Renewing your auto insurance policy? Here are some smart tips for getting the best deal!

Buying a car is one thing, but maintaining it is a much more important task. We are all very aware of the dangerousness of the roads; and who does not want to be insured against such strange possible dangers? Whether it’s negligence, recklessness or sheer bad luck, this could be your bad day and so if you haven’t already, it’s time to renew your car insurance policy.

Why should you renew?

The idea of ​​insurance is to protect you from financial damage, and so, in the case of cars, it becomes an absolute necessity. Here are three basic reasons why you should renew your policy immediately

It is mandatory by law

As per the motoring laws of India, it is mandatory that every car be covered by a car insurance contract with a minimum of civil liability. If you drive an uninsured car, it will be considered illegal in India and you will have to pay a heavy fine. If you are caught today; be prepared to empty ₹2,000 from your pocket, and if it’s your second time, it’s ₹4,000.

Continues to cover expenses in the event of damage

In the event that you have renewed the insurance, any resulting loss or damage to your car is covered by the policy as the financial liability is taken on by your car insurer. * Whether it’s damage due to third-party errors or personal accidents, sum coverage always seems sweet at the right time. An addiction in times of crisis, rather. *

* Terms and conditions apply

Prevents premium increase

If you end up taking a break before renewal, your insurance premium will go up. Buying a new policy from scratch will be expensive and the insurance company will consider you a reckless driver. To add to your sorrows, your accumulated NCB (No Claim Bonus) will be lost, so prepare to say goodbye to discounts. *

* Visit the official IRDAI website for more details

Who in their right mind would willingly commit an offense by not renewing their car insurance policy? If you are still reading, you must be quite convinced to protect your vehicle with auto insurance at the earliest. To help you out, here are some tips that might get you the best deal:

Compare and renew online.

Read and compare. It is the must that will make your experience simple and hassle free. You know what’s best for your car and when it only takes 2 minutes online, let me tell you; the time is worth investing.

Benefits extended with add-ons.

When renewing, you can include additional benefits such as zero depreciation coverage, consumables coverage, breakdown assistance, transportation benefits and more to make your policy more airtight.* So take a look carefully and get the best deal.

* Terms and conditions apply

Consult the network of Cashless garages.

Renew your policy with a car insurance company that has an extensive network of cashless garages. These garages are spread throughout the territory and their accessibility is a boon for policyholders. After all, who doesn’t love a free repair at the nearest garage? *

* Terms and conditions apply

Choose the appropriate IDV (Insured Declared Value)

IDV refers to the value of your car at any given time. Upon renewal, the insurance company will determine the car’s IDV and the premium will be set accordingly. It is therefore important to meticulously understand which company is best for you. *

* Terms and conditions apply

Best NCB (No Claim Bonus) discount

The PNE is a reward given by an insurance company to an insured for having raised no claim during a policy year. This is often in the form of a discount ranging from 20% to 50%* which is offered on the premium before a policy renewal. It is transferable, so the insured should look for the company that performs a profitable discount calculation. *

* Visit the official IRDAI website for more details

Avoid lapses

A failure in your auto insurance renewal Not only will you end up with a fine, but you will also end up in the bad books of your insurance company. Suspecting problems, the insurance company will be all the more cautious and examine your car before announcing a new renewal. Not to mention, it will be heavy on the pocket.

Conclusion: Well, it’s clear why you should renew your car insurance policy right away in case you haven’t already. With the right type of insurance, you are choosing to make your car an everlasting asset and when it comes to making choices, choosing the best insurer is key.

Insurance is the subject of the solicitation. For full details of benefits, exclusions, limitations, terms and conditions, please read the sales brochure/policy wording carefully before making a sale.

This is a joint publication.

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Justin D. O'Neill