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Having car insurance is a very important part of owning a car. Most people simply continue to renew their existing car insurance policy which they have taken through their car dealer or agent, without giving a second thought about it. However, did you know that with a little effort, you can save on the premiums you pay for your car insurance?

Here are a few tips on how to save on car insurance:

Compare and shop: Although the basic car insurance offered is the same across different players, the premiums charged vary widely. It is therefore important to compare quotes from various insurers before you decide on which one to opt for.

Purchase online: Purchasing car insurance online can often give you better rates, as you save on agent commissions. Opting for this mode of purchase will also help you compare different products extensively, helping you choose the best option in terms of price and features. This is getting more and more popular among car owners.

Opt for a higher deductible: A voluntary deductible is the amount which you must put in before the insurance coverage kicks in, if there is a claim. A higher deductible will result in a discount in the premium you pay. However, take note of the amount you can afford to pay in case you have to file a claim.

Renew before the due date: By renewing your car insurance before the due date, you get to save on inspection costs and other inconvenience you may have to go through to get a new insurance. Always remember to renew the policy before it lapses.

Make use of discounts which are available: Discounts which can be available on your car insurance are often neglected by car owners, or they are simply not aware of such discounts. If you are a good driver, it means you do not have accidents and as a result, you have a No-Claims Bonus you can fall back upon. This will result in a lower premium. You can also get group discounts and low mileage discounts. Buying more than one type of insurance from the same insurer (for example, home insurance and car insurance) or buying insurance for all your vehicles from the same insurer can also result in lower premiums. If you fit your car with an anti-theft device, you can ask for a reduction in the premium charged, which the insurance company will agree to do.

Request for rate reductions: There are a few instances when insurance companies can grant a reduction in premium based on changes in your personal life. For example, if you get married or move to suburban areas of the city, you can get a reduction in premium. Your profession and your experience in driving can also get you a reduction in premiums, depending on the insurers’ internal policy.

Make full payments: As in the case of other insurance policies, if you opt to make a monthly or semi-annual payment of the premium amount, the total amount paid as premium will work out to be more than what it would have been, had you opted for the annual mode of payment. Hence it is always advisable to make the payment in full in one shot.

Lower IDV: The insured declared value is the amount for which your car is insured, which is the amount you will receive if your car is stolen or wrecked. Some companies allow you to reduce the IDV. If you choose to opt for a lower IDV, your premium will also be lowered. However, remember that the amount for which you choose to reduce from your IDV will not be paid to you in case you file a claim.

Become a member with an auto association: If you become a member with auto associations like Automobile Association of Southern India or the Western India Automobile Association, you can get a discount on the car insurance premium you pay, as these associations are recognized under the law and organize courses on advanced driving and road safety.

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