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Guide to Save Car Insurance Renewal Premium

Accurate information

If you provide accurate information of the details demanded by the insurance provider you can save a good amount.

Make and model of your vehicle

The model type of your car is quite important in the calculation of the premium. If as per the insurer, the model type of your car is prone to road-accidents, then the renewal premium of the car would be higher.

No claim bonus (NCB)

The premium consists of two parts; own damage and third party damage. NCB is offered on the “own damage” part of the premium. It refers to the discount being offered (in percentage) on the renewal premium for not claiming any insurance over a policy year. The NCB amounts to 20% discount in the second policy year and can mount up to 50% discount in the sixth policy year. However, if a claim is made within a policy year then the NCB discount is not applicable.


Deductibles are directly proportional to premium discount. Deductibles are of two types: Voluntary and Compulsory. In both types of deductibles, certain amount of monetary loss has to be borne by the insured while filing a claim. Though deductibles reduce your premium but in case of damage you may have to shell out a hefty amount from your own pocket.

Avoid claims for Minor Damage

The more claims you file, the more would be your next premium. Hence, if you car encounters minor dents or scratches avoid filing a claim as this would result in higher premium in next policy year and you would also lose NCB discount in the subsequent policy year. Think rationally, as there is no point in filing a claim if the repair cost of minor damage is negligible.

Installation of safety devices

If you car has safety devices installed by a reputed company considered by your insurer, you can further avail some percentage of discount on your premium. The safety devices like anti-theft locks or airbags provide protection to your car and also help you reduce your car insurance premium.

Keeping the above factors in mind would be beneficial for you as there is no escapism from buying insurance as third-party insurance is mandatory in our country but these factors would help you lower your premium to a great extent.