We are way into 2018 and it is indeed time to take a look at your car insurance renewal. Have you zeroed down on the policy that fits your bill? As you go about the task to renew your car insurance, these handy tips will further help you to get the best returns in hand.
Best Car Insurance Renewal Plans
The crucial stage of researching upon the best car insurance renewal includes consideration of factors like third party or comprehensive car insurance, yearly or long-term auto insurance renewal, etc. It requires a lot more than merely premium to make a good car insurance plan.
Here are some important pointers to keep in mind as you go about the process of renewing the cover for your car:
1. Assess and compare key features of your car insurance renewal plan
Drive home a small comparison of the plans shortlisted by you. Analyse their features in respect of the premium, the term of cover, IDV or insurance declared value, the extent of coverage, third-party liability coverage, cost of covering add-ons, and hidden costs of insurance renewal, if any.
2. Review all riders and fine print
To make sure that you get the best car insurance renewal plan in hand, it is important to go through all the terms and conditions mentioned by the insurance provider. Check for the riders that promise beneficial cover for add-ons, assess the cover for engine related damages, etc. to avoid any unpleasant experiences in future.
3. Consider online reviews and testimonials of car insurance renewal providers
Never fire in the dark. Ask for testimonials and reviews from peers, colleagues, family members, and friends. It is a good idea to shortlist and research upon insurance companies and providers with higher ratings in terms of reliability, affordability, ongoing customer support, credibility, and pro-activeness in terms of compensation claims.
4. Calculate and compare the premium amount
Do not grab the first lucrative insurance plan that comes your way. Every policy that comes cheap may not be good for you. Ensure that you compare and compute the premium with respect to fixed IDV (Insured Declared Value). You may want to conduct comparisons on insurance sites like Coverfox.com before taking your final call.
Advantages of Renewing Your Car Insurance
Still wondering about why you should be renewing your car insurance plan at the earliest? Do know that having valid insurance, especially for covering third-party liabilities is obligatory by law.
Here are some important benefits of going about the act.
1. Proper coverage of third-party damages are in place
The primary benefit of renewing car insurance in time is that you can continue driving your car on Indian roads without having to worry about the monetary damages of finding yourself in an accident or causing damage to the property of third parties.
2. Protection is provided for your car as well
In case you choose to go for comprehensive auto insurance renewal, you can protect your vehicle from natural and manmade calamities alike. Be it the damages caused because of theft, fire, earthquake, terrorist attack, riots, or something else, you will get adequate compensation for the damages inflicted on your prized possession. In other words, you can avoid paying huge sums from your pocket to get your car back in order.
3. Legal expenses can be covered
In the event of any accident that causes death or injuries, you become liable to face legal proceedings against yourself. The entire process is quite cumbersome and incurs legal fees, visits to the lawyer and court, court fees, penalties, etc. By having a renewed auto insurance in place, you can be assured of having these expenses taken care of as far as the amount defined in the policy.
4. Get additional cover
You may also seek extended coverage for other people driving your automobile with your permission.
5. No claim bonus
Last but not the least; in case you do not make any claim while your insurance policy is in force, you get recourse to a No Claim Bonus, as offered on car insurance renewal, and dependent on laid down terms and conditions.
Keeping the above benefits of car insurance renewal in mind, it is no small wonder that car owners like you are moving on a double to get their insurance plans in place. Get going before it is too late!