Things to Do At the Time of Car Insurance Renewal
Car insurance policy about to expire? It’s time you renew the policy to avoid getting into any legal or financial trouble. Renewal of car insurance policy is significant as you are not legally eligible to drive your car on Indian roads without holding a valid car insurance cover. So buying car insurance is not a matter of choice, but a legal mandate that you are required to comply with. So if you are about to renew your car insurance policy, then there are certain tips you should follow to ensure you get maximum coverage at minimum cost.
Do it yourself: Rather than depending on the agent to renew the policy, you can choose to renew it yourself. With digital advancement, you can renew car insurance policy online in just a few minutes. All you have to do is enter your policy number and the required details and the policy is delivered in your inbox instantly. Additionally, renewing car insurance online and offline also makes you eligible to get discounts up to 70%. So instead of paying the agent for the policy purchase, you can easily renew the policy through the insurance company’s online website or mobile application. Online renewal also makes it easy for you to access the policy , thus saving you from the hassles of maintaining a physical policy document.
Change your insurer: If you are not satisfied with your insurer, then you can renew your policy with another insurance company. Always check on the claim services offered by the insurance company as you generally buy the policy to ensure the claims are settled in time and in a hassle-free way. Check on the network garage list of the insurer, the customer service hours and any other additional service, if provided.
Opt for the right type of car insurance policy: Even though buying a third party insurance cover is mandatory in India, you can insure your car with a comprehensive car insurance policy. Though a comprehensive car policy costs you an additional premium, it is always advisable to opt for this type of car cover as it covers damages caused to your car as well as third person or property.
Use your no claim bonus: For every claim free year, insurance company rewards you with reward of up to 50% in the form of no claim bonus. This reward can be availed at the time of car policy renewal and helps you save a lot on premium. However, it is important that you renew the car insurance policy within 90 days from the date of policy expiry as not doing so can make you lose out on the NCB.
Opt for the necessary add-ons: Insurance companies offer you add-ons that let you enhance the coverage of your car insurance cover. At the time of car insurance policy renewal, you can opt for add-ons such as zero depreciation, engine & gear box protector, key replacement cover, NCB protection, return to invoice and others.These add-on covers can be purchased with comprehensive policy by paying an additional premium.
At the time of renewal, ensure that you read all the terms and conditions of the policy along with its list of inclusions and exclusions to get the desired coverage at the time of claim. Remember, when renewing car insurance, researching is important as it will help you choose the best car insurance policy online in India.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.