Renewing a car insurance policy is not a unique task for some of us. Every car owner has to go through the process each year and ensure their safety net is intact.
They either set reminders or receive calls from the car insurance company, or their agent, stating the amount needed to be paid. The cheque is prepared and boom! Your car is insured. Mission accomplished. Over and out! Right?
Let’s rewind. Let’s go back to when the phone’s reminder went off. Could things be done differently? Could some money be saved? Well, yes!
Save Money on your Car Insurance Policy
- First and foremost, take matters into your own hands! Thanks to the internet, you can get your car insured online by yourself. Simply create an account with the relevant details.
Congratulations! Just by going online, you have saved on the agent’s commission.
- Always select a comprehensive insurance cover for your car. This way your insurer will bear the cost of repairing damages suffered and you can be stress-free.
- Now decide the approximate current market price of your car. This will be useful while setting the IDV, i.e. Insured Declared Value. Remember that setting a high IDV will increase the cost of your policy. On the other hand, setting a lower IDV will leave you underinsured in case of a major accident.
- Next comes NCB protection that is No Claim Bonus. Simply put, the cost of your car insurance policy will reduce if you don’t raise claims. This discount can be as high as 50%. But this doesn’t imply that you need to bear the cost of a major accidents. The idea is to bear smaller losses like dents, scratches, minor bumps, etc.
- Buying many add-ons might be another factor that is increasing the cost of your policy. Make sure to buy only those that fulfill your necessity.
- Car theft is a major concern for an insurer. Install an anti-theft device and you may get a discount. Also, try becoming a member of the Automobile Association of India, you might grab a discount here as well.
The entire process of online car insurance renewal will be completed within a couple of minutes. And you don’t need anybody else for this. Remember, you should renew your car insurance not only because it is mandatory, but also because it’ll save you a lot of money in case of an accident.
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