With the increasing prices of automobiles, the surge in health issues, and mortality rates, insurance plans’ cost is also increasing throughout the country. Unfortunately, the insurance premium is not going to reduce anytime soon. It is expected to continue growing in the future. However, there are a few ways that will help lessen the financial burden. This article will share some essential tips to reduce the cost of an insurance plan with you.
A health insurance plan for a single person is needed due to frequent health issues faced. But many of the medical conditions are not insured under one single plan. So it is always better to have top-up or multiple health insurance plans. This is a good way to reduce the sting to some extent.
Auto insurance companies charge less premium to those owners who have installed safety features in their car. This is because the possibility of stealing, or theft, is less in such cars.
So, by installing anti-theft devices such as steering lock, anti-theft alarm, and gear lock features in your vehicle, you can reduce the overall yearly premium by five percent. If you are associated with agencies such as WIAA, then you are entitled to get special discounts.
Another way to reduce insurance premium costs is to increase the deductible amount. It is the amount that the policyholder pays from his side at the time of making a claim. It is important to decide the deductible amount based on your financial condition. Ideally, this amount is less than the “No-Claim Bonus amount” that the policyholder is authorized in the next year.
You can reduce the auto premium cost of the new car by transferring NCB to the new car. A policyholder can do it like auto insurance is associated with the person who holds the policy and not the vehicle.
This is the ideal strategy when you are selling your old car and buying the new one. You need to hold the insurance of the old vehicle even after selling it and ask the insurer to transfer an NCB certificate. This will lower the auto insurance premium cost of the new auto insurance policy bought for the new vehicle.
To get better insurance deals, a lot of people are opting for the online mode to buy a general insurance plan. The digital platform allows them to compare the premium cost and features in just a few minutes. Also, the process is hassle-free and quick.
You are eligible for a no-claim bonus for every claim-free year. When you renew the insurance policy, the NCB amount gets deducted from the premium cost and lowers the premium’s cost. Skip claiming for the repair of small issues not to lose your NCB amount.
Buying insurance is a wise decision. It saves you any unforeseen financial risks associated with your vehicle, health, and life. However, if an insurance plan’s price stops you from buying it and then implementing these strategies. These tips will surely help you lower the insurance premium.