Small Expense Claims, Increasing deductibles and more...
Owning a car is a necessity these days. It checks off the requirements of your family and lets you travel whenever you wish to and wherever you want to. No matter how confident you are as a driver, your mistakes or that of others can land you in an accident. That’s why buying the right car insurance policy after comparing several quotes is a must.
With a car insurance policy, you can ensure your safety while driving, without worrying about the potential financial losses owing to a car accident. Since the policy is valid only for a limited period, you need to renew it before the expiry date. Car insurance renewal is something that one must not skip at any cost. However, you can reduce the car insurance renewal cost in several ways, such as:
1. Avoid Making Claims for Small Expenses
Car insurance policies allow renewal discounts if you have no claims in a policy year. This is known as a No Claim Bonus (NCB). It increases after every successive policy year when you do not make any claim. You can ensure you won’t lose NCB by not making claims for small dents or scratches.
When you renew car insurance, pay attention to the NCB bonus related to your plan. You can use this to lower down your renewal premium effectively.
2. Increase Your Deductible
While buying or renewing your car insurance, you get to choose the deductible that you have to pay at the time of claim settlement.
Let’s say you chose 15% of the total claim amount as deductible while buying a car insurance policy. It means you need to pay Rs.1500 to settle a claim amount of Rs.10,000. Increasing your deductible at the time of policy renewal means you can choose more than 15% of the total claim amount. It will help you reduce your premium at the time of renewal.
Before opting for a higher deductible, be sure you have enough money set aside to pay for it in case of a claim.
3. Add More Security Features to Your Car
You can get all sorts of high-tech car safety features in today’s new car models. These include airbags, anti-theft sensors and rear-view cameras that let you see obstructions behind your vehicle. Having these safety features installed in your car reduces the risk of theft or car damage, thus, reducing your premium.
Premium discounts for safety features vary from one insurance company to the other. Your insurer will tell you specifically which devices can help you lower your premiums on installation.
4. Compare Policies Online
You might not be satisfied with your current insurer and are looking for a better car insurance plan. So, compare car insurance quotes online at the time of renewal and check insurance benefits offered by different insurers. You can do this in the comfort of your home, thanks to the online mode. Not just that, renewing your car insurance plan is now possible online and saves both time and money. Reputable insurers such as TATA AIG, provide hassle-free car insurance renewal services online.
Renewing the car insurance policy on time requires you to be as cautious as while buying a new plan. Moreover, when you renew your plan, you get a sense of security and peace of mind for getting continued insurance benefits. This allows you to drive with confidence without being weighed down by the financial implications of an accident.You must go through various car insurance quotes obtained online and choose the most suitable one as per your specific needs.