If you plan on buying an automobile, factor in the Insurance cost. It is a protective measure that safeguards you from unprecedented mishaps. The Indian law mandates Third-Party Coverage as the minimum requirement. This way, you get compensated for the liabilities for third-party damage. But you may choose to extend this with a Comprehensive Plan. Either way, getting your four-wheeler insured is necessary.
Buying Car Insurance is just the beginning. After subscribing to your desired coverage, you must renew it annually to keep it active. This is because Insurance Policies come with one-year validity. While doing so, you have the liberty to make changes to your existing plan. This involves upgrading to extensive features. It is also an excellent opportunity to switch for a better offer. Consider these tips:
Compare available offers
Check the ongoing quotes in the market. Insurers come up with competitive deals to attract customers. This allows you to get a better premium rate than your existing policy provider. Hence, compare the available rates before the Car Insurance renewal date. If you find lower and better offers, switching is the right decision to save on the premium amount.
Use no claim bonus
It is the reward you get for being a responsible driver. You get it when you complete the Insurance term without raising any claims. This provision applies to all Motor and Health Insurance Policies. It is typically 10% of the insured sum. It goes up to 50% when you go claim-free for five consecutive years. Using the accumulated bonus reduces the premium amount during renewal.
Improve vehicle condition
Insurers evaluate your vehicle’s condition before renewal. This is to understand its depreciating condition and risk aversion. It is a protocol typically followed when there is a delay in Car Policy renewal. The new insurer also performs a similar verification if you plan to switch. Hence, it is better to do a self-inspection before porting your policy. This way, you get to improve its condition for getting the best offer.
Check network garage facility
The claim settlement process is often overwhelming when you have Insurance. It is when your insured amount gets used. However, this process may be lengthy as insurers verify the mishap before disbursing the funds. Avoid this by repairing the vehicle in networked garages as insurers settle the bills directly. Check for this facility during online Car Insurance renewal.
You stand a chance to benefit from better deals only when you opt for switching on time. This includes prompt renewal. If you wait until expiry, you risk losing the NCB. Also, in some cases, you need to buy the policy from scratch. Hence, renew before expiry. Insurers send reminders in case you forget. Pay heed to notification and make arrangements for porting the policy before it lapses.
The coverage decides the protection you get in case of a mishap. Hence, look into your existing coverage before Car insurance renewal online. Compare them with your needs to make changes in the policy. It is also helpful to compare with other insurers to get similar coverage at a better rate.