With so many options to choose from, it is common while researching for premium for your vehicle at the time of renewal you may land up with a better one. All of us desire to get maximum coverage by paying low premiums. There are several elements which affect the premium of the vehicle. It is crucial to understand these components to make an informed decision and save money on premiums.
To get the best policy you need to be aware of certain factors which influence the rate of the premium. It can help you settle on the best deal with the lowest premium. You can also buy car insurance online and enjoy some savings. Let’s take a look at a few tips which can help you save on the premium amount.
In this busy lifestyle, people don’t have time to even look back at the premium they have been paying. Most people renew their insurance withs same insurer. The best thing is to check for offers and compare plans with other competitors in the market. On notifying that you are switching plan because a competitor is offering a better disposition, your insurer may give you some discount and offers. Compare bike insurance online and get the best price instantly.
Avoid Small Claims
When renewing any policy, you will get a No Claim Bonus. This bonus is awarded for each claim-free year. No Claim Bonus can go up to 50%, which is an enormous saving for any individual. Raising small claims will result in loss of No Claim Bonus. You will be paying higher premiums in comparison to the situation where you will be taking advantage of No Claim Bonus.
Add-ons are the coverage which gave additional protection to the vehicle. Sometimes people fill up their policy with unwanted add-ons result in a higher premium amount. Removing this add-ons from the premium will result in a lower premium amount.
Renewing Policy on Time
It is critical to ensure that you renew your policy in time. If a policy has lapsed all the benefits that are attached to it will cease as well. If a renewal is done after the lapse, then the person has to pay a higher premium for renewal.
Install Anti-Theft Devices
If you want to renew vehicle insurance, install an anti-theft device. A person is charged a low premium if they secure their two-wheelers with additions security from anti-theft alarms. Ensure that the security device is approved from Automotive Research Association of India. It is a discount which people hardly know of. Without addition security you will get savings, thus the situation is win-win.
If you renew your policy with the same insurer you will get some benefits. Apart from this if you have your health, travel and all other general insurance from the same company, you will get loyalty points. These loyalty points can be used as an added benefit. When you renew car insurance these loyalty points can be used to get an additional discount on the premium amount.