Yes – experts in the insurance circle unanimously are of the opinion a consumer can save a lot if at all they are keen to check various points at the time of car insurance renewal. Remember – money saved is equal to money earned. While so, why forego such a formidable chance to save your hard-earned money, which you would have let go otherwise, as insurance premium?
How a great chance comes your way on car insurance renewal:
Let us assume that you have bought a high-end luxury car last year. Sure thing such sophisticated cars would come with a hefty price-tag. You were impressed by the sales representative of the car showroom who made you feel that the car is a must have for you.
Along with the brand-new car, you must have got a default car insurance policy, which you never bothered to read, and put it in your office file as another document. The annual premium for that car insurance policy would have been added, just like that with your total car price ex-showroom, and must have been paid in full.
In the unfortunate event of your car meeting with a small accident, and some of the car parts like engine and frontage have been damaged, you will prefer a claim with the insurance company. It is here you get jittery, when the insurance company adduces so many reasons, for reducing the claim payment of repair charges and makes you shell out further money.
Had you been vigilant enough to check the policy conditions thoroughly earlier, you would not have got this disappointment. Never mind – you can wake up at least at the time of car insurance renewal online now, which is around the corner. This is a splendid chance for you to make amends, to the overlooked points of car insurance.
Points to bear in mind at the time of car insurance renewal:
- Check what type of insurance plan you have been provided in the policy. It must be a comprehensive car insurance policy (because your car is brand new) and it ought to have the third party liabilities clause, which is mandatory by the law as mentioned in the Motor Vehicles Act, 1988. There might have been many loop-holes, by which the insurance company would have excluded (since you did not insist upon) some riders (additional Coverage). Only because these features did not find a place in the policy, your claim was not settled in full as you expected.
- Now that the same Policy comes up for renewal, you can certainly make some research online, as to how your Insurance Policy can be strengthened. This comparison of features of various Policy Plans and Add-ons, namely Riders can be done easily online. You can go online leisurely and visit the sites of some popular Insurance Companies, to learn and watch your required features, with the help of software tools like car insurance premium calculator readily available at the sites.
- Check the Insured Declared Value (IDV) of your Car. This will not be the same as last year due to annual depreciation calculation. Check the current Market Value of your car today, and get the car insurance renewal for this IDV only. You can happily save by slashing the premium sizeably.
- Check for a cashless facility for repairs. Insurance companies have a big network of garages, where you need not pay any money at all, for getting your car repaired without feeling the pinch.
- Check for add-ons in your favour. For example, if you had opted for zero depreciation cover in the original policy (by paying a little extra amount of Premium) you could have prevented the insurance company making large deductions, as depreciation on the claim amount.
- Check for no claim bonus facility – Insurance companies allow this NCB if in the previous year no claim was made. By insisting on the add-on for NCB protection in the renewed policy, even if just one claim is made in the policy period, the percentage of NCB will continue as before.
- Check for voluntary deductibles – If you agree for certain deductibles – like paying a part of the medical expenses yourself when the claim is made, huge money is reduced in your premium amount.
- Read the “fine prints” namely clauses printed in the policy, which can be unfavorable for you, at least at the time of car insurance renewal. If you are smart enough to add on new coverage aspects and forego some unfavourable factors – like Personal accident premium when you have another separate policy – you can really save money.
Another best option is to seek the help of Coverfox portal and get a best-renewed policy with all the features you prefer.