It is a known fact that purchasing auto insurance is a mandate as per law. However, due to the rising inflation, it has become extremely unaffordable for the common man to purchase a good car insurance policy. That’s where we come in. With our guide, learn how to reduce your auto insurance premium by getting rid of the excess and focusing only on your requirements.
To buy cheap car insurance policy breeze through the following tips:
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Raise your deductibles: A deductible is the value which you are willing to shell out of your own pocket in case of an accident. There are two types of deductibles: mandatory and voluntary. Mandatory deductible is your mandatory contribution when a claim arrives. Voluntary deductible is the amount you are voluntarily willing to pay to reduce the insurance premium. Therefore, you can reduce the insurance premium by increasing the voluntary deductibles.
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Take advantage of No-Claim Bonus: You generally gain 33.3 percent of no-claim bonus every year for not making a claim. That’s means your sum insured is doubled after four claim-free years. Hence, ensure you don’t make claims for small amounts as that would mean you miss out on the no-claim bonus.
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Safety devices: Install safety devices in your car to reduce the auto insurance premium. Safety devices reduce the probability of an accident and hence the insurance companies are more likely to back you.
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Compare policies: The best deals go the ones who research the most. Go through aggregator websites such as Policybazaar and Coverfox and compare the pros and cons of different auto insurance policies online. The one that suits your requirements at the cheapest price is the winner.