Saving that extracost on your car insurance renewal

Follow these simple tips and you will surely end up saving a lot of money when renewing your car insurance policy.

Car insurance is mandatory in India and every person who owns a car need to have it. Secondly, people also stay concerned towards their car due to unexpected threats such as burglary or stealing, accidents or nature’s fury etc. With the rising needs of securing the car, many insurance companies bring various customized products, offers and discounts for the customers often leaving them confused in the insurance world. The same dilemma is also present at the time of policy renewal. Many a times the policyholder wonders whether to stick to the same policy from the same insurer or to opt for a new policy.

However, it is advisable if you’re not happy with your existing insurer trying changing your options instead of getting strangled. There are a lot of factors that you, as a policyholder, must consider before you renew your motor insurance policy. If you make the right choices, not only will you have a comprehensive insurance coverage, you will also end up saving a lot of money. The article gives you some valuable tips for saving money while renewing car insurance

Compare policies

Many times policyholders keep a blind faith on insurer and think they are offering best possible policy, so renew it. This is sheer lack of hard efforts. While renewing your policy, go online and compare the various policies and see what features you can add. Comparing policies can prove to be very useful and help you save money.

Check offer

Always review the features of the policy before you renew your insurance policy. Look for offers and discount in the market. Compare what’s good for you and what not. For example, if you’re buying with particular credit/debit is there any discount associated with it or if you’re renewing within particular date are they offering any rider benefits or cashback etc.

Advance Renewal

Do not wait for your existing policy to expire. It is always advisable to renew it at least 45 days in advance. The benefit is, if a price hike happens in that period, your price is locked in and you don’t have to pay the extra (hiked) amount.

No claims bonus

Never got an opportunity to claim your insurance? Great! You receive a no claims bonus for it. So check and see if you can avail of this benefit. If yes, then the discount will be deducted from your premium and you have to pay less for the current year.

Cross check

Insurance market is huge and complex so there is high chance of lot of incorrect data being floating everywhere. So don’t forget to cross check all the information you find. If you are renewing your car insurance online then cross check the policies with other websites in terms of rates, offers, flexible payment offers, discounts, and rider benefit features etc. If you’re doing it offline, hire a good and reliable agent for the job.

Follow these simple tips and you will surely end up saving a lot of money when renewing your car insurance policy. Although renewing your motor insurance policy is a simple and quick process, but you should spend a little bit of time gauging the available options which can help you bank upon good profits.