According to Indian law, car insurance is compulsory. So, if your present car insurance policy is nearing its expiration date, it would be a wise decision to renew it before its expiry. But if you are planning to get the same policy that you have had, hold on! Use your cellphone to skim through different car insurance policies online to have a different, yet better experience. Make your online shopping even better by reading on for a few more tips.
1. Try doing it by yourself
Buying an online policy is not very complicated. If you are getting a car insurance renewal, you may already be aware of the procedure as you may have gone through it previously. Also, the online process is very easy, hence you do not need to be a techie to purchase from the four-wheeler insurance policy website. Moreover, if you decide to do it on your own without any intermediary, you’ll be in a better position to understand your requirements and make a sound decision. Also, next time you will not have to rely on anyone and can get it done effortlessly.
2. Re-evaluate your vehicle’s value
If the value of your car that was Rs. 3 lakh a year ago, it will not be the same today. The reason being that your vehicle’s worth depreciates with time. So while getting a car insurance renewal, it is important to calculate the current market value of your vehicle which is Insured Declared Value. This acts as a deciding factor when it comes to paying the premium for your car insurance. It is also the maximum amount that you will receive from your insurance provider in case of total loss or theft of your four-wheeler. So make sure to quote the correct value of your vehicle so that it isn’t underinsured.
3. Become a member of certified vehicle associations
Most insurance companies offer discounts on car insurance premiums to owners who have a membership in authorized automobile associations such as AAI (Automobiles Association of India) and ARAI (Automotive Research Association of India), among others. So, if you are planning to get a motor insurance renewal, check into these memberships to enjoy added benefits.
4. Take advantage of No claim bonus
Insurance companies offer a no claim bonus as a reward to policyholders who have not raised a claim in the preceding insurance year. As NCB is incremental, it can climb up to 50% provided you do not make any claims for 5 consecutive years. So do make sure to ask for this bonus to your insurer as it can give a premium reduction during your car insurance renewal. And don’t worry, you can also claim a bonus even if you change your policy provider.
It is a legal offense to drive a car without an insurance policy. So make sure to get it renewed a few days before its expiry to avoid legal troubles. Do your research well and choose the car insurance provider best suited to your needs and budget when you renew car insurance.
Happy shopping and drive safely!