Useful tips to help you renew your car insurance policy the smart way

1. Useful tips to help you renew your car insurance policy the smart way According to the Motor Vehicles Act 1988, it is mandatory for an individual to get their car insured. However, with so many insurance companies in the market, many vehicle owners get confused when selecting one among the many. Now, it is also important to give an equal amount of time and effort during the car insurance renewal process. It is not enough to simply go ahead with the policy you have at hand. If your car insurance plan is about to expire soon, read on for tips on car insurance renewal. 1.Compare policies

2. We tend to compare everything from clothes to electronics before zeroing in on the product most suitable to us. The same logic should be applied when renewing our motor insurance. It is advisable to look at different insurance plans and compare the coverage offered, the provider’s claim settlement ratio, premium charged, and various other aspects. Doing this will help make a wise choice during your car insurance renewal. 2.Select suitable add-ons Renewal is the best to consider adding what you missed out on before. Various insurance companies provide add-ons like engine protection cover, roadside assistance, passenger personal accident cover, zero depreciation, and more. Consider going through these add-ons and supplement your coverage during policy renewal. Make sure to review your current policy to see if you already have any add-on covers attached to it. In case you don’t, you can opt in for additional coverage during your car insurance renewal process. 3.Assess the IDV The Insured Declared Value (IDV) is the financial value of the insured vehicle in the market. In case your vehicle suffers total damage in an accident or gets stolen, the policy provider will compensate you with the current market value of your car. In other words, you get paid the IDV. The IDV of your vehicle keeps on reducing each year due to depreciation. Therefore, the value of your vehicle will be lower at the time of renewal as compared to the value declared previously. Hence you must reassess your IDV as it has a direct impact on the premium you pay.

3. 4.Raise the voluntary deductible The deductible is an amount you will have to pay before your claim is reimbursed by the policy provider. The deductible is part compulsory and part voluntary. You can opt in for a higher deductible and thereby reduce your premium. 5.Claim the NCB Finally, do not forget to take advantage of the no-claim bonus (NCB) during your motor insurance renewal process if you did not raise any claims in the past year. The NCB can be claimed even if you switch between insurance providers. We hope these tips given above will make your car insurance renewal procedure easy and quick. Make sure to invest some time in research as it will help you get the best out of your insurance policy. Also, don’t forget to read all the terms and conditions carefully before renewing your motor insurance plan.