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Sign up with auto associations Becoming a member of the Automobile Association of India (AAI) or its affiliates gives you a discount on the premium rates from some insurers; the discount could be lower of 5% or Rs 200 on the own damage premium for private cars. Similarly, if you install an anti-theft device approved by the Automotive Research Association of India, you could claim a discount of 2.5%, subject to a maximum of Rs 500. Stick to the mandated part of cover As per the prevailing law, you have to buy a minimum cover of Rs 6,000 to compensate third parties for any property damage. Sure, you have the option to buy a higher cover, which may come in handy if there is a huge payout, but remember that your premium will also rise. If you want to keep the premium low, opt only for the mandatory cover. |
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