5 tips to save on your motor insurance premiums

A comprehensive car insurance policy covers you financially against any losses or damages caused to your vehicle. It saves you from spending a hefty amount on repair or replacement costs from your pocket. It also eliminates the financial hassle in case of third-party liabilities. While it is important to buy      motor insurance, it should not necessarily burn a hole in your pocket. 

Here are some ways you can reduce the car/bike insurance premiums of your motor insurance policies.

Install a security device in your vehicle

To begin with, install anti-theft devices on your vehicle. Devices like steering wheel locks, GPS tracking, and car or bike alarm enhance the vehicle’s security and lower the risk of theft. This initiative reduces the probable risks from the viewpoint of the insurer. Hence, they help you reduce the insurance premium.

Avoid unnecessary modifications in the vehicle

Altering or adding any new unnecessary feature/device to your vehicle can increase your premium significantly. Modifications could be external, internal or for performance enhancement. Modifications include changes in the engine, air filter, or exhaust system to improve the vehicle performance or modifying the car externally by painting, adding graphics, and lights. These changes increase the value of the vehicle and widen the scope of coverage, therefore impacting the premium.

Moreover, if you do not disclose these alterations made to the vehicle when buying the insurance policy, the insurer will not cover these added features. 

Renew motor insurance policy on time

Ensure you renew the motor insurance policy before it lapses. Otherwise, you may lose on some of the carry-on benefits like No Claim Bonus (NCB) offered by the insurer. Also, you may have to pay a penalty for renewing late. 

You can set a reminder for yourself before the policy expiry date and renew your motor insurance policy online hassle-free.

Use the No Claim Bonus (NCB)

You earn NCB for having claim-free years. Therefore, you should avoid minor claims to get the benefit of NCB. You can accumulate up to 50% NCB for five consecutive claim-free years. It starts from 10% for the first year and gets added every year. Insurance companies offer NCB as a discount on premiums. So, if you choose to increase the policy coverage that adds up to a huge premium, you can use the NCB. 

Compare and buy car insurance policy online     

Bajaj Finance Insurance Mall offers a range of car and two-wheeler insurance plans from leading insurers. It is a 100% digital platform, enabling you to buy motor insurance policies of your choice with zero paperwork.

It also offers the flexibility to compare various motor insurance policies online when buying or renewing policies that fit your requirements. As said, every penny saved is a penny earned. With these tips, you can get to save your hard-earned money and get      benefits while buying a motor insurance policy.

Disclaimer - *T&C Apply. Bajaj Finance Ltd (BFL) is a registered corporate agent of third-party insurance products under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale.

This article is generated and published by FPJ focus team. You can get in touch with them on fpjfocus@fpj.co.in.

Published on: Tuesday, March 14, 2023, 02:53 PM IST