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5 Simple Tips To Save On Car Insurance

​Many of us simply settle for car insurance as we are always in a jiffy when it comes to these basic yet important decisions. Did you know – you could also save up a lot on car insurance​ by following a few steps. Here are the 5 things y​ou need to do in order to save a considerable sum of money –

#1 Spend a little extra on the deductible

Deductible, for those who are new to the field of insurance, means to the sum of money one pays before claiming the insurance. It is smart to pay a slightly high deductible amount as it will eventually lower down the premium amount. One must not pay a lot of deductible as blowing up in excess does not make sense. If you are paying more than what is required, then the entire point of buying insurance is ruined. As the car insurance is renewable on an annual basis, you can start by paying a lower amount of deductible and gradually increase the amount year after year if you feel the need to.

#2 Avoid claiming unless urgent

Most companies usually offer a no-claim bonus every year if you do not claim one. The actual purpose of a car insurance is to protect your car. However, visiting the insurance company for small issues like a scratched bumper or a damaged headlight will actually more than you thought as you would have to pay the deductible. You could rather get these things fixed with the help of a nearby mechanic. Also, if you do not claim for a few years in a row, there are chances that the company may reduce your premium amount plus you will accumulate the no claim bonus year after year which is a great benefit for you.

#3 Transfer NCB to your new vehicle

All those who are new to car insurance, please note that car insurance is linked to the person who opts for it and not to the car. Hence, you can transfer the no-claim bonus you accumulated with your existing vehicle to the new vehicle. Even if the insurance is in the car’s name, you can transfer the policy to your name and then sell the vehicle so that you can avail the benefit of your previously unclaimed money. If you are not buying a new car immediately, you can reserve the fund with your insurance company and the amount will be adjusted whenever you buy a new vehicle.

#4 Compare premiums online before buying

Thanks to the booming e-commerce industry, you can also buy all types of insurance online. There are comparison sites where you can compare insurance​ policy plans offered by various insurance companies. It is highly advisable to check all the pros and cons of a policy before buying it. You must read all the terms and conditions carefully before taking the final decision. Do not fall prey to companies offering free insurance as it is free for the first year only and you cannot even modify the policy from the second year onwards.

#5 Get safety devices for your car

Use safety accessories in your car or bike like gear lock or anti-theft alarm and save your premium.