Important Things to Keep in Mind While Renewing Car Insurance

In India, the Motor Vehicles Act, 1988, makes it not only necessary, but also mandatory, to renew a car insurance policy. If you have a third-party or comprehensive auto insurance policy, it is important to renew both for maximum security. Here are a few things to bear in mind if you're thinking about renewing your auto insurance:

• Research Online:You can look for multiple policies on the internet. Car insurance policies can be purchased online from a variety of insurers and aggregators. The online procedure is fast, easy, paperless, and hassle-free. The whole process takes just a few minutes, and the policy is sent to your inbox immediately. You may also compare different policies on a single page and choose the best deal. Find out how much coverage you'll need, as well as pre- and post-sale facilities. Check to see if there are any choices for buying riders. Look for reviews from current policyholders as well. To summarize, buying a car insurance policy online is not only cost-effective, but also one of the most efficient methods available.
• Policy Type: Make sure you choose the right policy. You have the option of purchasing either the obligatory third-party car insurance or a comprehensive car insurance policy. A third-party car insurance policy is required by law (Motor Vehicles Act, 1988). It just protects you from third-party liability. A comprehensive auto insurance policy includes both third-party and own-damage coverage. It's a good idea to get a comprehensive car insurance policy.
• Add-ons:A comprehensive car insurance policy's breadth of coverage can be expanded with add-ons. The following are some of the must-have add-ons:
• Zero Depreciation
• Roadside Assistance
• Return to Invoice
• Engine Protection
• No Claim Bonus Protector
• Loss of Personal Belongings
• No Claim Bonus:If you do not file a claim for a given year, you are qualified for an NCB. NCB is a cumulative gain that can increase by up to 50% over the course of 5 years. Check to see if your policy includes an NCB feature. NCB is also transferable, even if you change insurance companies.
• Insured Declared Value:The IDV stands for the current market value of your vehicle. In the event that your car is totally damaged or stolen, the IDV is the maximum amount you can get from your insurance provider. IDV is the most significant factor in determining the policy's premium. It is important to obtain a car insurance policy with the appropriate IDV.
• Discount:If you have an anti-theft system mounted in your vehicle, you might be eligible for a discount on your car insurance premium. If the anti-theft system is accredited by the Automotive Research Association of India, insurers may offer you a discount.
• Voluntary Deductible:Your premium would be reduced if you choose a voluntary deductible at the time of policy renewal. A deductible is the sum you must pay in the event of a claim. There are 2 types of deductibles: optional and obligatory. You have the option of choosing the sum of the voluntary deduction.
• Cashless Facility:Make sure your insurer has a large network of cashless garages throughout India, particularly near your home. Repairs can be costly, so it's best to go to a cashless garage.

Conclusion:

It is a good idea to upgrade your car insurance before it expires. Your vehicle will be inspected if you do not renew your car insurance policy before the expiration date. If you do not renew your policy within 90 days of its expiration, your premium will rise and your NCB will be forfeited.

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Created on May 24th 2021 01:16. Viewed 281 times.

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