LET GO OF SMALLER CLAIMS

You are permitted to no-claim bonus (NCB) for every claim-free year. If the claim has not been made for a few years, the NCB can increase your cover by 50 percent. That is why it makes sense not to be in a hurry to claim for fixing every small dent on your car. Follow this simple rule - If the amount you are going to spend on repairs is lower than the no claim bonus you are likely to gather, it is better not to claim the amount.

Follow this rule each time you spend to fix small things. Always consider if it's worth filing a claim for it or is it better to try for another claim-free year. NCB will come handy when you are buying a new car, as it is related not to the vehicle or the policy but to the policyholder.

Amarnath Ananthanarayanan, CEO, Bharti-AXA General Insurance said, "You can also opt for a higher deductible amount in the policy.” Opting for the deductible is similar to going without a small claim - the company will pay its share only after you foot the bill for the initial, pre-agreed amount.