8. Decrease The Value

Balakrishnan said, “If the usage of your car is going to be low for the coming year, then you can reduce the IDV of your vehicle for that year by about 10 percent. This would reduce the premium you have to pay.” IDV stands for Insured Declared Value, which is maximum sum assured you will get in case of total loss or vehicle theft. IDV and premiums are directly proportional to each other, so higher IDV = more premium.

For Instance, if you bought a car of 10 lakh in 2010 and fixed its IDV at 9.5 lakh with your insurance company and in 2012, the IDV is 8.5 lakh. Also in 2012, your car’s manufacturer reduced the price of new car to Rs 8 lakh, but your IDV is still Rs 8.5 lakh. In such a case, you reduce the IDV for your car policy to avail a lower insurance premium.

9. Insure Multiple Cars

You are likely to get discount on premiums if you buy insurance policy for more than one car from a same company. 

10. Take All Your Insurance Policies from One Insurer

If you buy all your insurance policies like health, personal and household policies from one insure, you may get discount on the car premium.

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