Did you forget to renew your motor insurance? Okay, that’s a situation in which quite a few policyholders are in. That can either be because of carelessness, or you are busy with a lot of work. Either way, renewing motor insurance as early as possible is essential so that you are not vulnerable to the financial risks and other issues that occur.
It is not complicated if you want to go for online car insurance renewal. Being mindful of a few aspects of a motor insurance policy, however, will help you pick and choose a policy that best suits your needs or budget.
Are you getting your car insurance policy renewal done soon? Consider the following aspects –
Add-ons
While it is not obligatory to buy an add-on for your policy, it is worth looking at the numerous ones on offer. By going for a slightly higher premium, you can secure much enhanced and broader car insurance for your vehicle with add-ons. Some of the most common ones are Zero Depreciation cover, NCB cover and Engine Protect cover.
It is prudent to opt for a zero-depreciation cover for your own vehicle, even if it costs a little higher. Also, for those living in areas that are prone to waterlogging must go for Engine Protect Cover.
Verify network of cashless garages
You should contact the insurer before buying the policy to find out the list of garages on the network. If you happen to visit these garages, cashless benefits should be available where the insurance provider will pay the garage directly for the repair bill.
Ensure to know which insurer is tied up with your preferred garage and then go for car insurance policy of that company. It would save you from a lot of troubles.
Suitable IDV
The IDV of the vehicle is the most critical element that can influence your policy. It is vital to get a policy with the appropriate IDV to enjoy the advantages of the policy later on. For lowering your car insurance premium, your IDV should not be negotiated.
No Claim Bonus
If you are going for car insurance renewal, NCB can make a big difference between a conservative and expensive policy. For a maximum of five years, if you do not claim your policy, you are eligible for discounts. It starts at 20 per cent for the first year and is up to 50 per cent for the fifth year.
No Claim Bonus applies to the owner and not the vehicle. Be mindful to check your No Claim Bonus for every renewal, even if you decide to transfer your plan to another insurance provider.
Claim record
The claims record of an insurance provider can be beneficial to ascertain whether you should buy the policy from them. Zero aggravations and quick processing is what the insurance provider should offer to you. You must research online to know out how easy or difficult it is to deal with an insurer when it comes to settling claims or other concerns in car policy renewal. Nowadays, reviews are given on social media platforms; you can refer them to evaluate the insurance provider.
Also Read – What is Covered and Not covered in Car Insurance in India
Be it making claims or renewals, use the LGI LivMobile app as it eases the process further.