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Simple Ways To Help You Save On Motor Insurance Premium

As hard working individuals, all of us understand the significance which money holds in our life. Given the rising cost of living, the phrase, ‘a penny saved, is a penny earned’ definitely holds greater meaning than ever before in the common man’s life now. On a routine basis, an average person has to take care of a number of expenses like groceries, commuting, utility bills, children’s school fees, loan repayments, insurance premiums, etc.

Speaking of conveyance, car insurance premiums, like any other insurance premium, can really put a dent in your monthly budget. However, it is also something which is necessary in order to ensure the safety of you and our vehicle in case the unforeseen happens. The good news is that there are ways in which you can save on motor insurance premiums, in a few simple ways.

Compare Insurance Premiums Before Purchasing

Before you settle for a particular insurer, do your homework. Go online and compare premiums set by different motor insurance companies. Insurance premiums may differ with different types of motor insurance policies and also with the extent of cover they provide. Usually, a no-frills insurance policy comes out to be the cheapest. However, as features and covers get added to the policy, the premium amount automatically goes up. Also, make sure that you read the fine print of the policy carefully before deciding upon it as it may have details about any hidden charges or the like.

Evaluate Voluntary Deductions

In insurance jargon, voluntary deduction is basically the sum one is required to pay in case there is an accident. In case your voluntary deduction is nil, then you shall receive the entire claim amount in case of an accident. However, if your policy specifies a certain amount towards voluntary deduction, then, that is the amount you’ll have to pay, while the insurer pays the balance amount, in case of an accident. The way it works is, that the higher your voluntary deduction, the lower the car insurance premium amount shall be. However, when it comes to voluntary deductions, one must be careful and evaluate all the possibilities.

Anti-Theft Devices May Help Lower Premium

Anti-theft devices serve a dual purpose when it comes to motor vehicle usage. First, they protect you and your vehicle from theft and second, they help bring down your insurance premium amounts. The presence of safety features like air-bags, etc, can positively affect your insurance premium determination by insurers.

Forego Claims On Small Expenses

As is customary, if a person doesn’t make any claims on their motor vehicle insurance policy during a policy year, that entitles them to a No Claim Bonus (NCB). The NCB amounts roughly around 20%. This means that in case you avail a No Claim Bonus after one policy year, then you are eligible to a 20% (or any percentage corresponding to that of the NCB) premium for the next year. However, if you make claims for any small charges, like minor repairs, from your insurer, then you shall stand to lose that NCB. In the end, you must weigh the amount of the NCB which you are likely to earn as opposed to the cost of repairs that you wish to make a claim for. Also, it is helpful to know that the No Claim Bonus shall only increase with every passing year, which means that the longer you go without making a claim, the more you will saving on insurance premiums.

Do Not Let Your Policy Lapse

A policy lapse means that you shall no longer be eligible for a No Claim Bonus. Therefore, it is helpful to either put a reminder for your policy’s expiration date or you could opt to receive a reminder sent by your insurance company itself.

Installation of Expensive Gadgets Could Up Your Premium

Installation of any costly gadget to your vehicle could very well hike the premium amount. Also, any modifications made to the vehicle by way of alloy wheels, rear spoilers, exterior modifications, etc., are likely to affect the premium. The reason for this being that, the insurer may evaluate your driving style based on the modifications done to the vehicle and the result may not be entirely favorable, especially with regard to setting the premium amount.

Consider Joining Road Safety Organizations

Membership of organizations like Automobile Association of India, which promote road safety, is also quite advantageous when it comes to auto insurance premiums. Besides other benefits, you can also get a concession on your car insurance premium amount.

Given the hazardous driving conditions prevailing nowadays, motor insurance has been made mandatory for all vehicles. Not only does it ensure your safety but also that of your vehicle and any other party involved in case of an accident. After all, each life is as invaluable as the next.

GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017

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Simple Ways To Help You Save On Motor Insurance Premium Reviews

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  • United India Car Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have selected third party insurance for my car, the premium is reasonable with United India Insurance. I have Maruti Wagnor and its 10years old, their IDV is less. I have paid yearly premium around 4,700 rupees and have received the insurance paper. I have no claim experience.
    Was this review helpful? 0
    , pune
    Reviewed on Oct 19, 2019
  • ICICI Lombard
    ICICI Lombard Car Insurance
    "Not recommendable"
    0.5 2.0/5 "Expected more"
    Earlier, I had a policy with ICICI Lombard and have been facing so much of issues during claim which am not satisfied. When I purchased the policy, they have assured me its a cashless policy but when I have contacted the garage they denied for it and their executive is not at all helpful.
    Was this review helpful? 0
    , new delhi
    Reviewed on Oct 18, 2019
  • Bajaj Allianz Car Insurance
    "As of now good"
    0.5 4.0/5 "Great!"
    Till now, I have not required any services for claim with Bajaj Allianz. Personally, I don't have any experience with them when I went to the showroom, the executive recommended me Bajaj Allianz. The premium is more or less when I compared with others. Its a comprehensive plan and am satisfied with the benefits.
    Was this review helpful? 0
    , new delhi
    Reviewed on Oct 18, 2019
  • Bajaj Allianz Car Insurance
    "Customer friendly policy"
    0.5 4.0/5 "Great!"
    For Bajaj Allianz policy, i am using it for more than 7 years but no issues i come across. They are reminding me when the policy going to expire, so i have been continuing with the policy. When i buy the car, they had a tie up with Bajaj Allianz from that i'm using this. I pay the premium amount of Rs. 8000 which covers for zero depreciation.
    Was this review helpful? 0
    , kolkata
    Reviewed on Oct 18, 2019
  • Iffco Tokio Car Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My car insurance was taken from Iffco Tokio. Through online i have purchased the policy because the premium amount is less and the coverage is high. I pay the premium amount of Rs. 6500 for that they are offering a coverage amount of Rs. 2.50 lakhs. I do not have any claim experience till now.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 17, 2019
  • Royal Sundaram Car Insurance
    " Worst choice to take a policy from Royal Sundaram"
    0.5 0.5/5 "Unacceptable"
    Worst Insurance company. They give there 100% best to reject your insurance claim. we need to pay policy to just waste our money and get our vehicle repaired by paying our money. there customer service and grievance cell is worst than all. customer service number doesn't works at all. It's worst choice to take a policy from Royal Sundaram.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 16, 2019
  • New India Car Insurance
    "Excellent Policy"
    0.5 5.0/5 "Blown Away!"
    One of my friend is working in New India so with him i bought the policy. I pay the premium amount of Rs. 15000 and this is a bumper to bumper covered policy. I got the IDV value of Rs. 6 lakhs. I do not have any claim experience and i got the no claim bonus too.
    Was this review helpful? 0
    , dindigul
    Reviewed on Oct 14, 2019
  • Shriram Car Insurance
    "Insurance Refund not paid"
    0.5 1.0/5 "Really Bad"
    My friend has a Toyota Etios, Claimed the insurance after accident in Shriram. Took the car from showroom after the payment and waiting for the claim amount from Shriram more than 10 months even after several followup by telehone and email ! very bad service
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 13, 2019
  • Royal Sundaram Car Insurance
    "Very Nice Policy"
    0.5 5.0/5 "Blown Away!"
    For my car insurance, i'm paying the premium amount of Rs. 10000 every month. I took the car insurance from Royal Sundaram because the car taken showroom members have given this policy. The policy covered with bumper to bumper facility.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 13, 2019
  • ICICI Lombard Car Insurance
    "Satisfactory"
    0.5 3.0/5 "Satisfactory"
    At the time of purchasing the car, I got an insurance from ICICI Lombard through the showroom which I have continued for 5 years but am not having car. It was satisfactory and had a neutral experience. I used to get reminder msg and calls for the policy renewal. I had a claim and which was dealt by showroom and the process was hassle free. Actually, the policy was bit costlier than the insured value of vehicle before 3years ago.
