5 Things You Should Know About Car Insurance Renewal

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5 Things You Should Know About Car Insurance
Renewal
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• Motor insurance is mandatory no matter where you
  drive in. This leads you to take it haphazardly
  from the best to some unknown insurers.
• Just as it is mandatory it is mandatory also to
  understand about your insurance policy and the
  insurer, whom you approach for renewing your car
  insurance in Dubai.
• The below points will give you a comprehensive
  insight into the whole idea of car insurance

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The below points will give you a comprehensive
insight into the whole idea of car insurance

• Date of insurance
• You choose your insurer
• Negotiable Premium
• Insured Declared Value
• No Claim Bonus

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1. Date of insurance

• Due date is the most important part of any
  insurance.
• Failing to renew your car insurance on time can
  cause cancellation of policy, following which
  your vehicle will be subject to inspection from
  the insurer's surveyor.
• And in case you happen to cross 90 days past the
  due date, you will lose your No Claim Bonus, if
  any, on your policy and will have take a fresh
  policy again paying a higher amount.

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2. You choose your insurer

• You have complete freedom to choose your insurer
  at the time of fresh policy or at the time
  renewal.
• The premium differs with each company. You can
  compare and choose what fits your budget.

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3. Negotiable Premium

• Premium is the amount that you pay the insurer
  periodically for getting the cover.
• As said in the above point, premium varies with
  each company.
• Since they know that there is a chance of
  negotiation, they usually give a higher quote
  initially.
• So buy insurance only after some bargains.

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4. Insured Declared Value

• Insured declared value is the value that an
  insurer give to your car for a given term.
• It is calculated based on the year of
  manufacture, depreciation and the claim history.
• IDV determines the claim amount that you get in
  the event of any accident.

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5. No Claim Bonus

• NCB is a discount that you get when you don't
  report any claim for a period. It increases with
  year. And you the get this benefit when you renew
  your car insurance.

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Thank you