Some tips to consider during car insurance renewal

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CAR INSURANCE
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Some tips to consider during car insurance
renewal
Car insurance is mandatory in India. Without a
valid insurance policy you will not be able to
drive your motor on roads. There are general
insurance companies that offer hundreds of car
cover policies with customized solutions to meet
consumer needs and requirements. The
policy could be purchased for a years time and
can be renewed after every year. However, most
often consumers are confused at the time of car
insurance renewal and tend to purchase any policy
which may later not even cater to their needs. If
particular element of the policy doesnt cater
your needs you will have to bear the financial
losses. 
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Below are few tips to consider while opting for
car insurance renewal   Understand   Before you
buy insurance cover, it is essential to
understand what cover you are willing to opt i.e
a third party cover or comprehensive insurance. 
Then you should wisely analyze if the
requirements of your car compared to previous
year. Drop out the least important requirements
and then revise the amount of cover you would
require. You should also keep in mind the minimum
level of cover that is set as mandatory by your
government. While is it unsafe to be
underinsured, paying high premiums will also burn
hole in your pockets.  Compare online The wisest
step would be comparing quotes online before car
insurance renewal as it can save you a hefty
amount of money and provide better coverage as
well. It allows you to do a detailed comparison
between insurance companies on the basis of their
financial track record and claim settlement ratio.
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No Claim Bonus  Every time you complete your car
insurance year without a single claim youre
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, dont claim for petty scratches or
dent. Instead accumulate your bonus points and go
for higher claim or discounts. 
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Add-Ones Add-Ones help you customize your car
insurance as per your need, besides adding on to
the protection. Insurers provide consumer
tailored solutions for add-ons that specifically
suit your needs based on vehicle age, IDV, make
model and other factors. You should invest
small money for additional benefits such as
nil-depreciation insurance, roadside assistance
and personnel cover known as Add On covers.
Add-ons might increase your premium slightly but
they provide extra protection to both you and
your car. 
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Discount Since youre valued consumer, insurance
companies will try every means to retain their
customers. You will be offered renewal discount,
festive discount etc. that can substantially
reduce the burden on your pocket. Factors like
good driving record, gear lock, anti-theft
system, safety equipment will reduce your annual
car insurance renewal premium by 5 to 10. 
Insurance companies gauge that you are concerned
about your car and help you reduces the cost of
the insurer and the benefit is carried forward to
the consumer. Make sure you explore all the
available options and minor details about your
car at the time of car insurance renewal.
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car-insurance.jsp
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