Renewing Your Car Insurance is Important. Here are 7 Tips to Avoiding Making Mistakes

Owning a car in today’s times calls for factoring in various aspects including the all-round maintenance and insurance. While the latter is a useful feature, you need to renew it every year, which, if done in a hurry, could lead to making mistakes. In this article, let’s check out seven tips that will help you be at the top of your insurance renewal:

Do Your Homework

In today’s world, there are multiple agencies and online portals offering or claiming to offer car insurance. So it becomes important that you check and know the basics in order to pick the one that suits your needs the best. One of the ways to verify the authenticity of the insurer is by looking up their registration number and CIN on the Insurance Regulatory and Development Authority of India’s (IRDAI) website. *

'No-claim Bonus’ Benefit

Insurers usually offer a renewal discount to customers who have remained claim-free in their previous policy tenure. The no-claim bonus benefit is part of a ‘Comprehensive Car’ insurance, which covers both the Third-Party Liability, the Personal Accident Cover and an additional cover known as 'Own Damage.' Another advantage of not claiming a bonus during renewal is that it is incremental if not claimed up to five successive years. *

Have It Renewed In Advance

We all know how crucial insurance is for a vehicle if unfortunately it is involved in any mishap. Renewing your insurance policy in time or well in advance ensures that you never risk not getting a claim in case your vehicle happens to be in any unwanted scenario. It also means that you won’t have to face any legal obstacles – either from a third party or the police. *

Compare Insurance Policies

When you employ all the techniques described above, you might occasionally discover another insurance coverage that is more affordable than the one you are presently thinking of buying. But before you opt for it, check out what other insurance companies are offering, as well as their backgrounds to see which ones have a strong reputation for providing timely service to clients. Take counsel from other car owners in this regard to get unbiased views on insurance providers. *

Having An Anti-theft Device In Your Vehicle

A major worry for many car owners in our country is losing their precious four-wheelers to thefts and not being able to claim motor insurance for it. Insurance companies provide you a good deal on a policy if your car has features that make it difficult to steal, such as central locking, immobiliser, etc. The more difficult your car is to steal, the better the discount the insurer offers you (meaning reduced premium). However, it is vital that the anti-theft equipment in your car is ARAI-approved or you would not be eligible for this discount. *

Picking The Right Add-ons

Comprehensive Car insurance allows customers to pick for add-ons while buying or renewing an insurance policy. Choosing the right add-ons heighten the scope of coverage of your insurance policy. There are various covers available like for water ingress in the engine (hydrostatic lock), theft and accidents that lead to scrapping (return to invoice). *

Managing Your Voluntary Excess

Voluntary excess can also be referred to as ‘Voluntary Deductible.’ It is how much you’re willing to share the cost of damage with your insurance provider. There’s also an option to choose zero deductible, making your insurance provider cover the complete cost of damage in case of an accident, but do note that it comes at an extra premium. *

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.