Reflections Of Vehicular Insurance

According to a popular advertising campaign, 15 minutes can save you 15 percent or more on car insurance. The call to action is, of course, to switch your car insurance to save money. However, switching companies is not the only way you can save on your car insurance. Here are a few things to consider when reviewing your policy to determine if you are missing savings.

A person’s deductible is the amount they pay out of pocket before their insurance coverage kicks in. For example, if a person hit a tree, causing Rs. 5,000 in damage to the car, having a Rs. 500 deductible means you pay Rs. 500 and the insurance company takes care of the rest. A typical deductible can range anywhere from Rs. 1000 to Rs. 15,000, and the lower the deductible, the higher their monthly premium.

If a person have plenty of money set aside in a rainy day fund, a higher deductible will trim down their monthly premium. It is also important to consider that filing a small claim (less than Rs 10,000) can lead to a higher premium or even a policy cancellation. Consumers’ Check book , a trusted consumer watchdog, has found that even calling to ask about potentially filing a claim can cause the insurance company to raise your premium as if people actually filed a claim. Note that the most common small accidents still result in car repair costs of at least a few hundred dollars, so it is up to the person to choose a reasonable deductible.

A portion of your premium is determined by the information entered when first applied for the policy. This can include how often a person drives the vehicle, listed excluded drivers, or discounts applied. For example, some insurance companies offer discounts for being a good student. If just 16-year-old son or daughter added to your policy, it makes sure to apply for that discount. If a person recently moved closer to the place of work and cut commute by 10 km a day, they will want to update that on policy. Less road time means less risk, which could result in a lower premium.

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