Get the best insurance premiums by comparing policies from 20+ leading providers. Hemang Corporate helps you save up to 40% on your insurance without compromising on coverage.
Insurance is a necessary expense, but nobody wants to pay more than they should. The good news is that with the right approach, most policyholders can reduce their premiums by 25% to 40% without reducing coverage quality. According to the IRDAI, over 40% of Indian policyholders renew their policies without comparing alternatives, leaving significant savings on the table. At Hemang Corporate, we have helped 349+ customers in Rajkot and across Gujarat find optimal insurance coverage at the most competitive rates.
The key to affordable premiums is understanding how insurers calculate risk and price policies. Unlike buying a fixed-price product, insurance premiums are negotiable within the IRDAI framework through policy features, deductibles, and add-on selections. Our advisors at Hemang Corporate are trained to identify every possible saving opportunity specific to your profile.
The Shah family from Rajkot approached Hemang Corporate in March 2026 to renew insurance for their three vehicles - a 2019 Honda City, a 2021 Activa scooter, and their newly purchased 2025 Tata Nexon. Their existing insurer had quoted a combined premium of Rs 38,200 for all three vehicles with comprehensive coverage.
Our team analyzed their policies and identified several optimization opportunities. First, the Honda City was 7 years old - by switching from comprehensive to third-party plus own damage with a voluntary deductible of Rs 5,000, we reduced its premium by 32% while keeping adequate protection. Second, the Activa's IDV was overvalued by Rs 8,000 compared to market price; correcting this reduced the premium proportionally. Third, the Tata Nexon was eligible for a 20% NCB transfer from the Honda City (transferable between vehicles of the same owner). Finally, we bundled all three policies with a single insurer to avail a 10% multi-vehicle discount.
The final premium for all three vehicles was Rs 29,700 - savings of Rs 8,500 (22%) compared to their renewal quote. The Shaws retained comprehensive coverage on the Nexon and Activa while maintaining adequate protection on the older Honda City. This real-world example demonstrates that significant savings come from a combination of strategies, not a single discount.
No Claim Bonus (NCB) is the single most valuable discount available in motor insurance. It is a reward for not making any claim during a policy year. The discount applies to the own-damage premium component and escalates with each consecutive claim-free year as per IRDAI guidelines.
NCB Progression Schedule:
For a typical car with an own-damage premium of Rs 10,000, maximum NCB saves Rs 5,000 per year. Over 5 years, this accumulates to over Rs 25,000 in savings. However, a single claim - even a minor one - resets NCB to zero. This is why Hemang Corporate advises against claiming for minor repairs under Rs 10,000. Paying out-of-pocket for small repairs and preserving your NCB almost always yields better financial outcomes.
NCB is transferable when you sell your vehicle and buy a new one, provided you apply for transfer within 90 days. It is also transferable when switching insurers - your NCB certificate from the current insurer must be honored by the new insurer.
When comparing insurance quotes, looking only at the total premium is a common mistake. Here is what you should evaluate, as recommended by IRDAI consumer guidelines:
Compare the IDV first: Some insurers offer higher IDV for the same vehicle, which means better claim payout. A quote with Rs 8 lakh IDV and Rs 12,000 premium may be better than Rs 7 lakh IDV with Rs 11,000 premium.
Check the add-on structure: One insurer might include zero depreciation in the base premium while another charges it separately. Always compare like-for-like coverage.
Verify the claim settlement ratio: IRDAI publishes annual data on each insurer's claim settlement ratio. A difference of 2-3% in premium is irrelevant if the insurer has a poor settlement record. Look for ratios above 95%.
Evaluate network garages: An insurer with more network garages in your city ensures faster cashless repairs. Check the garage list before choosing.
Check deductible options: Before final purchase, we work with you to choose the right voluntary deductible amount, reducing premium by 20-35% based on your risk appetite.
Since IRDAI introduced long-term motor insurance policies in 2021, vehicle owners have the option of buying 3-year policies instead of renewing annually. Here is a comparison of costs and benefits.
Annual Policy Renewal (3 years of coverage): You pay the premium each year. If your NCB increases, next year's premium decreases. Total cost for 3 years for a typical midsize car: approximately Rs 35,000-40,000 including projected NCB increases.
3-Year Long-Term Policy (single purchase): You pay for 3 years upfront. Premium is approximately 2.5 times the first-year premium, meaning you pay for the first year at full rate and the next two years at discounted rates. However, NCB does not increase during the 3-year period. Total cost: approximately Rs 33,000-37,000.
For two-wheelers, the difference is more significant. A 3-year third-party policy for a bike costs approximately Rs 2,500, versus Rs 1,200 annually (Rs 3,600 over 3 years), making the long-term option 30% cheaper. Additionally, long-term policies provide protection against premium rate hikes by IRDAI, which have historically increased 5-10% annually.
Insurance companies use complex actuarial models to price policies. Key factors that influence your premium include:
Our team at Hemang Corporate leverages relationships with 20+ insurance providers to secure pricing that individual buyers cannot access directly. We aggregate demand across our customer base, enabling us to negotiate corporate discounts that are not available on direct online platforms. On average, our customers save 20-35% compared to the first quote they receive from any single insurer.
Never buy the first policy you see. Compare premiums and features from multiple insurers to ensure you're getting the best value for your money.
Drive safely to earn NCB discounts. Stay healthy to keep health insurance premiums low. Good habits translate to significant savings over time.
Buy multiple insurance products from the same insurer to avail family discounts and bundle offers. This can significantly reduce your overall insurance costs.
Renew your policy before it expires to avoid late fees and continuity benefits. Early renewal also qualifies for additional discounts from some insurers.
Let Hemang Corporate find you the best insurance deal. Compare quotes from 20+ insurers and save up to 40% on your premiums. Contact us now for a free comparison.
Get Free QuoteWhen you switch insurers, your NCB is fully transferable. You must obtain an NCB certificate from your current insurer and submit it to the new insurer at the time of purchase. The new insurer must honor the NCB discount accumulated over up to 5 consecutive claim-free years, giving you up to 50% discount on the own-damage premium component.
Even though third-party premium rates are fixed by IRDAI, own-damage premiums vary across insurers because each company uses its own underwriting model, expense ratio, and risk assessment. Add-on covers, deductibles, and discounts also differ. This is why comparing at least 5-6 quotes can result in savings of 25-40% on the overall premium.
Yes, opting for a higher voluntary deductible significantly reduces your premium. For example, choosing a voluntary deductible of Rs 5,000 instead of Rs 1,000 can reduce your own-damage premium by 20-30%. However, you must pay this amount from your pocket before the insurer contributes toward any claim.
You achieve the maximum NCB of 50% after 5 consecutive claim-free years. The NCB progression is: 20% after 1 year, 25% after 2 years, 35% after 3 years, 45% after 4 years, and 50% after 5 years. A single claim in any year resets your NCB to zero.
Online policies can be 5-10% cheaper due to lower distribution costs. However, an experienced advisor like Hemang Corporate often secures equivalent or better pricing through corporate tie-ups while providing personalized advice on coverage selection and claim support, which pure online platforms cannot offer.