Saving that extra cost on your car insurance renewal
Car
insurance is mandatory in India and every person who owns a car need to have
it. Secondly, people also stay concerned towards their car due to unexpected
threats such as burglary or stealing, accidents or nature’s fury etc. With the
rising needs of securing the car, many insurance companies bring various
customized products, offers and discounts for the customers often leaving them
confused in the insurance world. The same dilemma is also present at the time
of policy renewal. Many a times the policyholder wonders whether to stick to
the same policy from the same insurer or to opt for a new policy.
However,
it is advisable if you’re not happy with your existing insurer trying changing
your options instead of getting strangled. There are a lot of factors that you,
as a policyholder, must consider before you renew your motor insurance policy.
If you make the right choices, not only will you have a comprehensive insurance
coverage, you will also end up saving a lot of money. The article gives you
some valuable tips for saving money while renewing car insurance
Compare policies
Many
times policyholders keep a blind faith on insurer and think they are offering
best possible policy, so renew it. This is sheer lack of hard efforts. While
renewing your policy, go online and compare the various policies and see what
features you can add. Comparing policies can prove to be very useful and help
you save money.
Check offer
Always
review the features of the policy before you renew your insurance policy. Look
for offers and discount in the market. Compare what’s good for you and what
not. For example, if you’re buying with particular credit/debit is there any
discount associated with it or if you’re renewing within particular date are
they offering any rider benefits or cashback etc.
Advance Renewal
Do
not wait for your existing policy to expire. It is always advisable to renew it
at least 45 days in advance. The benefit is, if a price hike happens in that
period, your price is locked in and you don’t have to pay the extra (hiked)
amount.
No claims bonus
Never
got an opportunity to claim your insurance? Great! You receive a no claims
bonus for it. So check and see if you can avail of this benefit. If yes, then
the discount will be deducted from your premium and you have to pay less for
the current year.
Cross check
Insurance
market is huge and complex so there is high chance of lot of incorrect data
being floating everywhere. So don’t forget to cross check all the information
you find. If you are renewing your car insurance online then cross check the
policies with other websites in terms of rates, offers, flexible payment
offers, discounts, and rider benefit features etc. If you’re doing it offline,
hire a good and reliable agent for the job.
Follow
these simple tips and you will surely end up saving a lot of money when
renewing your car
insurance policy. Although
renewing your motor insurance policy is a simple and quick process, but you
should spend a little bit of time gauging the available options which can help
you bank upon good profits.
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