Most people have an emotional attachment to their vehicles. This car might be your first car, and you have a lot of unforgettable memories with it like your first time learning on it, first long drive and more. These are some reasons that make it extra special and you do not want to trade in for another car.
But in some cases, you might require to spend a little on that car to keep it alive and running. This is when a car insurance policy comes handy. But being an old machine, it will naturally require more repairs which increases its premium too. Here are five tips to keep your premiums in check even if you have an old car.
#1 Opt for third-party car insurance
Car insurance is a mandatory requirement by the Motor Vehicles Act. Every registered car in the country is required to have one. While there are two types of policies, comprehensive and third party car insurance, the latter one is the minimum requirement by the law. The premiums for third-party policies are governed by the regulatory body, Insurance Regulatory and Development Authority of India (IRDAI). These premiums are economical when compared to its comprehensive policy counterpart but you would have to shell out for own damage repairs.
#2 Make use of NCB
It is not every year you will make a claim with your insurance company. Thus, for every policy period without any claims, the insurance company offers a no-claim bonus (NCB). It is a concession in premium at the time of car insurance renewal. But you need to note that the NCB benefits are only available for comprehensive insurance policies and limited to the own damage component.
#3 Make a smart selection of voluntary deductibles
Most car insurance plans have a deductible clause wherein you, the policyholder, have to pay a specified percentage of the claim. It is called compulsory deductible. Apart from the compulsory deductible, you can opt for the voluntary deductible to further decrease the premium for your old car.
#4 Do not make unnecessary claims
Since car insurance is a safety net for your financial worries when it comes to damages and accidents, do not make it a habit to claim each time there are minor repairs. Sometimes it is advisable to skip making claims for smaller amounts. When making a claim, you should consider the deductible and no-claim bonus. Thus, your car insurance claim should be made after giving thought to the future impact on your premium along with the upfront cost of repairs.
#5 Try the online route
Sometimes, buying policies online has an advantage over the conventional way. It is easier to compare the various planswith similar policies offered by different insurance companies. A car insurance calculator is a handy tool that is useful in not only comparing the plans, but also picking the best and affordable deals as per need. Further, using the online channel helps eliminate tedious paperwork that at times can be cumbersome and time-consuming.
Keeping the above tips in mind, you can insure your beloved car whileyou keep a check on the premium at the same time. Make sure to compare different plans and make a suitable choice.
