It becomes easy to get the best deals when you renew the car insurance policy in the proper manner. In this article, we will discuss about some of the important things you should do while buying insurance and other things you should avoid during the process. In this way, you will have complete understanding about the best ways of renewing your policy and this will save you time as well as money in the long run. Not only that, your car will also get the best coverage when you follow the simple tips mentioned below. You can even discuss these tips with your insurance advisor and get customized solutions for your insurance needs. If you do not have access to a personal advisor, you can approach online portals and get the required information. This will help you to save time and you can get complete information about various plans trending in the market.
Things to do while renewing car insurance policy
These are some of the things you should never miss while renewing your car insurance policy. Note them down carefully and follow each one of them to get the best deals for your vehicle insurance renewal. As the competition in the market is very high, there are many plans and this can sometimes confuse the customers and they may choose the wrong plans that are not suitable for their needs. However, by following the below mentioned tips, you can avoid such problems and get the best policy for your car.
Check deals offered by competitors
You should never stick to the same insurance company blindly without analyzing the offers of competitor companies. When you do car insurance comparison, you may be able to spot a better offer that comes at lesser price or offers better features than your existing plan. The easiest way to compare different plans is to opt for online portals that are well known for providing detailed information about insurance policies. It helps you to understand the features of different plans and you can even get to know the rates of all the plans in this way. After this, you can call the executives of the relevant insurance companies and enquire about the features of the plan in a detailed manner. You can clarify all your doubts this way and this will help you to take the best decision about switching to a new insurance company. If you are carrying any no claim bonus from your existing service provider, enquire about what sort of discount you can expect from the new service provider in this regard. If you are completely convinced about the benefits of the new plan, you can shift your policy to the new company.
Check the offer document carefully to understand inclusions and exclusions
Before buying the insurance plan from any company, you should ideally read the offer document carefully as every detail about what coverage is offered by the plan will be written in this document. In the same way, it is also essential to check the exclusions of the policy as this will help you to have clear understanding about the risks involved in choosing such policy for your vehicle. When you choose the cheap option of 3rd party car insurance online, you will get multiple options and it is important to check the policy document about the overall coverage offered for your car. You should follow the same tips even when you are renewing your existing policy with the same service provider. It is important to note at this stage that the features of the policy may change over the period of time and the same policy may now have new features. Enquire about them during your renewal and get to know if this suits your needs at the moment.
Make the best use of no claim bonus
Many people forget to make the best use of no claim bonus as they do not realize its importance in terms of reducing the premium for any policy. If you have not made claims for your previous tenure and your present tenure, you can expect a significant discount on your next renewal. For this reason, you should always mention the details about your claims in the application form so that the insurance companies can provide you with the best quote. If some competitor is ready to offer you better discount considering your track record, you can easily shift your policy if all other features remain the same and if you are satisfied with the services of the company.
Choose online renewal to save time and money
You need not wait for long hours in the queue to renew your policy as there is an option for online renewal. Most reputed companies in the market provide such facilities for the benefit of customers and it even saves lot of time and effort for the staff members of the company. You can use the services of online insurance aggregators and renew the policy effectively in quick time. The portals also provide vehicle insurance calculator option and you can use this to calculate the premium for any policy in the market.
Consider adding additional covers if necessary
Your insurance needs may change over time and you need to analyze this at the time of policy renewal. This is the best opportunity to increase the protection for your vehicle by adding new covers. Even the insurance companies come up with new covers regularly and you can check the latest options suited for your car. If you feel that any additional cover will provide better security for your car, you can easily add them at the time of policy renewal by paying additional money.
Things to avoid while renewing car insurance policy
You should also keep in mind that many people make lot of mistakes while buying insurance policy. It is important to notice them so that you can avoid them in future. Make sure to never make the mistakes mentioned below while buying car insurance.
Avoid incorrect information about your track record
Some people feel that they can cheat the insurance company by hiding details about accidents or other claims made in the past. However, you need to understand that the insurance service providers have a huge network and they can easily trace such false information about any vehicle. Even though this can provide you some relief temporarily with regards to getting discount on the premium, it will hurt you badly at the time of making claims as the insurance companies usually verify the previous track record seriously at the time of awarding any compensation in future. They can easily reject your claims in future citing that you have provided false information while buying the policy.
Never renew the policy in the name of previous owner in case of used car
If you are buying a used vehicle, you should never make the mistake of renewing the policy in the name of the previous owner. You can go for 3rd party car insurance online in that situation and get the insurance transferred to your name if it is still valid. Or else, you can go for the new plan and opt for better features than the existing plan. Remember that you can even carry the benefits of no claim bonus of the previous owner in that situation.
Do not buy it without comparing various deals
It is essential to opt for car insurance comparison as this will help you to save money in the long run. It will also help you to get better features from a new company in most cases. In the event that you are not satisfied with any other option, you can conveniently stick to your existing service provider and renew the policy easily with the same company. On the other hand, when you notice any good deals other than your existing service provider, do not hesitate to shift your policy.
Never delay renewal as late renewal will cost you more money
Many people are careless when it comes to timely renewal and they always notice it after the expiry of the policy. This can cost you more money as the insurance company will ask you to pay penalty for the late renewal. It can also put your vehicle under risk as you will be left without any cover for that duration. Apart from that, there is also a threat of losing the no claim bonus of the previous tenure when you delay renewing the policy.
Follow these guidelines and you can rest assured that you will never go wrong while buying car insurance policy. Take your time while making the decision and never be in a hurry to choose the suitable plan. For this reason, you should always plan your purchase in advance so that you will have enough time to go through various plans and you can compare the features and other aspects of the plans. In this manner, it becomes easy to select the best offer at nominal price and you will benefit a lot by choosing such plans in the long run.
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