The Most Authentic Guide on Personal Finance and Investments


Words of Wisdom : "There are only two lasting bequests we can give our children... one is roots, the other wings." ~ Steven Covey

10 Ways to Save Money on your Car Insurance Premium

One. Pay for minor damages yourself. Don't make small claims. This affects your no-claim bonus, which can go as high as up to 50% and save you hefty premium year after year...endlessly...until you make a claim.

TwoNo-claim bonus is for the driver...not the car. So when you sell your old car, don't forget to transfer the no-claim bonus from the old policy to the new policy.

ThreeTake advantage of the competition. Compare policy premium rates across various insurers before buying one. Also, buying covers online are not only convenient but also cheaper.

Four. Is the probability of damage/accident low (e.g. you are a safe driver or you don't drive your 2nd car too often or you are a carpool member)? Then you can opt for higher voluntary deductible i.e. the amount that you are willing to bear in case of a claim; beyond which the insurer will pay the balance claim amount.

FiveDon't blindly opt for various add-on covers. Choose them carefully after analyzing their relevance to your requirements.

SixInstall theft-protection and safety devices in your car.

SevenConsider the option of taking membership of a recognized automobile association.

EightCheck if you are eligible for a special discount (like doctors).

NineCheck if the insurer offers any loyalty discount for renewing the policy or buying all policies from the same company.

TenMake sure that you pay your premiums on time and renew the policy before the due date. Any delay could lead to losing your no-claim bonuses/discounts.

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Ignorance is like a SIGNED BLANK CHEQUE... anyone can MISUSE it.

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