Purchasing car insurance coverage is more of a necessity than a preference. Furthermore, the growing incidence of traffic accidents emphasises the crucial importance of purchasing vehicle insurance coverage. However, to control the situation the Indian government has mandated third-party car insurance. If any person is found violating the rule, he/she will be imposed penalties or legal actions if required.
What is a Car Insurance?
Having car insurance is the most essential thing for your car. It protects the vehicle against any accident, natural disaster, theft, damage to the vehicle, and so on. Car insurance policy is an agreement between an insurance provider and a car owner in which the owner pays monthly payments in exchange for the insurance company covering loss or damage to the car. The majority of insurance providers in India have tie-ups with automobile manufacturers and provide car owners with rapid estimates.
Car Insurance Renewal
Car insurance comes with lots of benefits and features. In order to continue getting those advantages, you must do your car insurance renewal on time. If you do not renew your automobile insurance in a timely manner, your coverage will expire, putting your vehicle in danger. This implies that if something bad happens to your vehicle or to a third party as a result of your car, you will not be compensated. You will be responsible for any damages and repair expenses.
The procedure of car insurance renewal has become quite simple. Nowadays, you may do your car insurance renewal online while sitting at home. However, before car insurance renewal, there are a few tips that you must consider for an informed decision.
10 Smart Tips to Renew Your Car Insurance
Below is the list of tips to follow while your car insurance renewal online
Choose a Plan
There are two types of car insurance plans offered in India: Comprehensive and Third-Party car insurance. Each of them caters to a particular set of requirements. You must decide which policy would best meet your needs and select accordingly.
Do a Comparision
In India, there are several vehicle insurance firms. Therefore, before renewing your car insurance, look at policies offered by firms other than your current insurer. Compare the features, coverage, rates, and so forth, and make an educated decision.
Try to Buy Add-on Covers
Besides your main car insurance coverage, you may include add-on plans to enhance the value of your insurance plan as well as to obtain more benefits.
Examine the Chain of Cashless Garages
Before performing your car insurance renewal, you can contact the insurer to obtain a list of network garages. If you visit these garages, you may be able to obtain cashless benefits, in which the insurer will pay the repair bill straight to the garage.
Ample Insures Stated Value (IDV)
The insured stated value (IDV) of the vehicle is possibly the single most critical aspect that might influence your coverage. The IDV is the maximum amount reimbursed by the insurance carrier to you in the event of total vehicle loss or theft. However, the IDV differs from one insurance provider to the next. So, you must select the right one.
Opt for Deductibles
A deductible is a fee paid by you during a claim on your automobile insurance. Some car insurance policies include deductibles in order to avoid misleading or fraudulent insurance claims. Alternatively, some insurers enable you to contribute and pay a portion of the claim amount, a practice known as voluntary deductible.
Seek for No Claim Bonus Advantages
If you haven’t made a claim on your vehicle insurance in the previous year, you may be entitled to a No Claim Bonus, which will be a reduction in your car insurance renewal price. You are eligible for reductions for each year (up to five years). It starts at 20% for the first year and increases to 50% by the fifth year.
Before choosing any organization, you should do thorough research about them. Pick insurance company with a significant market reputation and trustworthy vehicle car insurance plans, as well as a variety of add-ons, excellent customer service, a large garage, and so on.
Install Security Systems
Installing anti-theft devices is another car insurance renewal tip that might be beneficial. Installing a security system on your car will not only improve its security but will also help you save money on premiums. A list of devices is recommended by the ARAI (Automotive Research Association of India) . You can choose any of them and take advantage of the savings.
Renew Car Policy on Time
When you renew your insurance policy on time, you are effectively locking in your payments for the next year, and no further price variations may affect your insurance. In addition to this, regular car insurance renewal ensures that your vehicle is always financially secure.
You may renew your car insurance online, which is not only faster but also less expensive. Furthermore, it is advisable to be certain of the characteristics of your insurance and thoroughly examine all circumstances before proceeding with the renewal. A car insurance only offers safety and security during uncertain situation, however, safe driving goes a long way and it can also help you gain some no claim bonuses. So, make sure to follow all traffic rules and drive safely on the road.