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Having a car insurance has been made mandatory in India due to the Motor Vehicles Act and the increasing risk of road mishaps.
Here are few tips that would help you save on the renewal of car insurance:
Compare your insurance policies online on third-party insurance websites and insurer’s official website before renewing your car insurance. As online platform offers you access to all insurance websites, compare and choose the one that serves your insurance needs and offers a host of benefits within the budget.
Know about all the documents you need to submit at the time of renewal. Have both the originals and copies of all the necessary documents ready at the time of policy renewal.
Ensure that you do research and determine the correct value of your car at the time of policy renewal. Your car’s IDV is vital to determine the amount to be insured and the policy premium.
No Claim Bonus is a discount on insurance premium rewarded by the insurer to the insured for every claim free year. You can accumulate No Claim Bonuses for 5 consecutive years. The percentage of discount for No Claim Bonuses starts from 20% and increases upto a 50 % in the 5th year.
When renewing your car insurance, ensure that you opt for a higher compulsory and voluntary excess in order to avail a discount on your car insurance premium. By opting for higher deductible you can avail the best insurance policy at a low price.
Ensure that you read through the insurance policy documents, the terms and conditions before signing the document and making the payment. Check every line mentioned on the document in detail including the sum insured, insurance premium, etc. Ensure that the policy document you receive is a valid with all the relevant authorised signatures.
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