With the rise in car owners in the country, the roads have become quite populated over the years. Unfortunately, this hike in automobile owners has led to an increase in the number of accidents these days. Therefore, you must follow the road guidelines while driving your vehicle. Along with this, you must also get an adequate car insurance plan for your vehicle to protect it from unprecedented dangers.
However, your car insurance plan would only be able to provide you with coverage if you renew your car insurance on time. A car policy renewal is a process through which you ensure that your insurance policy remains active. So, when you renew your car insurance plan on time, you get to enjoy the benefits of your car insurance without any worries.
However, if you don’t renew your policy on time, you may lose out on the insurance coverage and certain benefits that come along with it. In addition, you may also face a car insurance lapse. When your insurance plan lapses, you will have to go through the entire process of purchasing a new one. Therefore, it is better to conduct the renewal before your plan’s expiry date.
To help customers carry out their four wheeler insurance renewals on time, insurers like Tata AIG have launched their official websites. You can visit your insurer’s website and carry out the car insurance renewal online. Conducting the renewal online can be quite advantageous for you.
If you’re planning to renew your four-wheeler insurance any time soon, you can follow a few tips to make your insurance renewal efficient.
Few Tips You Must Consider When Renewing Your Car Insurance Plan
Here are some tips you can keep in mind when renewing your car insurance plan
- Plan type: You can buy car insurance with third party car insurance or comprehensive insurance during the renewal. Each plan caters to different needs. While a third-party plan is a bit affordable, its coverage will not protect your vehicle from unprecedented dangers. On the other hand, if you purchase a comprehensive plan cover, you get third-party coverage and coverage for your vehicle.
- Add-ons: Add-ons are additions that you can include in your car insurance plan. With add-ons, you get additional coverage for specific situations. While add-ons are not a compulsion, including them can be quite beneficial. You can upgrade your plan’s coverage at the time of renewal by including add-ons in it.
- IDV amount: IDV or ‘Insured Declared Value’ is what you will get if your car is stolen or damaged beyond repair. While renewing the plan, you must ensure that you provide the correct IDV amount. Providing the correct IDV will ensure you get the correct amount of coverage with your plan.
- Cashless network garage: A cashless network garage is a group of garages with tie-ups with certain insurers. With a cashless garage, you can get your vehicle fixed in a cashless format. In addition, if your current insurer’s network garage does not include your preferred garage, you can move to a new insurer at the time of renewal.
- Deductibles: A deductible is an amount you will have to pay while filing the claim. Insurance companies generally have a mandatory and a voluntary deducible. Opting for a voluntary deductible while renewing a plan will help you lower your premium amount.
- Claim process: An easy claim process is an important part of a smooth claim settlement. If your current insurer’s claim settlement process is not easy, you can move to an insurer that offers a smooth claim process while renewing your plan. Easy claim processes will help you get the necessary financial support without any delays.
- NCB: A No-Claim Bonus is the discount offered by your insurer if you do not file any claims in a single year. Your NCB bonus keeps accumulating every year you do not file a claim. With NCB, you can get up to a 50% discount on the premium amount if you do not file a claim for five consecutive years. You must check your NCB discount at the time of renewal or if you’re moving to a new insurer.
- Improved security: With security devices for your car, you can improve your car’s security. Apart from this, insurers also reward you by lowering your premium amount to include security devices. Therefore, if you’ve included certain security devices while renewing your plan, you can inform your insurer to lower your premium amount. However, the devices must be authorised by the ARAI.
- Compare quotes online: If you’re renewing car insurance online, you must compare the different quotes available. With car insurance renewal online, you get to explore the other options available for you. You can compare the options and select the one that matches your needs.
If you wish to ensure your car stays protected from unprecedented dangers, you must ensure you renew your car insurance policy on time. If you don’t renew your insurance on time, you may lose out on certain benefits or may have to purchase a new policy. Therefore, it’s better to get the policy renewal done instantly. In addition, while renewing your insurance plan, following a few tips will offer you certain other benefits. For instance, you can improve your coverage by including add-ons or lower your premium amount by including certain security devices.