If the time has come for you to renew your car insurance too, then we are going to tell you 5 such tips which will help you save a lot of money on car insurance premium. Also know which type of car insurance would be better for you…
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Why is car insurance necessary? Under the Motor Vehicles Act, it is mandatory to take third party insurance for the car. But here we are talking about the insurance of your car. You should also make it an important habit to take it because it gives protection against the increased expenses due to any kind of damage. Whereas if you own your car insurance If you are renewing also, then you can save a lot of money by following the above mentioned things.
Do your research before taking out insurance if you are buying new car insurance, or renew You want to switch to a new insurance company while getting it done. So according to your need, first of all you should do a good research about insurance. Nowadays it has become very easy, you can compare or research for this by visiting many online portals. This helps you save a lot of money on your car insurance premium.
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You can renew insurance policy online sitting at home
- Log in to the website of the insurance agency.
- Select the option to renew the existing policy.
- Fill the online form by entering the existing policy number and email ID.
- The premium quotation for the new policy will appear.
- After that go ahead for renewal or find some other better option.
- Then choose the option of payment.
- Payment can be made through Credit Card, Debit Card, Net Banking or other online wallets.
- After payment, all policy documents will be received on your ID.
Renew car insurance on time
If you renew your car insurance, then there should be no delay in it, because you may have to pay an increased premium if you do not renew the car insurance on time. Not only this, if you are late, you may have to follow the new conditions related to insurance. That’s why it is better that you renew your car insurance about 7 days before it expires.
Avoid small claims
If you have to deduct the premium at the time of renewal of your car insurance, then you should avoid taking small claims for your vehicle. If there is any damage to your vehicle and the cost of repairing it is very less, then you should not take a claim for it. You get the benefit of this in the form of No Claim Bonus.
Avail No Claim Bonus
If you claim No Claim every year while renewing your car insurance on time, you get a bonus on the premium. In the first year, the benefit of No Claim Bonus can be availed as a discount of up to 20% on the premium. That is, if your car insurance premium is Rs 10,000, then you can save up to Rs 2,000 as No Claim Bonus. The benefit of No Claim Bonus increases every year.
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