Who
doesn’t want to save money? Whether it’s standing in a long line to get a
shared cab or using torn jeans as if it’s a style statement, we have all done
our bit to save money wherever we can. Motor insurance purchase is mandatory in India, and a person should
have minimum third party cover to get your motor on roads. There are hundreds
of policies being sold by insurance companies with customized benefits to their
existing and potential clients. These policies have to be renewed on a yearly
basis.
Often
the customer thing car policy is mandate and just shop any random policy.
However, if the policy doesn’t match your preferred requirements then it may
cause financial loss to you. It is
important that you compare policies in terms of benefits and features, discount
and deals, claim settlements, etc. so that you get the best policy at the time
of car insurance renewal.
Here
are a few tips to save money at the time of car insurance renewal:
Compare Policies
It
may seem a little tedious tasks, but the pain is worth saving the money. With
the help of online comparison sites you can now compare existing policy with
the new ones from the comfort of your house or office. You can compare it at
your convenience.
Read Fine Prints
Policy
Package may seem to be a great deal with discounts. But it’s better to read the
fine prints, terms and conditions and understand the hidden clauses while
buying the policy. Read each policy detail carefully and understand their
implications to avoid hassles in the future.
Calculate your vehicle value
It
is extremely important that you calculate the car’s market value at the time of
car
insurance renewal. A little maths can save you from shelling out large
premiums. A depreciating car value doesn’t need high amount of insurance. Once
the depreciated value of the car is known, you can negotiate with your
insurance agent over the premium amount
and save quite a lot.
No Claim Bonus
Every
time you complete your car insurance year without a single claim you’re
rewarded with No Claim Bonus points. You
can redeem the points against the claim amount or premium reduction. So check
and see if you can avail of this benefit. If yes, then the discount will be
deducted from your premium and you have to pay less for the current year. It is
advisable, don’t claim for petty scratches or dent. Instead, accumulate your
bonus points and go for higher claim or discounts
Claim Higher Deductibles
Experts
suggest that by claiming higher deductibles, one can reduce the premium that is
paid later. Voluntary deductible is the amount you pay at the time of the claim
and if you pay a higher deductible as it converts into a sort of
premium-discount over time.
Cross Checks
Remember
that a lot of incorrect data are circulated on websites as well. It is better
to cross check the offers and discount deals specified by calling up customer
service or visiting the branch personally about the car insurance renewal offers.
If you are doing it offline, hire a good and reliable broker for the job.
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