How To Reduce Premiums During Car Insurance Renewal?

Tips to Reduce your Car Insurance Renewal Premium

Who doesn’t likes discounts especially when it comes to yearly things like your car insurance renewals? Below we have mentioned some smart and very simple ways to reduce car insurance renewal premiums:

1. Avoid Policy Lapse

   To continue receiving policy benefits, you are required to renew your car insurance policy before its expiry date. If in any case, you forget to do so, you not only lose your cover but your policy also becomes lapsed. This in turn will increase your premium whenever you will purchase a new car insurance policy. Therefore, to avoid paying a higher premium, it is essential to renew your policy before its expiry date.

2. NCB Benefits

   Your No Claim Bonus reward is another benefit that can help in reducing your renewal premium. For every claim-free year, you receive an NCB reward, that if accumulated can give you up to a 50% discount on your renewal premium. Thus, if you do not make a claim during a policy year, make sure to use your NCB reward to receive a discount on your car insurance renewal premium.

3. Remove Unnecessary Add-Ons

   To increase the coverage of your car insurance policy, you can buy additional covers by paying an extra premium amount. These additional covers can be increased or reduced as per your preference while renewing a policy. For instance, if you do not require an engine assistance add-on anymore, you can remove it at the time of renewal which will lead to a reduced premium amount. So, before making the final premium payment during motor insurance renewal, make sure you remove the unnecessary add-ons from your car policy.

4. Compare & Renew Policy Online

   Online purchase of a car insurance policy is not only simple but can also reap lower premiums. By comparing your four-wheeler insurance online, you can also compare the premiums of multiple car insurance companies and choose the right policy. Moreover, by renewing four-wheeler insurance online, you can also get the benefits of multiple discounts offered by different insurance companies.

5. Consider Changing your Coverage

   Renewal is the right time to consider whether you need your existing coverage or not. There may be chances that you may not need the existing coverage and might want to purchase the one with less premium. For instance, changing your coverage to third-party insurance from comprehensive insurance at the time of renewal.

Wrapping Up!

If you are looking for ways to reduce car insurance premiums during car insurance renewal, you can easily follow the tips mentioned above. Apart from these tips, you can also get a discount on premium by raising your deductibles and installing an anti-theft device in your car. Moreover, you can also compare car insurance premiums online on Policybazaar.com and choose the plan that suits your requirements and budget.