Automobile ownership in modern times necessitates considering various factors, including comprehensive maintenance and insurance. While the latter is a beneficial feature, it must be renewed annually, which could lead to errors if done in a rush. Here are seven strategies to help you obtain the best car insurance renewal.
Do your groundwork
Multiple agencies and online portals offer or claim to offer auto insurance in the present day. Therefore, you must check and understand the fundamentals to choose the best match for your demands. Checking the insurer’s registration number and CIN on the website of the Insurance Regulatory and Development Authority of India (IRDAI) is one method to confirm their legitimacy.#
No Claim Bonus Benefit
Typically, insurers offer a renewal concession to clients who have not filed a claim during the previous policy term. The no-claims bonus is a feature of ‘Comprehensive Car’ insurance, which includes coverage for Third-Party Liability, Personal Accident Cover, and ‘Own Damage.’ A further advantage of not claiming a bonus during renewal is that it is cumulative for up to five consecutive years.*
Renew It Ahead Of Time
We know the car insurance benefits if a vehicle is ever involved in an accident. Renewing your insurance policy on time or well in advance ensures that you will never be denied a claim if your vehicle is involved in an accident. It also signifies that neither a third party nor the police can present legal obstacles.*
Compare Insurance Policies
When employing all of the strategies mentioned above, it is possible to discover a more affordable insurance policy than the one you are considering purchasing. Check out what other insurance companies offer and their past trends to determine which ones have a solid reputation for providing clients with prompt service.
Installing A Vehicle Theft Prevention System
Numerous car owners in our country fear losing their cherished four-wheelers to theft and being unable to file a bajaj allianz car insurance claim. If your car has features that make it difficult to steal, such as central locking, an immobiliser, etc., the insurance company will offer you a concession on your policy. The more difficult your vehicle is to steal, the greater the concession (reduced premium) your insurer offers you. However, your vehicle’s anti-theft equipment must be ARAI-approved to qualify for this concession.*
Choosing Appropriate Add-Ons
Policyholders can add optional coverages when purchasing or while learning how to renew car insurance. Choosing the appropriate add-ons expands the scope of your insurance policy’s coverage. Various covers are available, including those for water entering the engine, robbery, and accidents that result in the vehicle being scrapped.*
Managing Your Voluntary Excess
Voluntary excess is also known as ‘Voluntary Deductible.’ It represents your willingness to share the cost of damages with the insurance company. There is also the option to select a zero deductible, which would result in your car insurance company covering the total cost of damage in the event of an accident, but at a higher cost.*
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* Standard T&C Apply
# Visit the official website of IRDAI for further details.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.