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  Friday, 17 May 2013
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I have to renew my car insurance. Any Tips to save Premium with covers required and discounts i can get to lower my Car Insurance Policy Renewals
11 years ago
Hello Qazi,

May consider some of the important factors :-

NCB - No Claim Bonus (if no claim made during entire last 1 yr), which will provide a discount on the premium calculation. So avoid getting small claims covered under insurance - it will help you accumulate NCB and thus will save you on recurring premium

Optional Riders - Always compare the risk coverage of one insurance policy with another. Choose Optional Riders Effectively. Some Insurance plans have optional riders like Road Assistance (which generally not reqd in first 2 to 3 yrs if complimentary RSA package is there with New Car)
Some other could be useful too - Zero Depreciation Plan, Engine Protector / Hydrostatic Cover- especially useful in cities like Mumbai, Uttarakhand, Bihar etc - which are flood prone during rains. Here - engine has high probability to choke, if water going inside and ignition of car is tried to switch on repeatedly.

IDV - Some Insurance companies provides higher IDV and some offer lower IDV. Choosing IDV can help you choose Premium. Check on IDV Depreciation Slabs

Voluntary Deduction - A voluntary deduction of Rs. 2500 - where you feel that you will lodge claim for such a small amount can also help in reducing premium . Note - however in event of higher amount claim too - this 2500 will also be deducted in event of claim approval

Profile - Some Insurance companies offer discount to tune of 5% - 10% if bought online and profile detailing been told

Anti Theft Device - Anti Theft Device can help you with discounts upto 5% on your car policy.

Last, but most important in car insurance always go with branded names who have cashless tie up at dealers and have excellent network of service records in your city. If reqd, take a feedback from dealer workshop manager - about claim service records of the insurance companies

It may not be necessary that the cheapest premium could be the best, ultimately insurance is a risk cover and not a product which can be granted to be taken for... So, our recommendation is check risk coverage, service network, optional risk riders and eventually premium before renewing your car insurance.
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