#3.Calculate Your Vehicle's Value

Car's market value should be calculated before renewing your insurance. Once the value of the car is known, you can bargain with your insurance agent over the premium amount, and save quite a lot. If the value of the car while purchasing was Rs 4 lakh and after three years the value will be Rs 2 lakh, then your car's value has declined by 50percent. Hence, while renewing your car's insurance, you should take a policy on the depreciated value Rs 2 lakh instead of the original market value Rs 4 lakh.

#4.No Claim Bonus

Ensure that you claim your No Claim Bonus after your policy matures as it can reduce the premium amount by up to 50 percent over the years.

#5.Claim Higher Deductibles

As a result, insurance premiums are typically cheaper when they involve higher deductibles. And by claiming higher deductibles, one can reduce the premium that is paid later. Voluntary Deductible is the amount you pay at the time of the claim and if you pay a higher a voluntary deductible, then it converts into a sort of premiums-discounts over time.

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