A the recent proposal by the Insurance regulator to increase third party cover by 50% and which will become effective from 1-April 2017 for car and SUV above 1000 cc might have make lot of four wheeler owners unhappy. As this has become regular phenomenon in last few years so you should always look at finding smarter ways to control the cost. Since the third party cover rates in most of the cases are controlled by the Insurance Regulator but there are other ways by which your Insurer can incentivize you with a discount but you need to consider few important things.
1. You might not be aware of the fact that your car insurance premium does depend a lot on the city you live and city you drive your car. Car owners living in cities with high traffic intensity end up paying higher premium compared to small town dwellers.
2. Age is another important factor governing your car insurance policy premium. Even your marital status does also affect the premium. People who are younger and single always end up paying higher premium because as per data drivers at an younger age tend have harsh driving habits making them more vulnerable to making claims. Even in most case women end up paying a lesser premium compared to men. Women are believed to be better and safer drivers compared to men.
3. Your car or four wheeler engine type can strongly add more cost to your car insurance premium. Cars run on diesel turn to have higher IDV increasing the cost of premium.
4. Your car policy premium also get affected by the type of coverage you have opted for.If try over customization by adding add-ons which might of use to you can increase your car premium. Say you end up adding Zero Depreciation Add On In A Car Insurance Policy even when your car is already 5 years old would increase the premium sustainably.
5. If you are very much conscious with your car’s protection and have installed additional security features well in advance, you can always claim for discounts from your insurer.
The factors listed can act as guide book on how can you control the car insurance premium cost at any point of time but it always advised to follow safe driving habits. Don’t make claims on your policy if the claim amount is less than 20% of your car’s IDV and you end up making use of your car insurance coverage is a much better and getting discounts on premium every time because of higher NCB.
Other than these, always try to follow a smart strategy while buying or renewing car insurance policy an older one but doing smart online comparison of various offering which exist in the market and which in turn can help you save more.