Mind These 7 Tips to Save on Car Insurance Renewal

As Monsoon arrives, it brings dreads for the vehicle owner. This is the time when owner incurs maximum maintenance costs, as vehicles are prone to accidents more during this time. India, monsoon season is famous for heavy rainfall, water logging, car skidding, and accidents. Hence, opting a car insurance plan is mandatory to cover the expenses you made on car maintenance. It is your saviour while you pay those hefty challans, so, overpaying for coverage can be avoided.

Buying car insurance is not a one-time investment; the owner has to keep renewing the policy time to time. Many car owners find the renewal system a headache as it needs time or somehow they are not convinced by the online renewal system. But in reality, if they use online renewal system, they may save a handsome amount of time and money on car premium. There are end numbers of insurance companies, which offer online car insurance renewal to make the process hassle free and keep their customer happy. If your car is insured with Tata Aig, you must try Tata Aig car insurance renewal online, in case you’ve never experienced before.

7 Tips to Save Money on car Insurance Renewal

Research and Compare Car Insurance Policies:

With many insurance companies introduced, it is quite a complex task to gather all the required information. Most of the times, brokers only deliver a handful of companies, limiting the pool of options. But all thanks to the internet, a person can search for various available company options, visit their websites and compare the plans online. You can calculate your car premium too by using insurance premium calculator. To save on insurance renewal, you are advised to compare car insurance policy quotes of different companies and select the best one for you.

Crosscheck the Terms & Condition:

It is always a must to double check the terms and conditions mentioned in the car insurance policy, which is applicable in terms of renewal too. This way you’ll be familiar with the hidden clause, if any, which may lead any consequences in the future.

Reconsider Current Coverage:

Many owners choose comprehensive coverage while liability coverage suffices them. It the vehicle is very old, gives high mileage, or in a poor condition then it may not be worth extra premium costs to receive this coverage.

Know the Value of Your Car:

If a car owner knows the market value of his vehicle, it helps him save money on premium. It is necessary to compare your car present value to its market value at the time of renewing his insurance policy. This way you can negotiate with the insurance company on depreciated value of your car and save money on premium. 

You are Eligible to Get NCB:

Insurance companies offer No Claim Bonus to its customers, in case they have not made any claim during the car insurance policy period. An owner can claim NCB during the policy maturation period as well and can enjoy lesser premium amount.

Save Through Paying High Deductibles:

A car owner is liable to pay an amount as deductable, when a claim is made. Higher the deductable, lesser the insurance company pays in the event of a claim. If a person pays high-deductable, he can save money on premium. But this is risky for a customer, so it is advisable to decide the amount of deductable which is affordable for him.

Combined Discount:

Combining two different insurance policies may result in a saving of 5%-10% off both premiums. For example- if you bought a health insurance policy from Tata Aig Insurance which also provides the auto coverage, you can avail discount on premiums. While before going for grouping policies, you should consult the agent or investigate thoroughly.

Car insurance is an inseparable part that no car owner can deny. It is a safeguard of your vehicle. When high premium can troll you down sometimes, you can keep a record of your defensive driving and accidents to put a stop on unnecessary increases in premiums.