Are you looking forward to renewing your car insurance? In such situations, you may want to stick to the same insurance agency or opt for a new insurer with revamped benefits. Do remember that in India, car insurance is a necessity that may not only keep you away from legal troubles but also helps you remain protected with any monetary coverage at time of emergencies. Thus, getting a motor insurance renewal before your old one lapses is of the utmost significance. Before you start with the paperwork for a renewal, keep in mind of these five parameters that will help you get a better deal.
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Always compare several policies:
This needs to be your first step before choosing car insurance renewal scheme. In addition, it will not take much of your time considering the convenient online policy comparing portals available for quick car insurance comparison. These ensure that you get enough knowledge about what benefits come under your future policy.
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Understand the features:
Once you have found an interesting policy, do make a note of all the features the policy will offer you. Some features might not be needed by you anymore, while there could be other features that you may want to add to your renewal policy. For instance, until now you may have to spend more on coverage for personal accident privileges, and you may already own a separate policy for such benefits. Thus, paying twice the sum for the same benefit is unreasonable. So, you can choose to renew neglecting that benefit, hence reducing the overall premium.
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Claim your NCB bonus:
If you choose to renew your car insurance policy then you may want to acquire NCB benefits. No claim bonus works in cases if you have had a claim-free year. Insurers then offer you a discounted premium rate removing the expenses of the NCB. The good news is that this claim benefit works either way i.e. if you choose the same insurer for renewal or go for a new one.
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Check the value of your car:
Any car insurance premium is calculated based on the market value and the depreciation value of your vehicle. You have to know both these values to get yourself a better discount from the insurance agency. Do not just pay what they quote you. You can always reduce the amount by negotiating individual sections on your renewal policy before buying it.
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Renew before lapsing:
You have to be aware of the lapse date of your policy so that you can get it renewed before the ending tenure date. It is always better to renew your policy timely. Moreover, it is also very risky to drive your car without a car insurance policy to support it.
Conclusion:
Besides the above five parameters, you can find many other ways of being cautious about your renewal car insurance plan. In the end, everything is about saving as much as you can on your premiums without compromising on the level of protection you receive. So, be aware of what you pay to your insurer for renewals.