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Renewing your car insurance policy? Here are few smart tips to get the best deal!

Renewing your car insurance policy? Here are few smart tips to get the best deal!

The idea of an insurance is to protect you from financial damages.

Buying a car is one thing but maintaining it is a much bigger task. We all are very much aware of how perilous roads can be; and who doesn’t want to be insured against such odd possible dangers? Be it negligence, carelessness, or sheer bad luck, it could be your bad day and so if you haven’t already, it’s about time to renew your car insurance policy.

Why should you Renew?

The idea of an insurance is to protect you from financial damages, and so, in the case of cars, it becomes an absolute necessity.  Here are three basic reasons why you should renew your policy right away

It is Mandatory by Law

As per the motor laws of India, it is mandatory for every car to be covered under a valid car insurance policy with a minimum of third-party cover. If you drive an uninsured car, it will be considered illegal in India, and you will be heavily fined. If you are caught today; get ready to empty ₹2,000 off your pocket, and if it’s your second time, ₹4,000 it is.

Continues to Cover Expenses On Damage

In case you have renewed insurance, any loss or damage arising out of your car is covered under the policy as the financial liability is taken care off by your motor insurer. * Whether it be damage due to third party mistakes or personal accidents, a sum cover always seems sweet at the right time. A reliance during a crisis, rather. *

* Standard T&C Apply

Prevents Increase in Premium

If you end up taking a break before renewal, your insurance premium will hike. Buying a new policy from the scratch will get expensive plus the insurance company will consider you a careless driver.  To add to your sorrows, your accumulated NCB (No Claim Bonus) will be lost, so get ready to say goodbyes to discounts. *

* Visit the official website of IRDAI for further details

Who in their right mind would willingly want to commit an offence by not renewing their car insurance policy? If you’re still reading, you must be quite convinced of protecting your vehicle with car insurance at the earliest. To help you out, here are some tips that may land you the best deal:

Compare and Renew Online.

Read up and compare. This is the must-do that will make your experience hassle free and straightforward. It is you, who knows what’s best for your car and when it just takes about 2 minutes online, let me tell you; the time is worth investing.

Extended Benefits with Add-ons.

When renewing, you can include add-on benefits such as zero depreciation cover, consumables cover, breakdown assistance, conveyance benefits and more in-order to make your policy more airtight.* So look closely and get yourself the best deal.

* Standard T&C Apply

Check the Network of Cashless Garages.

Renew your policy with a motor insurance company that has a wide network of cashless garages. These garages are spread across the country and their accessibility is a boon to the insured. After all who doesn’t like a free repair in the nearest garage? *

* Standard T&C Apply

Choose adequate IDV (Insured Declared Value)

IDV refers to the value of your car at a given point of time. While renewing, the insurance company will determine the car’s IDV and the premium will be set accordingly. So, it is important to meticulously understand which company caters to you the best. *

* Standard T&C Apply

Best NCB (No Claim Bonus) Discount

The NCB is a reward given by an insurance company to an insured for not raising any claim requests during a policy year. It’s often in form of a discount ranging between 20%-50%* that is offered on the premium before a policy renewal. It’s transferable and so the insured should look out for the company that makes a profitable discount calculation. *

* Visit the official website of IRDAI for further details

Avoid Lapses

A lapse in your car insurance policy renewal will not only end you up with a fine but also land you in the bad books of your insurance company.  Suspecting problems, the insurance company will be all the more cautious and scrutiny your car before they give a heads up on a new renewal. Not to forget, it will be heavy on the pocket.

Conclusion: Well, it’s clear why you should renew your car insurance policy right away in case you haven’t already. With the right kind of insurance, you choose to make your car an everlasting asset and when it comes to making choices, it’s integral to choose the best insurer.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read sales brochure/policy wording carefully before concluding a sale.

This is a Partnered Post. 

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first published:April 29, 2022, 17:57 IST