10 ways to save more on your motor insurance policy

Posted on Apr, 2021

There is no denying that buying a vehicle is an expense in itself. You save for years or take a motor loan just to buy a vehicle that can offer you comfort and convenience. However, the process of buying a vehicle is never complete without purchasing a suitable motor insurance policy. Since the government has mandated buying a motor insurance policy with every new vehicle, buyers often think of it as an extra financial burden. However, if you give due consideration and consult an insurance broker before buying a motor insurance policy, you can save more on your motor insurance policy.

Ten Ways to Save More on Your Motor Insurance Policy

Here are some tips and tricks to let you save more on your motor insurance policy while ensuring the same features and benefits:

  • Compare Insurance quotes:

    Comparing Insurance quotes from different sources, such as insurance dealers and insurance brokers would allow you to buy the policy from one that invests resources to analyse your insurance needs. By this comparison, you can get the most comprehensive yet affordable policy.
  • Compare Insurance Policy:

    After choosing your insurance broker, you should discuss and compare various motor insurance policies with the relationship manager. It will allow you to get the most suitable policy by avoiding unnecessary features and save more.
  • Ensure Safety Measures:

    Vehicles with extra safety measures have a low premium rate. You can install alarms, locking wheels, nuts etc., to ensure your car remains safe. Furthermore, you can take a safe driving course to be eligible for safe drivers’ discounts and save more.
  • Increase Your Coverage:

    Depending on your vehicle, you should always have adequate sum insured. If not, you can end up paying a major chunk of the expenses from your pocket. To save more over time, you can look to increase your coverage and make your motor insurance policy comprehensive.
  • Re-evaluate the Policy:

    What you expect from the vehicle changes with time, making some policy features obsolete. You should constantly re-evaluate your motor insurance policy to exclude outdated features and save more on their costs.
  • Save Through No-Claim Bonus:

    Insurance companies reward policyholders who are less likely to claim through No-Claim Bonus. You can avoid filing needless claims to achieve no claim bonus. The higher the claim-free years, the higher the premium discount.
  • Increase your policy deductibles:

    Keeping high deductibles can significantly lower the premium cost as insurance companies use it as a measure against fake claims. The higher you keep the deductible amount, the lower the premium you will have to pay.
  • On time Renew:

    It is vital to renew your motor insurance policy in time as failing to do so might increase the premium amount and bring upon a compulsory yet expensive motor inspection. Furthermore, the traffic police can levy huge fines if you are caught driving a non-insured vehicle.
  • Tax Deductions:

    You can claim tax deductions on premium paid if you use the vehicle for business purposes. For example, if you use the vehicle for business operations for 5 hours and personally for 6 hours, you can file a tax exemption claim for the business usage of 5 hours.
  • Avoid Vehicle Modifications:

    Although vehicle modifications such as alloy wheels, stylish paint etc., can make your vehicle look attractive, they can attract thieves and increase the chances of your vehicle getting stolen. Furthermore, modified parts are expensive to fix and can increase your overall premium amount.

A motor insurance policy is a fundamental part of providing financial protection to you in case of damage, loss, or injury. Since it is mandatory to buy a motor insurance policy, you can try to save as much as you can on and through your motor insurance policy. For a policy that can allow you financial freedom, you don’t have to feel burdened because of the premium. PINC Insurance is an industry expert on furnishing comprehensive motor insurance policies that are affordable yet includes every beneficial feature. If you plan to buy a new vehicle, you can ensure through PINC Insurance that the motor insurance policy you buy complements your vehicle in the best possible way.