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Reducing the value of an insured vehicle



I need some advice. My vehicle is valued at 5.5 mil. I got full cover and I pay around 1 lak premium.
I don't drive often or do long trips. Out of 10 years of driving i never got in to any major accidents, just scratches and dents only. So the repairs cost me very less than what I pay for insurance. I want the full cover but I'm considering to lower the value of my vehicle to reduce the premium.

Do you think that's a good option?
Are there any consequences reducing the value?
Will there be any issues when I claim for minor accidents?

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