Things To Keep In Mind To Reduce Premium During Renewal Of Car Insurance

Car Insurances 256 views

It is necessary to take insurance after you buy the car. Getting the insurance safeguards your car against any unforeseen risk or damage. But don’t be in a illusion that it is a one-time investment as you are required to renew the policy before it lapses. Renewal is viewed as a painstaking process by most of the car owners who do not check the car insurers’ websites that display the information about the insurance policy. Online process for renewal of car insurance is not only convenient but also saves valuable cost and time for the customers. In addition to online, there are other things that you need to be aware of while renewing the car insurance policy. Here are the tips that you can consider to renew car insurance in a cost-friendly manner .

Do comparison of car insurance policies online-You can use the internet to choose the best insurance policy that fits into your budget and requirements by the comparing the products offered by different insurers. This will help you derive maximum benefits from the policy that you must have chosen. As most of the insurers run their websites, one can take the benefit of online insurance renewal facility. Going online and using the insurance premium calculator will help you ascertain the premium amount. During renewal, you must keep in mind to compare the quotes with regards to car insurance policy of different companies.

Keep an eye on policy features-Before renewing the car insurance policy, you must go through the features of the same to know the redundant elements and the things that you would like to add. For example if you have been provided Road Side Assistance (RSA) from the car manufacturer, then you can do away with RSA cover of the insurer and reduce the premium.

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Know the value of your car-Calculate the present value of the car in accordance with the market value during the time you will be renewing the insurance policy. This will help you know the depreciated value of your car and thus you can negotiate on premium with the insurance company regarding the policy you might have opted for.

No Claim Bonus-No Claim Bonus (NCB) is a sort of discount offered by insurers to car owners in the event of not making any claims during the period of car insurance policy. NCB holders can thus get a discount of up to 50% on the premium at the time of renewing the car insurance policy.

Go for high deductible-Going for increased deductible during renewal can help you decrease the premium amount. But ensure it is affordable to you.

Renew policy before 45 days of expiration-Ensure you renew the policy at least 45 days in advance and not wait for the policy to expire as doing the same can save extra costs that may arise if the price hike happens at the end of the policy.

Personal Loan Interest Rates April 2018
Bajaj Finserv 10.99% - 16.00%
Fullerton India 14.00% - 33.00%
HDFC Bank 10.99% - 20.99%
ICICI Bank 10.99% - 18.40%
IndusInd Bank 10.99% - 16.00%
Kotak Bank 10.99% - 20.99%
RBL 13.00% - 18.00%
Standard Chartered Bank 11.49% - 14.49%
Tata Capital 10.99% - 18.00%
Home Loan Interest Rates April 2018
State Bank of India/SBI 8.35% - 8.90%
HDFC 8.40% - 9.10%
Bank of Baroda 8.30% - 9.30%
LIC Housing 8.45% - 8.90%
PNB Housing Finance 8.40% - 8.99%
ICICI Bank 8.35% - 8.85%
Axis Bank 8.40% - 8.75%
Citibank 8.40% - 9.25%
Indiabulls Housing Finance Limited 8.45% - 9.75%
Kotak Bank 8.35% - 8.50%
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