Sign In

How To Reduce Car Insurance Premiums For Older Cars?

​Most of us have that old car that is close to our heart, and it is not just about the model but the memories. These cars carry a lot of sentiment for people and they don't want to give it away easily. Vintage cars have forever been the head turner and you might have noticed people spending hours to polish them to carry that elegant look and shine. 

Many of these are in full working conditions and owners are often unsure about how should they tackle all the expenses and processes involved with getting the mandatory third-party car insurance. The amount you have to invest in getting a policy for these cars is always not worth it, and you must know certain tips and tricks before proceeding to get an insurance cover for your old car.

Tips to get insurance for old car

 

  1. Choosing third-party insurance
  2. The third-party policy is the mandatory and the bare minimum policy that is mandated by the Government of India to drive a vehicle on Indian roads. The premium for these policies is fixed by IRDAI, and only depends on the cubic capacity of the car thus it does not matter whether the vehicle is old or new the policy will be cheaper to get.

  3. NCB Bonus
  4. No claim is the bonus that the insured person gets if they haven't filed any claim in their policy period. This is one of the great features of an insurance policy and can get you huge savings and discounts on the premium amount in the subsequent years. With each passing year NCB increases and thus the premium rate decreases.

  5. Voluntary Deductibles
  6. Opting for this means that you will bear a part of the IDV amount. This means that on landing into an accident the insurance company will not pay the full amount, the owner would have to bear some percentage of the IDV. This is a great way to reduce the premium as well as act as you need to act as a responsible driver. If you are safe driver the probability of getting into an accident is very low and thus opting for voluntary deductibles is the best option. 

  7. Don't claim unnecessarily
  8. One important part of having insurance is to know when to claim it. If the cost of getting your vehicle repaired is low you must afford it on your own. Once you file the claim you will lose out on the No Claim bonus, which is a big part of saving on premiums. 

  9. Bring all insurance coverage under singe umbrella
  10. This is kind of the loyalty program where you buy motor insurance online, get health insurance, home insurance all from one insurer. This will allow you to walk away with more discounts for being a loyal customer for the company.

  11. Online Policy
  12. Getting a policy online has many advantages, it allows you to compare quotes instantaneously and get the best one that is being offered. You can even sometimes price match and ask for discounts. It removes the agent and thus the middlemen fee. 

If you are looking for car insurance renewal for your old car look no further and with these tips get a new one at a cheaper price now.​