts
the value of premium. Further you can browse
through some beneficial add-ons which you can
consider to enhance your car insurance coverage
benefits. The above tips will help you to lower
your car insurance premium and benefit from
cheaper car insurance.  
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