1) Opt for a Voluntary Deductible – Voluntary deductible is an incremental amount over and above the compulsory deductible that you agree to pay out of pocket for the repair expenses in case you file for an accident claim. If you opt for a voluntary deductible you still get the same coverage but at a lower premium.
2) Avoid coverage that does not add value – If your car insurance policy offers you personal accident coverage and at the same time you hold a separate personal accident insurance cover too, you may ask your insurance provider to provide you with an insurance policy that does not include a personal accident cover. This will lower your premium amount.
3) Avoid making minor claims in favour of no-claim bonus
You are eligible for a no-claim bonus if you do not file a claim during the policy term. The discount on your car insurance premium on account of no-claim bonus is a pretty significant. The bonus amount increases progressively and can be as high as 50 percent of the premium amount. So, if you think the amount you stand to receive from the car insurance company for an accident claim is less than the no-claim bonus you can receive by not filing the claim it is wise to forego the claim.
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