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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  • National Insurance Car Insurance
    "Benefits should be increased"
    0.5 3.0/5 "Satisfactory"
    I feel National Insurance premium is higher, I paid the cost of Rs. 12,000 for per year policy. I took zero depreciate plan it has bumper to bumper. They need to improvement on the cash less network, they should tie up with local networks with brand recommend. I have ford figo car its just two years old for that they gave me only 60% of cover.
    Was this review helpful? 0
    , vadodara
    Reviewed on May 25, 2019
  • Bajaj Allianz Car Insurance
    "Excellent Service"
    0.5 4.5/5 "Excellent!"
    I have taken car Insurance through Bajaj Allianz which was taken directly through Online.The model of car is Maruti Suzuki Wagon R .This policy is for 1 year .The agent gave all the required information about the car insurance Need to renew the policy every year.The premium is nominal according to me .
    Was this review helpful? 0
    , vadodara
    Reviewed on May 25, 2019
  • HDFC Ergo Car Insurance
    "I don't have any claim experience"
    0.5 3.0/5 "Satisfactory"
    When i purchase my new car, the dealer has suggested me to take the car insurance policy from HDFC Ergo. Its not zero depreciation policy which covers only for 60% and i never had any claim experience. I do not remember about the premium amount and the dealer has taken care of all the formalities.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 24, 2019
  • Reliance General Car Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Once i claimed with the reliance car insurance and the experience was good. Actually my friend has recommended the car insurance policy from reliance since he is working as a agent and he made the payment and done all the procedure. I have paid the premium amount of Rs. 35000 and its a zero depreciation policy. They have processed the claim within 1.5 months.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 24, 2019
  • United India Car Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I had a claim with the car insurance policy with the UNITED INDIA INSURANCE, the experience was not up to the mark, the agent did not experience me properly about the policy coverage it there is accidental policy or damage policy covered or not, the premium amount i use to pay up to 18000-19000 an year i have taken this policy 15 days before of my expired car insurance date, on 23 January 2019 i took this loan.
    Was this review helpful? 0
    , pune
    Reviewed on May 23, 2019
  • ICICI Lombard Car Insurance
    "Average insurance"
    0.5 3.0/5 "Satisfactory"
    Recently i have purchased a four wheeler insurance from ICICI lombard for my tractor. That insurance amount which i have paid for three years. I have paid the premium amount of Rs. 40000. My showroom has taken care of the insurance procedures. I do not have any claim experience so far and I'm not sure about the coverage value. Actually this is a third party insurance.
    Was this review helpful? 1
    , bangalore
    Reviewed on May 21, 2019
  • New India Car Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I had 2 times claim with the NEW INDIA ASSURANCE where the customer support is good and i got the claim on time also the process was 1uick. The premium was nominal also the IDV value is good. The coverage is for zero depreciation with this insurance policy.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on May 20, 2019
  • United India Car Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I had a claim with the car insurance policy with the UNITED INDIA INSURANCE, the experience was good also i got 100 percentage claim, process was good and quick. It is a zero depreciation, premium and IDV was given was good also it is satisfactory with this policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on May 20, 2019
  • Tata AIG Car Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I am using the car insurance policy with the TATA AIG GENERAL INSURANCE since from last 4-5 years the policy has the coverage of full also it has the no claim because i has no claim. The premium paid was 4K also the IDV value was nominal with this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 19, 2019
  • HDFC Ergo Car Insurance
    "Amazing"
    0.5 5.0/5 "Blown Away!"
    I have a car insurance with HDFC ERGO because they have app where i can take a video of my car and there is no requirement for annual inspection which am satisfied. Its very techno survey and would say amazing feature. The premium is very reasonable and have taken a third party insurance which covers bumper to bumper. The claim process was satisfactory.
    Was this review helpful? 0
    , silvassa
    Reviewed on May 19, 2019
  • ICICI Lombard Car Insurance
    "EXCELLENT BANKING"
    0.5 5.0/5 "Blown Away!"
