Some New Ways to Save on Your Car Insurance Premiums
By Neelima Shankar
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Proposal form: an important document

Policyholders should remember that the information they provide in the proposal form could waive insurance premiums both ways for them. Take for example Berkshire Insurance, distributor of Bajaj Allianz's auto insurance policies, which gives 5% discounts to policyholders who share personal information. Sharing information in the proposal form enables policyholders to avail rebates in premiums wherever it is applicable. There are discounts that can be availed because of one's profession like on being a doctor, software professional etc. Again, individuals who use their cars less frequently score high points on the insurers' preference meter as less use of cars mean fewer chances of making claims. Based on this parameter there is another factor which can lower insurance premiums - for parking cars in covered spaces. Insurers perceive that parking cars in open spaces increases exposure to a car getting damaged, which means more chances of making claims. Thus, policyholders who park their vehicles in covered spaces are provided with a rebate on this basis.

Buy car insurance policies online

Buying auto insurance policies online has its own benefits. Many insurers provide cheaper deals to customers for purchasing insurance policies online, directly from the insurers' website. This is an easy way of reducing one's insurance premium burden.

Fuel type also influences premiums

Diesel cars may have become popular because of lower cost of fuel, but it has an opposite effect on car insurance premiums. Cars using petrol as fuel attract lower insurance premiums as against cars using diesel or CNG as fuel. So, policyholders should also take this factor into account while determining the type of fuel to use in their vehicles.

So, to avail discounts on these parameters policyholders should ask their agents about these factors or they should read their insurance agreements carefully to save cash on auto insurance premiums.

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