Are you thinking of renewing your car insurance? Then renew it as soon as possible to stay on the right side of the law. Most of the people think that renewing and purchasing car insurance is a bit tough activity. But for minimizing financial losses, car insurance is needed as it proves mighty one in case one meets any uncertain incident.And there are many more things which the car insurance do, most probably if you renew it. So to renew the car insurance policy online, read below the 7 most important tips of car Insurance:
Volunteer yourself
Car insurance is not too hard as you think. In fact, for buying or renewing the car insurance easily, the new-generation insurers have simplified it. For an insurance policy, car buyers mostly prefer showroom or the dealer from where they bought the vehicle. But, do you even have any idea that you can compare and select the insurance amount as per your requirements via the website which can be done while sitting at your home. So make your decision wisely.
Analyze your review
If you do not want to continue with the same insurance amount which you selected a year ago, you can change it i.e. based on your present needs, you can minimize or maximize the amount. While buying your Comprehensive policy, if you do not know about Add-on money then you can improve your amount by choosing a suitable package such as Zero Depreciation during car insurance renewal.
Analyze your Insurer
If once you decide your amount, you can review the service which is provided by your present insurer and decide whether you want to continue with the same insurance company or want to change. You can also search for the insurance company who provides the same amount cheaper. Try to select a digital-first insurance company as they give a better purchase journey, low-cost policy and a convenient process. Without minimizing the amount which is being offered, the online insurer spends less on operational costs and sells policies at a cheap price than the rivals. Within a few minutes, you can renew or buy your policy from such online insurers but be careful and check whether the insurance company is certified under the Insurance Regulatory and Development Authority of India (IRDAI).
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Choose the correct Insured Declared Value
Insured Declared Value (IDV) has a direct effect on your insurance premium and it is the present market value of your car’s price. It must not be confused with the vehicle’s resale value. Insured Declared Value (IDV) is the highest amount you will get from your insurance company in case of total loss which means the damage which is irreparable or car theft. Choosing the correct IDV is very important because for going for a higher IDV will maximise your premium whereas selecting a lower IDV may leave you tackling with more expenses.
Avail the Discount
Did you have any idea about the discount you get on car insurance premium if you install an anti-theft device in your car? Insurance company gives such discounts which provide the anti-theft device which is certified by Automotive Research Association of India.
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Remember No Claim Bonus (NCB)
For the people who do not raise a claim during a policy period, car insurance companies give an NCB (No Claim Bonus) to policyholders. Also if in case one doesn\'t claim insurance for more than 5 years, the NCB claim may go above 50%, so it is an incremental benefit. If in any case, you raise a claim, NCB must reset to zero and the accumulation will begin from the starting. So make sure that your insurance provider has included the NCB component in your car insurance quote. It is to be noted that NCB remains even after you change your insurance company.
Before expiry, Renew it
According to The Motor Vehicles Act, 1988, if you drive a car without an active car insurance policy then it is a punishable act. If you fail to renew the car insurance policy before expiry, then the insurance company might examine your car before renewing it which will result in increased premium.Renewing your car insurance policy does not take much time to make sure that you renew your insurance before a week of expiry date to avoid any problems.