Getting an automobile makes it easier to go on trips with your family. It is also the best way to commute daily without the hassle of public transportation. Hence, many aspire to own a four-wheeler. They pick the perfect model to match their needs and budget. But your car buying journey does not end there. Given the uncertain road conditions and probability of accidents, it requires protection.
You get Car Insurance for the same. It is not only a security measure but also a mandatory requirement. The Motor Vehicles Act requires all vehicle owners to get insured to ply on Indian roads. Moreover, it is not a one-time buying decision. The Insurance comes with one-year validity and requires annual renewal. Failing to renew makes it as good as not having the policy. Since it is unavoidable, consider these points to ensure a smooth renewal process:
Assess existing coverage
Most insurers do not pay attention while buying Insurance. It is noticed that they buy from the car dealers in a hurry. This results in getting unsatisfying coverage. Moreover, Third-Party Policy is the minimum requirement. Hence, you may want to upgrade to a Comprehensive Plan. In such cases, it is best to assess your current coverage against your needs to make changes during Car Insurance renewal.
Check No Claim Bonus
If you go claim-free for the Insurance term, policy providers reward you with a No Claim Bonus. It helps get a discount on the premium amount upon Car Policy renewal. It ranges between 10%-50% of the insured amount. Check if your insurer has added this to your policy for claiming the benefit. It is not tied to the policy, so use it to switch to another company.
Review add-ons
If you select a Comprehensive Plan while buying the policy, you canopt for the riders. They provide additional protection based on your specialised needs. The categories vary based on the insurer, but the standard ones remain. They include cover for Depreciation, Consumables, Gap Value, Roadside Assistance, Key Loss, Passenger Assistance, Engine Safety, etc. Review them based on your affordability as they add to the premium cost.
You do this by selecting them wisely based on your requirement. For instance, if you already have a Family Health Insurance Policy, you can forego Passenger Assistance if you ride with family members.
Evaluate service
The claim settlement procedure is crucial for getting assistance during a mishap. This largely depends on the customer service quality. After the accident or loss, inform the insurer. The settlement depends on the response time. Having subscribed for a year, you should have an idea about it. Evaluate your experience to decide if you want to switch forbetter service during online Car Insurance renewal.
Prevailing offers
Regardless of the convenience, the premium amount takes up a portion of your income. Hence, any opportunity to save on it should not get overlooked. The Car insurance renewal online opens the window to switch. Use this time to assess the ongoing offers in the market. If you find a better deal, porting your policy helps reduce the premium cost. However, you incur a transfer fee. So, do a cost-benefit analysis before switching.
