3 Tips To Optimize Your Motor Insurance Premiums

We’re all hard workers, so we know the value money can bring to our lives. Typical monthly outlays for the ordinary person include food, transportation, utilities, child care, loan and insurance payments, and more.

When it comes to transportation, insurance costs, including those for cars, can put a serious dent in your monthly budget. Yet it is essential to secure both you and your vehicle in an accident or other emergency. The good news is that auto insurance costs can be reduced with only a modest amount of effort on your part.

  • Get a Few Quotes Before Buying Insurance

The best way to find economical car insurance is to shop around online. The cost of auto insurance premiums may vary depending on the policy’s level of protection and other factors. A basic plan, like that from Bajaj motor insurance, typically has the lowest premiums. The cost of a policy premium does, however, increase proportionally with the number of policy benefits purchased.

  • Investigate Optional Payments

What is called “voluntary deduction” in the insurance industry is the amount a policyholder is responsible for paying in the event of an accident. In the event of an accident, if your voluntary deduction is zero, you will be paid the whole amount of your claim. However, if your insurance has a voluntary deduction provision, you’ll be responsible for paying that amount out of pocket while the insurer covers the rest. In this case, the bigger your voluntary deduction, the lower your monthly vehicle insurance payment will be. *

  • Installing a theft deterrent could reduce your monthly premium.

Anti-theft systems have more than one function. First, they prevent theft, which is good for you and your vehicle, and second, they can lower your insurance costs. Insurance companies, like bajaj allianz motor insurance, may reward you with a lower rate if your car has certain safety features installed, such as airbags and anti-lock brakes. *

  • Ignore Claims for Inconsequential Expenses

As is expected, a policyholder is eligible for a No Claim Bonus if they do not file any claims on their auto insurance throughout the policy year (NCB). A typical estimate places the NCB around 20%. If you have a claim-free policy year, your premium for the next year will be reduced by 20% (or a percentage equal to the NCB, if applicable). On the other hand, you risk losing your NCB if you file claims with your insurer for trivial expenses like minor repairs. For every claim you don’t file, the more money you will save on insurance because your No Claim Bonus will increase each year. * ##

  • Do Not Allow Your Insurance to Expire

Your No Claim Bonus eligibility will end when your policy expires. As a result, it is prudent to either keep a reminder for the policy’s expiration date or request a reminder from the insurance company. Once you know your policy expiry date, renew it by searching online. Searching for words like ‘Bajaj Allianz motor insurance renewal‘ will lead you to the right site to renew your policy. *

  • Installing High-Priced Gadgets May Raise Your Insurance Costs.

Adding a high-priced accessory to your car could increase your insurance costs. Furthermore, the addition of aftermarket parts like alloy wheels, rear spoilers, exterior alterations, etc., might impact the premium. The insurer may conclude your driving habits based on the alterations you’ve made to the car, and those conclusions may not be in your favour when it comes time to set your rate. *

  • Think About Participating In Groups Dedicated To Improving Traffic Safety

In addition to helping to keep drivers safe on the road, membership in groups like the Automobile Association of India can lower insurance costs. A reduction in your monthly auto insurance payment is only one of the perks.

Motor insurance, like Bajaj motor insurance, is now required by law due to the dangerous state of modern roads.

* Standard T&C Apply

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

Subscribe to Bajaj Allianz General Insurance YouTube Channel here!

Comments are closed.