A car insurance plan is a yearly insurance plan that is supposed to be renewed periodically. There are some tips that help you to save some money while renewing your car insurance plan, which is exactly the same as owned by Mr. Kabir too. Here are those tips:
The online insurance aggregators give you the perfect platform for the renewal of your car insurance policy. All you got to do is visit the website of your preferred aggregator and check out the insurance plans available. Once you have gone through all the insurance plans, compare the plans you liked and then shortlist your preferred plans. Ideally, the best plan should offer you the adequate safety and protection at a competitive price. Mr. Kabir did this and so can you.
Insured Declared Value (IDV) is known as the maximum sum assured of your motor insurance policy. Insured Declared Value is computed by making an adjustment to the market value of your vehicle minus depreciation. IDV is the sum of money that is paid to you in case your vehicle is damaged beyond repair (i.e. the case of total loss) or it is stolen. IDV is coordinated well with the premium. If your IDV is higher, your premium will also be higher.
Mr. Kabir was wise enough to compute the correct IDV. Then he selected a policy that offered him the calculated IDV and he got to save his money, as he didn’t have to pay a higher premium.
At the time of renewal, a policyholder is entitled to enjoy a discount for being a good rider in the form of No Claim Bonus if he/she doesn’t file any claim for his/her car. The No Claim Bonus hikes up to 50 percent every claim-free renewal. The NCB is a good option to enjoy a discount at the time of the insurance renewal.
Every motor insurance plan offers the liberty of selecting a voluntary deductible limit. This limit signifies the claim amount that a policyholder has to bear from his own pocket. If he files a claim, he has to pay the limit of the voluntary deductible and the insurer will pay for the remaining amount. The voluntary deductible offers you a discount on your premium. Mr. Kabir didn’t have any voluntary deductible limit in his current insurance policy. But, at the time of renewal, as per his friends’ advice, he opted for a deductible worth Rs. 1500 and got a discount on the premium.
If you have a membership of Automobiles Association of India or Western India Automobile Association, then your insurer offers you a discount on the premium. Insurers offer a premium discount if you have a membership of AAI or WIAA.
As advised, Mr. Kabir became opted for the member of AAI and got a discount on the premium and saved his hard-earned money.
Improving the safety of your vehicle always helps. When you improve the security of your vehicle by installing any anti-theft device, you can get discounted premiums, as your vehicle becomes less prone to theft.
When you don’t renew your motor insurance on time, you miss out on the No Claim Bonus as your policy lapses and become inactive if you don’t renew it within 90 days of its expiry. Mr. Kabir was well aware of this fact and he renewed his insurance policy before the due date and got 35 percent of NCB.
Buying motor insurance is not enough; renewing your insurance policy is very important. When you follow these tips, your renewal becomes economical. Save your hard-earned money with the help of these tips and put that money to the best use.
You may like to Read: 10 must Knows of Car Insurance Renewals |
Car Insurance
Plans start at
₹2,094*
Compare & Save
Up to 85%*
on Car Insurance
07 Dec 2023
If you are planning to buy an SUV car, it is also essential that05 Dec 2023
Investing in a hatchback can be a great option if you are looking29 Nov 2023
Considering the population of rats in our country, it is common to29 Sep 2023
The concept of Own Damage(OD) is not a new one. For those of us29 Sep 2023
Filing a motor insurance claim can be a complex process, andInsurance
*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.
Policybazaar Insurance Brokers Private Limited CIN: U74999HR2014PTC053454 Registered Office - Plot No.119, Sector - 44, Gurgaon - 122001, Haryana Tel no. : 0124-4218302 Email ID: enquiry@policybazaar.com
Policybazaar is registered as a Direct Broker | Registration No. 742, Registration Code No. IRDA/ DB 797/ 19, Valid till 09/06/2024, License category- Direct Broker (Life & General)
Visitors are hereby informed that their information submitted on the website may be shared with insurers.Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2023 policybazaar.com. All Rights Reserved.