Some ways to reduce Motor insurance Premium

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MOTOR INSURANCE
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Some ways to reduce Motor insurance Premium

• While choosing a motor insurance policy one
  should be aware that your policy has two
  components own damage and third party damages.
  Your premium will be based on these two
  components of the insurance cover. People look to
  save money on the insurance premium.
• Those who wish to lower their premium should
  understand that only the own damage premium part
  is under your control and third party premium is
  prefixed by the regulator so its same for all
  plans by various insurance providers.
• The article gives some tips to control the costs
  you pay for your own damage motor insurance

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No Claim Bonus Every time you complete your car
insurance year without a single claim youre
rewarded with No Claim Bonus points. You can
redeem the points against the claim amount or
premium reduction. So check and see if you can
avail of this benefit. If yes, then the discount
will be deducted from your premium and you have
to pay less for the current year. It is
advisable, dont claim for petty scratches or
dent. Instead, accumulate your bonus points and
go for higher claim or discounts. The other way
to keep your NCB intact would be applying for add
on cover for NCB protection. Though you may
need to pay a bit extra on your premium but it is
always a valuable protection. It helps to
reinstate your NCB to a certain measure.
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• Garage Repair Every motor insurance company has
  its own network of garages where you can avail
  cashless repairs. Network garage offer services
  at cheaper rates compared to your local shop.
  These deals are 20 lower compared to a local
  garage. A lower cost of repair means a lower
  depreciating value of your car or bike.
• Taking your motor to a network garage helps you
  get a negotiated deal on repair costs.
• Long-Term insurance policy - Keeping in mind the
  huge growth opportunities and high FDI flow, the
  government has decided to boost the two-wheeler
  insurance segment. They have launched the first
  three-year comprehensive cover for scooters and
  motorcycles.
• The comprehensive cover is 30 percent cheaper
  than buying annual policies and comes with
  lucrative offers for the buyers.

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• The best part of a long term policy is that the
  third party insurance premium and the service tax
  hikes would not affect the premium of the policy.
  
• Voluntary Deductible A voluntary deductible
  means you will have to pay a part of the claim
  whenever the situation of claim arises. The part
  of the claim you promise to pay decides the costs
  of the premium for the rest of the cover. If you
  opt for this option it will help you lower the
  premium rate.
• It is advisable, if they are small dents or
  scratches dont make a claim. It will affect your
  no claim bonus in the long run and you wont be
  able to reduce the premium or make higher claims.
  Prudent and smart strategies will always help you
  to keep the premium lower so it proves easier on
  your pocket.

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Online comparison always helps to get better
motor insurance deals. You can get multiple
quotes from a single window. Based on the
comparison of policy in terms of benefits
features, discounts, claim settlement ratio, etc.
you can choose the one that fits your needs and
budget.
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