Car insurance renewal tips to swear by
Published on June 25,2020. EST READ TIME: 5 MIN
Remember the ecstasy when you bought your car? And your promise to keep your faithful companion on the road protected always? Why then is car insurance renewal the last on your to-do list, renew your promise to the asset that made your daily commute to office easy or gave you memorable long drives to cherish for a lifetime. Here we delve deep into the importance of timely renewal and give you 5 tips to consider before you hit the renewal button.
There are not one but many reasons to ensure you do not procrastinate renewing your car insurance. Dilly dallying till the last minute will only cause regrets and if you are unfortunate then monetary loss too. Wondering how? Here are some reasons that will compel you to renew your car insurance on time:
Your No Claims Bonus (Or NCB) will be forfeited if the policy lapses for more than 90 days
A mandatory vehicle inspection will take place if your policy expires only leading to inconvenience
A lapse in the policy leaves you and your car vulnerable to risks like accidents, theft etc that shall not be covered
You run the risk of being caught by the authorities and will have to shell out large sums in the name of hefty fines
You are likely to pay a higher premium after an expired policy which could have been avoided
Tips to renew your car insurance:
Compare and analyze: In this day and age it is common to compare two products and do some online research before zeroing in on the product most suitable to your requirements. And car insurance should be no different, look at different products, compare the coverage being offered, the claim settlement ratio, customer reviews and various other aspects before deciding on an insurer you wish to renew your car insurance with.
Assess the IDV: IDV or Indemnity Value is the Insured Declared Value (IDV) of your car, it is the sum insured coverage you can claim in case of total loss or damage to your car. It is advisable to shortlist your insurer after comparing quotes that include IDV as it can vary from insurer to insurer.
Utilize your no-claim bonus: Renewal time is your time to reap benefits in the form of the no claim bonus. If you have not filed any claim in the insured year gone by then the insurer will provide you with a no claim bonus, which is a discount on the amount of premium you pay while renewing the policy.
Explore add-on covers available: While renewing your car insurance, explore the add-on covers available. This will boost the security of your car as per your requirements. If you already have a add-on cover attached to your policy then review if you still need it or if you could go ahead with an altogether new add on cover.
Enhance security: Enahnce the security of your car by installing safety devices like anti-theft alarm system and so on. This will prove beneficial in two ways, it significantly reduces the risk of theft and gives you the added benefit of a discount on your premium rate from your insurer.
Still pondering? Renew your car insurance online from the comfort of your home without any paperwork and secure your car in a breeze.
This blog has been written by
Mukesh Kumar | Motor Insurance Expert | 36+ years of experience in insurance industry
A veteran in the insurance industry, Mukesh Kumar has the expertise of handling various functions like Business Development, Underwriting, Claims, Human Resources, Quality Management and Marketing. With rich knowledge of the industry, he loves to share his views on topics of insurance sector and takes special interest in educating people on advantages of having insurance.
Mr. Mukesh Kumar recommends "getting your two wheeler insured from HDFC ERGO, a brand serving more than 1 crore+ customers. With overnight repair services and more than 6,800+ network garages, you can be assured of help in event of any damage to your vehicle