Steps to be followed while Renewing Vehicle Insurance Policy

Pankaj Kumar
 


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We all know that it is mandatory to have a valid insurance for one’s car. Insurance companies offer an unending list of motor insurance policies with different coverage and features. And it can get confusing at the time of renewal to decide which is the right policy for your car. At times it gets difficult to decide if one should stick with the existing insurance company or go with a new one. There are a lot of factors and features that one should keep in mind at the time of renewal. Making the correct choice can help you get comprehensive coverage at a low cost thus helping you save a lot of money.

Following are the steps to be followed during the time of Renewal:

Car insurance Comparison and evaluation:

It is important to compare different car insurance policies offered in the market. One can either straightaway visit the insurance company’s office or can even go online and look into the plans offered by the insurer. Going online saves time as well as efforts and moreover, there are several facilities being provided online for potential customers to understand the plan thoroughly, for example, online vehicle insurance calculator etc. Comparing as well as evaluating these plans helps you make an informed decision on the plan that is most suitable for you.

Understanding the plan in detail:

Features as well as benefits of the plan must be studied and understood properly. First of all, find out what are the benefits or coverage you really want to have in your insurance plan. Do analyze whether there are clauses which are making you pay for the coverage you don’t need. Drop them; it will save you money.

Make renewal in advance:

Renewal of your car insurance in advance before it expires is always wise. Usually, it is advised to renew 45 days before the car insurance expiry date. This way, if a price hike or inflation happens by the time your policy gets expired, your price is locked in and you are not required to pay the extra cost for the same, as you have by that time renewed your policy.

Keeping a check on “No Claim Bonus”:

If insured has not made any claim in the previous year, No Claim Bonus is remunerated to him. Do check whether you are able to avail for this benefit. Getting No Claim Bonus can cut back your premium cost for the year.

Proofreading can save your money too:

Remember, these policies are written with difficult words, language as well as clauses. Do review your policy documents carefully. Taking the help of aggregator sites for this job is also advisable.

Following the above steps, you will be able to save a lot of money. Therefore, think well before you renew your car insurance plan.

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