The practice of getting the car insurance renewed is a common thing among thousands of car owners in India. Though, many lives under the misconception and considers the policy renewal process a money making tactic of insurance companies. There are a lot of possibilities available to save money while renewing your insurance policy. Listed below are 5 major ways that will help you get a great deal at the best possible price.
Comparing insurance quotes of different companies is one of the best ways to save on the expense of renewing a car insurance policy. Though, a lot of car owners hate to visit multiple insurance companies for comparisons. However, not comparing quotes or sticking to the renewal quote provided by the existing insurers may make you lose a chance to reduce the expense.
To make the entire process easy, many insurance comparison portals have come into presence in the past few years that further helps car-owners compare, buy or renew policies. Try to make the most of this facility and save a good amount of money when renewing car insurance.
When comparing cashless car insurance policies, car-owners come across plenty of features offered by insurers. However, it is not necessary to add all the features in your policy. Choose only what you really need and strike out costly plans that are not relevant. This can further help car-owners save a lot of money.
Generally, car insurance companies elevate the renewal price on or some days before the specified renewal date. Insurers try to gain maximum benefit as they are well aware that the policyholder will have no other option than to renew car insurance at increased price. A good idea is to consider a car renewal plan at least one month before the lapse of the current policy. Don’t jump on to a policy in haste. Instead, search, find and compare a few days before selecting the right insurance plan.
Once the existing policy is renewed, the policyholder will not be affected if the insurance company raises the renewal rates at the time of renewing the policy. Also, the renewed policy will only be valid after the existing policy has ceased and so the car-owner don’t have to bear any loss.
If the car-owner hasn’t made any claim during the policy year, he is eligible for a no-claim bonus when renewing car insurance policy. This no-claim-bonus increases as the claim-free year of the policyholder increase.
The existing policyholders are entitled to a voluntary deduction at the time of policy renewal which they are supposed to pay at the time of claim settlement. A higher voluntary deduction amount means paying less on the premium that further helps car owners to save on car policy renewal.
Having third party insurance is mandatory in India. So you cannot leave your existing policy midway in case it is finished, it is important for you to get it renewed. These are some of the ways by which you can save your expense on policy renewal.
1. Comparison
Comparing insurance quotes of different companies is one of the best ways to save on the expense of renewing a car insurance policy. Though, a lot of car owners hate to visit multiple insurance companies for comparisons. However, not comparing quotes or sticking to the renewal quote provided by the existing insurers may make you lose a chance to reduce the expense.
To make the entire process easy, many insurance comparison portals have come into presence in the past few years that further helps car-owners compare, buy or renew policies. Try to make the most of this facility and save a good amount of money when renewing car insurance.
2. Choose only what you really need
When comparing cashless car insurance policies, car-owners come across plenty of features offered by insurers. However, it is not necessary to add all the features in your policy. Choose only what you really need and strike out costly plans that are not relevant. This can further help car-owners save a lot of money.
3. Advance renewal
Generally, car insurance companies elevate the renewal price on or some days before the specified renewal date. Insurers try to gain maximum benefit as they are well aware that the policyholder will have no other option than to renew car insurance at increased price. A good idea is to consider a car renewal plan at least one month before the lapse of the current policy. Don’t jump on to a policy in haste. Instead, search, find and compare a few days before selecting the right insurance plan.
Once the existing policy is renewed, the policyholder will not be affected if the insurance company raises the renewal rates at the time of renewing the policy. Also, the renewed policy will only be valid after the existing policy has ceased and so the car-owner don’t have to bear any loss.
4. No-claim bonus
If the car-owner hasn’t made any claim during the policy year, he is eligible for a no-claim bonus when renewing car insurance policy. This no-claim-bonus increases as the claim-free year of the policyholder increase.
5. Higher deductible
The existing policyholders are entitled to a voluntary deduction at the time of policy renewal which they are supposed to pay at the time of claim settlement. A higher voluntary deduction amount means paying less on the premium that further helps car owners to save on car policy renewal.
Having third party insurance is mandatory in India. So you cannot leave your existing policy midway in case it is finished, it is important for you to get it renewed. These are some of the ways by which you can save your expense on policy renewal.
