4. No-Claim Bonus (NCB)

When you purchase car insurance, your policy documents will mention a no-claim bonus. A no-claim bonus will be given by your insurance company only when you don’t make frequent claims for car damages. You will receive NCB as discount on your premium for the next policy year. The discount will range anywhere between 20 and 40 percent (at times, even higher) on own-damage premium amount. For Instance, if your own-damage premium amount is 10,000 and you don’t make a claim, then next year you will get a discount of 25 percent as no claim bonus and your premium will certainly fall  to 7,500.The best part is that your no-claim bonus percentage will increase over the years provided that there is no break and no claims made in the policy.

5. Pay In Lump Sum

Insurance company will offer your discount on if you pay the premium in lump sum and not in monthly installments.

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