Car insurance is the protective shield in case of mishaps that afflict your desired car. It can be an accident or a theft; valid car insurance has always been a boon. It is a safety measure to avoid significant losses occurred in uncontrolled circumstances. According to the amended Motor Vehicle Act, a driver of any vehicle, private or commercial, must possess a valid insurance policy of the car being driven or it will count as a punishable offence. If your insurance has expired, the insurance company may need to examine your vehicle before renewing, which can lead to an increase in premium.
Is your car insurance about to expire? Make sure you renew it timely. Many general insurance companies provide the best car insurance. However, you should have a keen eye when selecting one for your car. Car insurance renewal has developed into a big headache for car owners. This is due to the unawareness to deal with it correctly. One can save a lot and get additional benefits if managed carefully. These five tips will help you while renewing your car insurance.
Compare different policies
Most people continue with their old insurance policies because they find it tedious to search for the right ones by comparing them. But, there are a lot of websites which show the comparison result amongst the best policies to make the process hassle-free. You can also do it on your own without including any intermediary by analyzing your requirements and listing out the garages. You can save a lot of money if the insurer needs to directly pay the money to the garage on occasions of insurance claims.
Read the fine prints
The policy package may be seen attractive to you, but there can be some hidden clauses along with the discounts which you might be unaware of. Make sure you read these clauses in details before buying the insurance policy to avoid any complications in future.
Calculate Your Vehicle’s Value
Even if you hate mathematics, apply it to save yourself from paying large premiums. It can be done by calculating your car value before renewing your insurance. The depreciated value of the car will help you to negotiate from the agent.
No Claim Bonus
If you have not made any claims under the existing policy, then you may qualify for the bonus which can be up to 20 to 50% depending on the total number of years. Try to avoid the small claims to avail no-claim bonus. Zero depreciation also proves to be beneficial at the time of renewal policy.
Claim Higher Deductibles
You can get your premium reduced by paying higher deductibles at the time of claim. The premium discounts can be covered in the later stages of premium.
Make sure you don’t stretch it more than 9 days or else the (No Claim Bonus) NCB will reset automatically. Protect your vehicle today.