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How to Save Money on Motor Insurance?

Let us take you through a few things you must know about motor insurance to understand how you can save an unexpected amount from your next car insurance premium.

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Updated:October 13, 2017, 6:45 PM IST
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How to Save Money on Motor Insurance?
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Nobody likes paying more for less, but somehow we all end up paying money even where we can save. Everybody pays premiums for motor insurance every year; however, do we actually know what premium are we supposed to pay? Let us take you through a few things you must know about motor insurance to understand how you can save an unexpected amount from your next car insurance premium.

1. Renew on Time
If you want to get your policy renewed with same terms and insurance cover, you should do it before the last date as afterwards it may cost you more with the supervisor charges and late fee. Also, if you get your policy renewed 45 days in advance, then you are covered for any price hike in insurance premium too.

2. Compare before Buying
Review various car insurance policies online to compare and find the benefits and insurance cover provided by different companies. By comparing different policies, you can see if there's another insurance policy that can offer you more benefits which are not there in your current policy.

3. Review Policy Features
At the time of renewing your policy, you can add upon or discontinue with any feature of the policy you don't need any longer or are covered for, by someone else. By reviewing your policy features, you can reduce your car insurance premium.

4. No Claim Bonus
If you don't claim for any accident or any other repair throughout the current year, then you are officially signed to get a no-claim bonus, which will ultimately reduce your next year motor insurance premium.

5. Valuation of Your Motor
At the time of renewing your old or taking a new policy, one should know about the market value of the car getting insured as accordingly insurance premium is supposed to be fixed. Thereby, it can give you a fair idea of the amount to get insured and to be paid as premium.

6. Review Terms and Conditions
Whenever signing up a new policy or renewing an old one, you should go through all terms and conditions listed at least once, to avoid any hassle later, as there are many hidden terms and charges that can cost you money later.
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