Tips to save during your car insurance renewal

We all love to save, even if it is a dime. Rightly so, considering the increased inflation and expenses. Getting a four-wheeler insurance policy amid other costs may seem like a hindrance. However, the Indian road conditions and laidback traffic attitude has forced the authorities to mandate it.

What if you could save on car insurance? It turns out you can with a bit of modification and negotiation during car insurance renewal. If your first plan was not your choice, the renewed one indeed can.

Look at these tips to save money:

Plan comparison: You may want to continue your existing four-wheeler insurance to complete the process quickly. However, this is what makes you lose out on cheaper policies and added benefits. There are so many insurers available online. Check their offers and facilities to compare with your current plan. This enables you to switch and get a lower premium.

Revaluate features: Do you feel like you are paying a hefty premium? Then you should check your plan. If you have a comprehensive plan, you get to choose add-ons for extra protection. Examine your existing add-ons, if any. You can easily do this during online car insurance renewal. It is best to remove certain unnecessary services based on your needs. It drastically affects your insurance cost.

Avoid policy lapse: You must renew auto insurance before expiry. You get notified by your insurer for the same in case you forget. This saves you from paying penalties and losing out on no claim bonus. Most insurance providers do not provide a grace period. Hence, it is best to not count on it.

Use No Claim Bonus: You get rewarded by insurers for following traffic regulations and safe driving. It is in the form of discounted premium rates upon car policy renewal. It is offered every year if you are successful in raising no claims. You receive up to a 50 per cent discount on premium if you do not claim for five consecutive years. Check for this deduction while renewing.

Install protection devices: The more the safety, the better chances of reduced claims. This is a positive sign to the insurers as they appreciate your safety measures by offering a discounted quotation. You should consider this if you have an older four-wheeler. You do this by adding anti-theft components like alarm device, disc locks, etc.

Value your vehicle: Your automobile’s value decreases with time due to wear and tear. Precisely why policy providers inspect it before renewal and change the premium amount. You must check its depreciation value against the market standards. It allows you to negotiate effectively.

These are some of the proactive measures you can take to get affordable deals. Make sure to research thoroughly and change your plan if necessary.

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