Driving safely can reduce your insurance premium: This is because insurance providers reward people who drive safely and minimize traffic violations.
Take a driving course: Enroll for a driving course which focuses on defensive driving and accident prevention. Remember to check whether the driving institute is accredited, or else you may not get any positive points.
Make use of public transport: People who drive long distances everyday usually have to pay higher premiums. You can check car insurance online to find out the premiums you will have to shell out as per the number of kilometers you drive every day.
Hunt for cheaper car insurance online: Not only offline but you should also search online for cheaper car insurance premiums. Don’t search only offline, but also go online to check various premiums charged by different insurance providers for the policy you wish to buy. But ensure that the cheap premium that you select covers all the risks you wish to be covered.
Correlation of location and car insurance premium: Both your residence and office or business locations are taken into consideration by the insurance providers while calculating your premium. Companies have their own parameters of high-risk, medium-risk and low-risk areas according to which they fix car insurance premiums. Remember that you can’t get away without buying insurance because buying third party car insurance is mandatory in India.
One car, many drivers equals lower premiums: If you belong to a large joint family and are buying a car which many members of the family are going to be driving and you want to buy insurance for all of them, you can expect to get a lower quote from the insurance company.
Big car means more premium: So, unless you really need a big car, opt for a smaller car if a lower insurance premium is a major concern for you.
Opt for higher upfront payment in case of an accident: You can opt for a lower upfront payment, known as deductible, that you have to make in case of an accident before the insurance company steps in to settle the claim, but you will end up with a fatter premium rate. If you go in for a higher deductible, you are likely to end up paying lesser premium.
Keep an eye on your credit rating: A high credit rating reflects on a responsible behavior; which car insurance providers take into account and fix your premium accordingly.
Discuss with your agent: Your agent will be able to tell you about the various discounts being offered by different insurance companies.
Reassess your comprehensive coverage: If your car has become very old, then its depreciation will be so much that it would hardly be worth it to carry a comprehensive insurance coverage. Try cutting down on your coverage.
Take into account all kinds of discounts: Insurance providers offer many discounts from lumpsum payment of annual premium to discounts on online transactions to group membership discounts.
Cut out unnecessary coverage: If you have things covered in your insurance policy that you took initially but which are no longer important for you, cur out all such coverage.
Fix an anti-theft device: Anti-theft devices when installed in your car instill the insurance provider with a certain amount of confidence in you and they will charge lesser premium because the risk of theft is that much reduced.
Pay as you use: Some car insurance providers may offer you a policy with a premium based on how much you drive. Find out about it, so that if you drive your car only occasionally, you will be paying insurance premium at a much-reduced rate that if you drive every day.