How to Get Low Premiums for a Used Maruti Swift

Choosing the right type of insurance coverage and avoiding unnecessary add-ons are one of the key ways to get low insurance premiums for used Maruti Suzuki Swift.

Purchasing a second-hand Maruti Swift is generally a budget-friendly option for Indian drive. This iconic sporty hatchback has sold over 1 million units within 8 years, reached 2 million by 2018 and has recently passed the 3 million benchmark. Its unmatched popularity makes it a favourite choice among new and second-hand buyers.

So, if you are planning to get a used Swift and thinking how to reduce its insurance premium, this guide is for you

Understanding how premiums work and selecting the right coverage will help second-hand Maruti Swift owners get a lower premium on car insurance. 

Here are some more useful suggestions to assist you in getting low premiums for a used Maruti Swift while remaining covered:

Car insurance premiums are primarily influenced by a vehicle’s age and value. A brand-new car loses about 5% of its value instantly, while used cars, like a pre-owned Maruti Swift, depreciate faster, resulting in lower premiums. Insurers calculate premiums based on the Insured Declared Value (IDV), age, No Claim Bonus (NCB), and potential maintenance risks of older vehicles. Thus, knowing these factors helps you choose the right policy.

The right choice of insurance can save you a great deal of money. Third-party insurance is less expensive and adequate if the use of the pre-owned Swift is limited. However, third-party insurance is not sufficient if the vehicle is moderately new, in good condition, or retains high market value. In such cases, a comprehensive cover is worth considering, which you can also get at lower premiums.

IDV refers to the market value of your vehicle and has a direct impact on your premium. Higher IDV equals more premiums, and lower IDV lowers the premium, but under-insurance might cause problems. So, reduce your IDV slightly but maintain a realistic market level. For instance, for an IDV of ₹3.13 lakh, a basic comprehensive plan for Maruti Swift starts from ₹7,000.

NCB is a discount (generally between 20% to 50%) for not filing any claims in a policy year. When purchasing a second-hand Maruti Swift, ensure that the NCB can be shifted from the earlier owner as the insurers do permit this on document submission. Keeping your NCB intact through claim-free years decreases your future premiums quite considerably.

A voluntary deductible is that portion of the claim sum you pay yourself. If you opt for a higher deductible, your premium reduces, but you have to pay more when making a claim. As per IRDAI regulations, for cars with an engine cubic capacity (cc) of no more than 1,500cc, the mandatory deductible is ₹1,000. For cars with an engine cc of more than 1,500cc, it is ₹2,000.

Installing IRDAI-approved anti-theft devices like steering or gear locks and immobilisers can fetch you a discount on your car insurance premium. Vehicles like the Maruti Swift often come with built-in safety features like ABS and airbags, further lowering risk.

You can compare policies on the internet to determine the most reasonable deals and avoid excessive payments. Learning about coverage, premiums, inclusions, exclusions, and claim settlement ratios will be helpful to get low premiums for a used Maruti Swift. 

Add-on covers like engine protection, key replacement, zero depreciation, and roadside assistance might be unnecessary for an older pre-owned vehicle. Evaluate if these add-ons are worth the money, depending on your car's age and usage. 

Ensuring a second-hand Maruti Swift need not be expensive. With the right coverage, smart IDV adjustments, use of NCB, and the exclusion of unnecessary add-ons, you can save substantially without cutting down on protection. Easy measures such as policy comparison and fitting anti-theft devices provide additional benefits. Check your policy every year for better customisable options to get low premiums for a used Maruti Swift.