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2 mins Read | 3 Years Ago

Things to remember while renewing your Car Insurance

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Whether you own a comprehensive or third-party Car Insurance, renewing the policy on-time is significant. The policy renewal time is an ideal period during which you can enhance the coverage with add-ons, get a discount on the premium and get other benefits that you are entitled to. In this article, let's deep dive into certain aspects to be kept in mind while renewing a Car Insurance policy.

Is your Car Insurance due for renewal? Renewing the policy online is easy and quick. However, if this is your first time renewal process, then it is crucial for you to make a note of a few important things. Let's get to know these pointers in detail:

  • No Claim Bonus (NCB): NCB is the discount offered on the premium rate provided by the insurance company, when you have not raised a request for any claim in a year. During Car Insurance renewal you can check with the Insurer about the NCB benefit in order to get a reduced premium rate. In case you are planning to switch the Insurer, the NCB can also be transferred.

  • The market value of the car: At the time of renewal, when the insurer is calculating the premium, the Insured's Declared Value (IDV) of the vehicle is taken into account. Before starting the process, you should also check what is the depreciation value of the car. This will help you negotiate with the Insurer and get a better premium rate against the policy coverage.

  • Do not let your policy lapse: It is crucial to always renew your Car Insurance well in advance. A delay in doing so may result in the policy getting lapsed. You may also be charged for not renewing on time. As a result, you will lose bonus benefits. Moreover, you will have to again go through the process of finding the best Car Insurance quotes and end up paying a higher premium for the new policy.

  • Choose add-ons: Add-ons/riders such as Personal Accident Cover, Damage Cover, IDV and others provide an extra protection to the vehicle as well as to the owner. At the time of Car Insurance renewal, insurance companies often give you the option to enhance the coverage with a personalised add-on option. However, you need to shell out additional money to purchase these riders.

  • Voluntary deduction option: You have the option to choose a voluntary deduction while renewing the policy. This feature means that you have agreed to voluntarily pay for a fixed sum in the settlement of a claim. Opting for voluntary deduction helps to decrease the premium rate which in turn brings down the policy renewal costs.

  • Claim settlement: If you are getting a better deal from another insurance provider you must also check their claim settlement ratio. Most of the time, the process is quite tedious and time-consuming. Hence, before renewing the Car Insurance policy remember to check the claim settlement ratio.

  • Get a better deal online: If you are renewing your Car Insurance online your chances of getting a better quote increases. Make sure you research for the best insurance deals before you actually buy them.

Insurance policies do tend to be technical in nature and hence, you will need time to go through the policy documents. These points are easy and helpful when you renew your Car Insurance. Now, renew your policy with ease. The online renewal process is quick, easy and convenient.

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