    The two wheeler insurance has been using with the ICICI LOMBARD GENERAL INSURANCE where i had no claim experience with this policy also the policy has the coverage for full along with that there is a no claim bonus in this insurance policy.
    Was this review helpful? 0
    , noida
    Reviewed on May 18, 2019
  • ICICI Lombard Car Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have purchased the car insurance policy with the ICICI LOMBARD GENERAL INSURANCE where the process was simple and i got the insurance without any hassle process. The premium paid was nominal also the IDV value is satisfactory with this insurance policy.
    Was this review helpful? 0
    , noida
    Reviewed on May 18, 2019
  • HDFC Ergo Car Insurance
    "Good Protection for Car"
    0.5 5.0/5 "Blown Away!"
    I have policy from same HDFC Ergo because I availed car loan from Hdfc bank. I paid the premium of Rs. 10,000 for one year. I took bumper to bumper protection for my santro car it got the insured value of 80%, they do have road side assistance and 24 hours service.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 17, 2019
  • HDFC Ergo Car Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have taken the car insurance policy with the HDFC ERGO GENERAL INSURANCE and using it since from last few years and i had no claim with this policy. The premium was nominal and the IDV value is nominal with this insurance policy. The coverage is satisfactory.
    Was this review helpful? 0
    , pune
    Reviewed on May 17, 2019
  • SBI General Car Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken Car insurance through SBI general Insurance ,the car model Ford Fiesca ,the premium is nominal ,it is a 1year ,need to renew ,premium Through the agent ,I have received the policy documents on time ,I am paying the premium on cash through agent .I have submitted the documents through the agent .The model of the vehicle is 2008 ,so far not gone for claim .The agent gave all the required information about the car policy .
    Was this review helpful? 0
    , bangalore
    Reviewed on May 16, 2019
  • HDFC Ergo Car Insurance
    "Good experience"
    0.5 5.0/5 "Blown Away!"
    HDFC Ergo is providing no claim bonus for Car insurance which is good. It is a first party insurance which includes bumper to bumper with RSA. I got the insurance paper and agent used to call me for renewal. I am making the premium through online to the agent account. IDV for the vehicle is good and am having ford Ecosport which is 2.5 years old.
    Was this review helpful? 0
    , chennai
    Reviewed on May 15, 2019
  • HDFC Ergo Car Insurance
    "Good in settlement"
    0.5 5.0/5 "Blown Away!"
    I have ELTO 800 car its around three years old hence I took car policy from HDFC Ergo by paying the cost of Rs. 8000 for one year. I availed zero depreciation plan, once I claimed with them when my car bumper got damaged. I got 95% of reimbursement amount from insurer.
    Was this review helpful? 0
    , mumbai
    Reviewed on May 14, 2019
  • Bajaj Allianz Car Insurance
    "Good Service"
    0.5 4.5/5 "Excellent!"
    I have taken card Insurance directly through agent ,it was 1year policy and each year need to renew ,The premium is paid online ,The premium was little high so far not gone for any claim.The model of the vehicle is 2012and the name of the vehicle is Skoda superb.I have received the policy documents on time .The service was good to me so far.
    Was this review helpful? 1
    , chennai
    Reviewed on May 13, 2019
  • United India Car Insurance
    "Trusted Insurance Company"
    0.5 5.0/5 "Blown Away!"
    I have fancy number yellow board car so the premium is higher around Rs.36,000 for per year. Its only 1.5 years old maruthi ciaz card, the insurer provides 24 hours road side assistance and no claim feature. They do have cash less garages, I got the insured value around Rs.8.5 lakhs, total value of the car was around 13 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 13, 2019
  • review Car Insurance
    "its okay"
    0.5 3.0/5 "Satisfactory"
    I had a car insurance with Kotak, after claiming for Maruti car said they can't provide bumper to bumper so had a problem on the renewal for my father car so we had changed to HDFC Ergo for both the cars. Its a one year policy. The premium was better when compared to others, the benefits are same . I have received the insurance paper on time. Claim was fairly good.
    Was this review helpful? 0
    , new delhi
    Reviewed on May 12, 2019
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