How to Reduce Motor Insurance Premium?

Since motor vehicle insurance plans are a must, policyholders should make the most of it, and get the maximum benefits extended by these policies. Some of the ways in which the premium amount can be reduced are as follows:

  • Not making claims for small amounts.

  • Raise deductibles.

  • Transfer bonuses.

  • Compare premiums.

Don’t Make Claims for Small Amounts

As a rule, policyholders should not make claims for small amounts of money that they can afford to pay out of pocket. By doing so, the policyholder is entitled to get perks extended by no-claim bonuses. If one compares the discounted premium rate, it is well worth the trade-off.

Raise Deductibles

Another simple way to reduce the amount of premium to be paid towards buying motor insurance online is by increasing the deductibles. However, policyholders will truly be able to receive benefits only if they can afford to pay the premium, or else it defeats the purpose of raising the deductibles.

Transfer Bonuses

Policyholders should keep in mind that the policy is in their name and not on the vehicle. The bonuses will keep accumulating and when a policyholder wants to buy a new vehicle, these bonus points can be transferred.

Compare Premiums

Since information related to almost all the motor insurance policies are available online, one can check the premiums and compare them. Based on their requirements and budget, the most ideal motor insurance policy can be selected.

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