Tips to Avail Discount during Car Insurance Renewal
When you purchase a new car, the auto dealer does shortlist a decent insurance deal for you. At the time of purchase, this car insurance policy can be availed for a year, or for an extended period. However, when the cover period ends, you will be forced to seek out for different options.
Insurers offer various modes of renewing a car insurance policy. A car insurance renewal can be simple, or may become a tough job for policy holders, depending on various factors. To reduce the car renewal premium, we have come up with these five expert tips.
1> Increase the Deductible
This is the golden rule of every insurance policy. Whenever you increase the amount of deductibles to be paid, you will automatically receive some form of discount or concession from the insurer while renewing. So, it is advisable to increase the deductible amount to avail premium waiver.
2> Check for Nil Depreciation Cover
This parameter actually does not help you to reduce the premium, but it helps in keeping the amount of coverage steady, irrespective of the deduction in the car value. Thus, to avail a better coverage, it is important to opt for such cover.
3> Plan the Voluntary Deductible
By planning the voluntary deductible carefully, you will be able to decrease the premium to be paid. For instance, if you decide to pay 10% of the total damages incurred during the accident, then the insurer will also provide a similar discount on the premium to be paid.
4> Discount for Safety devices
If you have installed several safety features and devices on your vehicle, then you are eligible to avail discount in the premium to be paid during renewal. Such devices reduce the risk of damage.
5> Look for No-Claim Bonus
This is an assured concession on the premium amount paid while renewing motor insurance. It is available only to those policy holders who do not file a claim in a particular year.