7 Secrets That Your Motor Insurance Company Won’t Tell You

We all want to get the best deal for our car insurance. However, due to lack of information, people often end up making small mistakes that otherwise could save them a great deal of money and trouble. Also, Insurance companies are not willing to give you this information too because they want your money. But if you are careful and follow these tips you will land a great insurance deal. Here are the top 7 secrets that your motor insurance company won’t tell you. Read on to find out. 

1. About the model of your car- 

Model of the car | Insurance Company
Model of the car

Your car insurer will probably not tell you this but the model of your car matters the most in determining the premiums that you have to pay. Every car insurance has a rating system on the basis of which they determine your insurance premium. If you are wondering why there is a good explanation for it. If you buy an expensive vehicle like the Mercedes Benz S class, then replacing and repairing its parts will be much more expensive than repairing a Maruti Suzuki Swift Dzire. Hence, higher premiums for S Class than Swift Dzire. If you are planning on buying a new vehicle, ask your insurer all about it before you make a decision. Also, compare the motor insurance policies available to you before buying a policy.

2. About No Claim Bonus- 

No Claim Bonus | Insurance Company
No Claim Bonus

Did you know that you become eligible for receiving a No Claim Bonus when you abstain from claiming for small damages? The NCB is 20% of your insurance premiums. Whenever you are thinking of claiming your policy for small damages to your car stop, analyze and compare. If the repair or replacement charges are higher than NCB, then only go for making a claim on your car insurance policy.   

3. Installing security devices can lower your car insurance premiums- 

Security devices such as airbags, security alarms, etc. not only make your car safer from thefts but also directly impact the amount that you pay as an insurance premium. Safety devices decrease your insurance premium. Now that is what most people are not informed about.

4. Car modification or upgrading means higher car insurance premiums– 

Car Modification
Car Modification

While you may think that your insurance policy will cover the modifications you make to your car such as exterior modifications, alloy wheels, etc. we assure you this is not the case. Motor insurance company offer coverage based on the manufacturer’s version of your car. Installing and insuring expensive gadgets lead to higher insurance premiums. 

5. Membership of Road Safety Organisation– 

Getting the membership of a road safety organization such as the Automobile Association of India (AAI) or Western India Automobile Association (WIAA) directly impacts the insurance premiums you pay. These organizations are empowered by the Motor Vehicles Act and Rules and members of these organizations are adjudged to be good drivers.

6. Policy renewal and switching to other car insurance companies- 

Policy Renewal
Policy Renewal

It is very important to renew your policy if you want it to be an available option for repairs in the future. Driving your car with an inactive insurance policy, not only you are driving without any backup but you are losing your No claim bonus too. It is really important to keep your insurance policy active. 

Further, we are always under the impression that once we buy a motor insurance policy, we cannot transfer it. We think that going for another company will make us lose all the premiums we have paid. But that is not the case. The good news is that you can transfer your policy without losing the No Claim Bonus. But for this, you will have to get a transfer letter from your old insurer and send it to a new one. You can ask all about the procedure from your current motor insurer if you want to get it transferred. 

7. Carry important documents while claiming your car insurance policy

It is very important to produce the required documents while making a claim on your policy or your claim may get rejected. The documents needed that you need are the insurance policy, driving license, PUC certificate, and RC of the car. You can also get their soft copy stored in DigiLocker and produce it when required. Not only this but getting your car repaired before informing the car insurance company can also lead to claim rejection. Also if you are considered a reckless driver, your insurance premium increases. So being a good driver has its benefits. 

Conclusion

As a customer, you deserve to get the best insurance deal for your car. But this takes effort too. As a policyholder, you need to do research about how car insurance company works. So you don’t find yourself in crisis when you really need the financial backup that your insurance provides. Ask questions and confirm the credibility of the information provided to you. This way you can not only land the best insurance deals but also become a confident car owner. 

Also Read: Car Insurance Policy – Everything You Ever Wanted to Know on AutoFlipz Blog page.

Simi Shukla

A content writer who loves cars, coffee, music and learning about new things.

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