Factors to consider while renewing your car insurance policy
A car insurance online policy must be renewed before it expires. Insurance firms normally offer you a grace period of 15 to 30 days after the payment is due. The policyholder may make a premium payment without the coverage expiring under the same conditions. Driving a car without a valid car insurance policy is a criminal offence in India, according to Indian Motor Laws, which impose harsh penalties and fines on the driver.
Let’s take a look at various factors which you should consider while renewing your car insurance online policy.
- The type of plan
In India, third-party car insurance is required and covers injury to others caused by an accident. Assume, however, that policyholders also have a third-party liability policy. In that case, they should still look for a flexible package that includes both third-party liability and own-damage coverage, giving them a two-for-one deal. When it comes to renewing a contract, determining the form of plan based on changing requirements and budget is critical.
- Add-on features
When renewing a car insurance policy, it is important to review the add-on coverage. Policyholders must make the necessary changes and personalise their plans during this time, which will ultimately assist them in expanding their current add-on covers to meet their needs. Policyholders should also propose removing any current add-on coverage that may have been ineffective the previous year and replacing it with something more tailored to their needs.
- No Claim Bonus (NCB)
Customers can check whether they are eligible for any bonuses from the previous insured year while renewing their car insurance policy. The ‘No Claim Bonus,’ on the other hand, lowers the premium and can also be used to upgrade the vehicle.
- Comparing prices on the internet
During the renewal period, evaluating the various options available online is a critical parameter to consider. To see if better options are available with other insurers, one should carefully review the features, premium rate, Insured Declared Value (IDV), and so on.
- Check the terms of the insurance policy.
Insurance firms have a habit of changing the terms and conditions or adding new features. Customers who are dissatisfied with the new changes may choose a different plan or look for a different insurer that better suits their needs. As a result, it is important to review the coverage terms during the renewal process.
Now that you know about various factors to keep in mind while renewing your car insurance online policy, if you have not already done so, with the aid of a car insurance calculator, you should not hesitate to purchase an acceptable insurance policy for your car. You can opt for a comprehensive car insurance online policy such as the one available on Finserv MARKETS.