Why Isn't Your Car Insurance Rate Reducing? | RenewBuy

Why Isn't Your Car Insurance Rate Reducing?

Did you find the initial premium rates for your car insurance too high and they still aren’t reducing? Have you been wondering about the reasons for a long time, but still haven’t found a suitable answer? Well, if your answers are ‘yes,' here’s a blog to walk you through the entire saga.

Car insurance premiums depend on quite a few factors, and you can deal with all of them once you know their significance. As a vehicle owner, you will surely not want to pay higher premiums for your car. It’s right here that the most crucial tips will help you take the right decision.

Identifying the factors

Getting a suitable and appropriate insurance policy for your vehicle is more important than buying a simple insurance. With the most suitable car insurance, you will have the opportunity to protect your vehicle completely and comprehensively. If the rates are static and not reducing for a long time, the following reasons might be responsible:

1.Low Deductibles

If you are not increasing the deductibles limit, you are missing out on low premiums. Deductibles are payable when you apply for a claim. Even if you are planning to increase deductibles, make sure you consider your spending limits. Don’t overstress and opt for something which gets hard for you to continue.

2.Saying ‘yes’ to ‘small’ claims

Steer clear of making low claims. Minor repairs and servicing can be taken care of, and you don’t need to use up the insurance amount. Once you accumulate a considerable sum, the insurance provider will come up with an ‘NCB’ or a ‘No Claim Bonus.' It can go up to 50% of the premium amount for the 5th year of NCB.

3.Failure to compare quotes

You might not be getting the time for comparing insurance quotes. It is highly imperative to compare the quotes online and then make the final purchase. Your failure to make such comparisons will result in increased premiums, and you might also lose out on a highly profitable deal!

4.Absence of anti-theft controls

You should have safety features and controls installed in your vehicle. Features like anti-theft alarm, steering lock, and gear lock happen to be of paramount significance. These controls will also help you reduce the annual insurance premiums by a significant 5%.

5.Ignoring effective associations

Your tie-ups and associations with WIAA (Western India Automobile Association) can also fetch you huge discounts. These associations will directly show up in the insurance premiums, and you will find them reducing within a short time.

Parting thoughts

Reduced insurance premiums and affordable policies are highly important for vehicle owners. You love your vehicle, and you will surely want to get the most suitable insurance coverage for it. While finalizing your purchase decision, it will be imperative to analyze these factors thus making the final move. With some of the leading and highly reputed insurance providers by your side, things will become easier than ever!

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