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4 Tips for Saving Money While Renewing Bajaj Allianz General Insurance Policy

Most of us do a thorough research while buying an insurance policy, but do not put much effort while renewing it. Probably, this is because we think that renewing is just an ordinary thing and we cannot save money or make changes in our existing insurance plan, which is not true. However, despite the cause, people generally don't take policy renewal as serious as policy purchase and follow the traditional method in renewing it. In this article we are going to explain four smart tips for saving money on insurance policy renewal while renewing it with Bajaj Allianz General Insurance Company.

Bajaj Allianz General Insurance is formed after the collaboration of Bajaj Finserv Limited and Allianz SE (a German Financial Services Company). It is a private general insurance provider of India. By general insurance provider, we mean that an insurance company is providing insurance products for health, travel, vehicle, personal accident, home, property, etc. but not for life. Since only purchasing an insurance plan is not sufficient, you time to time have to renew it. Therefore, policy renewal is as important as policy purchase. Enlisted are the four factors that affect the premium of your policy renewal and save your money even when you are renewing your insurance plan.

1. Choose Online Renewal:

The online Bajaj Allianz General Insurance renewal is not only much easier than doing it through an agent or physically visiting the branch but is cheaper as well. The reason behind the same is the policies are renewed directly and the deal is done only between the insurer and the insured. In this way, a lot of operational costs are being saved and a part of it is given to the customer in the form of really affordable prices of the policies that are purchased or renewed online. In its online insurance renewal process, Bajaj Allianz General Insurance ensures to provide renewals at really lower costs, but with maximum coverage.

2. Never Forget about ‘No Claim Bonus’:

The online systems these days have become so smart that the ‘No Claim Bonus’ is automatically detected once you provide your policy number. However, for those who prefer offline renewal, they have to remind their agent/ customer service representative about the same. Sometimes you may get No Claim Bonus as high as 50% discount on your premium. So do not forget to ask about your No Claim Bonus, especially when you have not taken any insurance claim in your current policy term.

3. Review Your Insurance Coverage:

If you are renewing your insurance policy for the first time, then for sure you must have purchased it for the first time. Most of the times, the first-time insurance buyers do not think much about coverage and get a plan in someone else’s influence. For example, when you buy a motor insurance for the first time, you take a plan suggested by your vehicle dealer. The cover provided in such insurance policies might not be the most suitable for you. Therefore, you must review the coverage of your existing insurance policy while renewing it. It is recommended to remove the riders that are not useful for you and keep those that actually add value to your plan. In this way, reviewing the existing coverage and riders of the current insurance plan for sure save your money while you renew your insurance policy.

4. Renew Your Policy On Time:

Last but not least, renewing your insurance policy on time as well saves a lot of money. If you renew your insurance policy after its expiry date, you may need to pay an increased premium. Even though Bajaj Allianz General Insurance Policy renewal gives you a grace period of a few days after the expiry of the policy, but it is always good to renew before the expiry date. Sometimes the penalty of renewing even after the grace period is over is a loss of all accumulated No Claim Bonus. So, it is always recommended to renew your insurance plan before its expiry date. You can set a reminder to let yourself know about the policy renewal before it expires.

Final Words:

Renewing an insurance plan is as important as purchasing a policy. Moreover, renewing it before the expiry date enables you to avail a lot of benefits and discounts like ‘No Claim Bonus’ without fail. And if it is the case of vehicle insurance policy renewal, then it is mandatory. This is because it is illegal to drive any vehicle in India without an insurance policy and an expired insurance policy is invalid. Therefore, it becomes necessary to renew your insurance plan before its expiry date.

Following the above-mentioned tips will definitely help you to save much in the renewal of your insurance plan. So, what are you waiting for? Just follow these tips and save more on your insurance renewal. But do not forget to do the renewal of your insurance policy on time.

Written By: PolicyBazaar - Updated: 15 October 2020

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