Holding a motor insurance for your beloved car’s safety is obligatory. Capitalizing on this, insurance companies have come up with an endless list motor insurance policies holding different coverage. Hence, dilemma hits the mind at the time of policy renewal. Sometimes, insured thinks to stick to the same policy from the same insurer rather opting for a new one. There are many factors or elements that policyholders should take into consideration before they renew their car insurance policy. Right choice manifests the comprehensive insurance coverage and one can end up saving lots of money.
Steps to be followed while Renewing Car Insurance :
1) Comparison and evaluation of different policies:
It holds immense importance to compare car insurance plans available in the market. One can directly visit the insurance company’s office or can go online and check out the plans offered by the insurer. Going online saves time and efforts and as mentioned in the previous article, there are many facilities are being made online for potential customers to understand the plan thoroughly such as online premium calculator, online chat, video conferencing etc. Comparing these available policies and evaluating them wipe out the misconception of holding the best policy and renewing the same one. If you are renewing your policy online, refer more than one website. And also check the profile of the insurance company. Do read current policyholders comments, feedback or testimonials available on company’s site to have a clear idea of company as well.
2) Understanding the offer in detail:
Features and benefits of the policy should be studied and understood properly. First be clear what are the benefits or coverage you truly need to have in your motor insurance plan. Keep asking yourself, “Is this plan really offering me the benefits and coverage which I m seeking for or which I need?” Do check whether there are clauses which are making you pay for the coverage you really don’t need. Drop them; it will save your penny.
3) Make renewal in advance:
Advance renewal of your car insurance before it expires is always advisable. Usually it is advised to renew 45 days before its expiry. This way, if a price hike or inflation takes place by the time your policy gets expired, your price is locked in and you don’t have to pay the extra cost for the same as you have already renewed your policy.
4) Checking “No Claim Bonus”:
If insured or policyholder has not made any claim in the preceding year, a non-claim bonus is paid to the insured. Do check whether you can avail for this benefit. Getting non claim bonus can deduct your premium cost or gets it discounted for the current year.
5) Proofreading can also save your penny:
Remember, these insurance policies are worded with complicated words, language, and clauses. Do reread your plan or policy documents again and again. This way you can easily wipe out the incorrect floating data from the documents. Hiring a reliable broker for this job for the offline process is highly advisable.
Following these above steps, you can easily end up saving a lot of money. So think well before you renew your car insurance policy