There are several things that can affect the amount of money you shell out on your car insurance. A basic knowledge of the types of discounts offered by insurers and an insight into their pricing strategies can be helpful in bringing down your car insurance premium.
Want to save on your next car insurance purchase in Bahrain?
Here’s a list of ways you can reduce your car insurance premium and save some extra cash.
No claims discount
No claims discount is a discount offered by the car insurer at the time of policy renewal as a reward for maintaining a claim-free tenure. If you are planning to switch your car insurance provider, you can apply for a no-claims letter/certificate (procured from your existing insurance company). Producing this no-claims proof can allow you to save on your next insurance premium.
Look out for deals and discounts
Is your current car insurance provider charging you a hefty insurance premium? Be sure to keep an eye out for introductory discounts, deals and limited-time offers that can help you save on the cost of obtaining your car insurance policy.
Increasing your deductible
A deductible is a predefined amount that you are obliged to pay at the time of making a claim against your policy. If you have an accident-free history, you may want to select a policy with a higher deductible and get a significant reduction on your premium.
Doing your research
Doing your homework goes a long way in zeroing in on an insurance firm that meets all your needs. So don’t just make up your mind after talking to just one firm. It’s best to get multiple quotes, look out for good deals, and compare your options before you pick a policy. That’s where Souqalmal.com comes in – We aggregate multiple policies and make your research faster and more effective.
Choosing add-ons wisely
Car insurance firms usually offer a variety of add-ons that you may not even need. While add-ons can be helpful in some cases, you must use your judgment while selecting them. If you think you would not require a particular benefit on your policy, strike it off to make your total premium lighter.
Avoiding car modifications
Modifying your vehicle in any way that puts it in the high-risk category, is sure to drive up your premium.
Car owners should also be aware of the fact that making modifications without the approval of your insurance provider can lead to cancellation of the policy and rejection of any future claims.