    Was this review helpful? 0
    , kanpur
    Reviewed on Oct 12, 2019
  • HDFC Ergo Car Insurance
    "Good"
    0.5 4.0/5 "Great!"
    HDFC ERGO given me a third party insurance and for one time, they have charged me only 6K. The policy validity is 4 years. Its a zero dep policy. Its good but I don't have claim experience. I have received the insurance paper through post. Overall good.
    Was this review helpful? 0
    , pune
    Reviewed on Oct 08, 2019
  • New India Car Insurance
    "Good Policy"
    0.5 2.0/5 "Expected more"
    My car insurance was taken from New India because the car dealer has provided me this policy. I had paid the premium amount of Rs. 33000 and this policy gives me a coverage of 100%. My claim experience is good and they had processed the claim in 24 hours.
    Was this review helpful? 0
    , bhopal
    Reviewed on Oct 04, 2019
  • United India Car Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have Hyundai car which is more than 18years, United India is charging me insurance fee around 3500rupees for one year policy. They are sending the insurance paper on time. Its a third party insurance. The claim is not applicable. IDV is less which can be better.
    Was this review helpful? 0
    , palakkad
    Reviewed on Sep 29, 2019
  • Reliance General Car Insurance
    "Easy and Good policy"
    0.5 5.0/5 "Blown Away!"
    I am having a car insurance from Reliance. When i met the accident, i sent a photo to them and the executive came to the place and they took the photo and they have provided me a claim amount of Rs. 1.50 lakhs but the total damage is Rs. 2.5 lakhs. They have given me a claim in 45 days.
    Was this review helpful? 0
    , erode
    Reviewed on Sep 24, 2019
  • United India Car Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    Currently I taken car policy from United India by paying the premium around Rs.14,000 for per annum for my toyoto car. It has bumper to bumper zero depreciation plan and they do have road side assistance, break down service, 24 hours service. The customer service is good interms of reminder. alerts.
    Was this review helpful? 0
    , vijayawada
    Reviewed on Sep 20, 2019
  • Iffco Tokio Car Insurance
    "Need improvement on the cash garages"
    0.5 4.0/5 "Great!"
    In 2017 I used Iffco Tokiyo for the car protection, the premium cost was economical. But they don't have cash less garages for certain demise hence I have moved other insurance company. The online option is very good for renewal and other purpose.
    Was this review helpful? 0
    , sonipat
    Reviewed on Sep 19, 2019
  • Iffco Tokio Car Insurance
    "Need improvement on the cash garages"
    0.5 4.0/5 "Great!"
    In 2017 I used Iffco Tokiyo for the car protection, the premium cost was economical. But they don't have cash less garages for certain demise hence I have moved other insurance company. The online option is very good for renewal and other purpose.
    Was this review helpful? 0
    , sonipat
    Reviewed on Sep 19, 2019
  • New India Car Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    For my Honda city car I took New India assurance, I used to pay Rs. 21,000 per annum they gave me insured value upto 70 to 75%. I got bumper to bumper zero depreciation it has the cash garages. There is no claim experience so far, the renewal process is very easy through online.
    Was this review helpful? 0
    , sonipat
    Reviewed on Sep 19, 2019
  • ICICI Lombard Car Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have chosen ICICI Lombard for a car insurance because am holding a salary account and the services are good. I got a first party insurance. I am having Maruti Suzuki Zen which is 8 years old. The IDV value is better. The policy is valid for one year and paid premium of Rs.2,500.
    Was this review helpful? 0
    , visakhapatnam
    Reviewed on Sep 17, 2019
  • SBI General Car Insurance
    "Good"
    0.5 4.0/5 "Great!"
    My car is insured with SBI General because its easy to renewal and main thing is the premium is not so high. The customer service is not so good and would suggest them to improve the service. I had a claim and the experience was average. The policy is valid upto 3 years.
    Was this review helpful? 0
    , faridabad
    Reviewed on Sep 17, 2019
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