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ICICI Lombard Expert Blog

Insurance costs can be cut down through voluntary deductibles

May 08 2012

Car owners had become smart these days. They are more informed and have a through knowledge about the insurance world. Today more and more policy holders know how to cut down the amount spend on car insurance and save enough even on premium. The reason being the technological advancement and the world wide web platform which has made many insurance providing companies more approachable. So, policy holders can now easily check the quote and the premium amounts and make a comparison of the best relative deal to him

Voluntary deductible in such a scenario plays a vital role in reducing the annual premium of car insurance. Usually, this system is followed in times of filing a claim. In this process of voluntary deductible, when an individual files for a claim, he is supposed to pay a part of the amount for the claim. So, may it be a small or a big car, a specific mandatory deductible amount has to be shelled by the policy holder. In the voluntary deductibles scenario, an individual gets discount and depending on the policy and car, the discount on the mandatory amount is given.

The voluntary deductibles option may be open for many,but unfortunately not many follow this system. The reasons may be many, but what has been noticed is the point that this concept is still to be explored by many. However, before opting for any policy, one may have to be confident about the coverage type and also, one should not utilise the claim made for smallest of damages. Any kind of claim will require one to shell out a particular share of that claim. Hence, care must be taken when driving and far as possible claiming on any small damage should be avoided.

It is also important that the policy is well aware of the voluntary deductible type is chosen correctly or no. One should also remember not to neglect any insurance renewal else, it may cost him dearly while filing for a claim.

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