Before buying or renewing your motor insurance online, it is wise to use the premium calculator so that you can see how choosing different plans with different addons would affect your insurance premium.
Making the right adjustments and checking the final insurance premium will help you decide on the right motor insurance plan for you.
Calculate insurance premium for your vehicle using the car insurance premium calculator or the bike insurance premium calculator.
Parameters that decide your insurance premium
No two vehicle insurances can be the same. Your insurance premium can differ based on many factors like the kind of policy you choose (Third-Party vs Standard/Comprehensive), the make and model of your vehicle, the market value of your vehicle, the city you live in, the properties of your engine, the purpose of your vehicle (private/commercial), and of course, whether your vehicle runs on petrol, diesel or CNG.
Tips to reduce your motor insurance premium
A lower premium price can be tempting for many, but make sure you don’t incorrectly state your IDV or take in only a Third-Party Policy just because you want to save some bucks. Here are a few other ways that can reduce your premium, without risking yourself or your vehicle:
- Transfer your bonus: An auto insurance is connected to the owner of the vehicle and not the vehicle itself. If you’ve had a motor insurance before, make sure you transfer your bonus to your new car.
- Make use of your NCB: NCB is the No Claimed Bonus you could receive if you haven’t made claims for the term. This then gives you a suitable discount while renewing your vehicle policy online. So, make sure you drive safely and perhaps, you can also save on not claiming for the little nitty-gritties and save up for the rainy days!
- Decide on a decent deductible: In any vehicle insurance, a deductible is the amount that will be paid by you while making a claim. So, when you’re opting for your deductible, decide on an amount you can pay comfortably rather than keeping it zero or too less. The higher your deductible, the lower your regular insurance premium. This especially works best if you know you’re a safe driver and have had a track of no claims for a while.