Back with some more dazzling discounts for you. The basic aim of insurance companies is to charge premiums as per the risk factor involved in covering them. Lower the risk, lower will be the premium. And as the risk involved increases, insurance companies will charge more to compensate the risk. These discounts are actually categories to segregate lower risk profiles.
So, here is the second part:
- Armed personality discount: Profession plays an important role in determining the car insurance premium rates. Insurance companies offer special discounts to personnel who risk their life for nation’s security. This benefit is not limited to the armed personnel but it also offers discounts to their families.
- Loyalty discount: This discount is like more of a gift. If you have a policy with same company for a longer period, the company will offer you certain discount on renewal as a loyalty bonus. Thus switching car insurance companies should be less frequent if you are satisfied with their services and products. Some companies also offer loyalty discounts on anniversaries and successful completion of targets. For example: a company may offer 5% discount to all its gold members on completion of 50 years.
- Multiple car discounts: If you own more than one car, then it would be beneficial to get them covered by same car insurance company. Insurance company offers more discount if you have policy for multiple cars. Greater the number of cars, greater will be the discount. If your family members own individual cars then it would be beneficial to cover them under same plan. By doing so you will be relieved from the headache of remembering renewal dates for each policy, and can get it done all at once.
- Eco-friendly discounts: This discount is an approach by which insurance companies are trying to motivate public to resort to eco-friendly cars. Hybrid drivers are likely to be educated and more concerned about standard of living. So they are likely to be efficient drivers. Hence insurance companies offer premium discounts to them. Moreover by doing so they also propagate a social cause and promote eco-friendly cars.
- Additional safety discounts: This is based on the same rule: safer you are to cover, lesser will be the premium. If your car is laced with some additional security features such as airbags, emergency brakes then you are entitled to have special discounts. Some advanced safety gadgets are black box and emergency censor. Black box is a small camera that records the driving movements and judges the type of driving to calculate the risk factor.
So now you about so many types of discounts, just peep into the eligibility criteria and claim for your special discount today!
All the latest news from the car insurance world brought to you by Supermarket.com the car insurance supermarket.