you can also opt for voluntary deductibles the initial expenses that you have to bear before the insurer steps in ranging from rs1000 tors25000 which could entitle you to discounts of 525 depending on your insurer you can also let go of smaller claims of rs500010000 to retain the noclaim bonus 2050 which can reduce your renewal premium says datta of icici lombard then there are other options like installing an antitheft device and declaring a lower insured declared value which is the market value of your car in simple terms you can do so if you car is say over fouryearsold and you are confident shouldering the burden of any claim should it exceed this limit says yohannan