Sensible Tricks to Get the Most Out of Your Automobile Insurance Renewal – Outlook India
Today's fast life and all the hectic pace make us forget many important things. Forgetting to renew car insurance in good time is often part of it. Taking out car insurance and not extending it in time can cause trouble for the insured. Not having active auto insurance is synonymous with none. An expired plan means that if something happens to your car, you will not be entitled to any of the benefits / coverage offered by your plan. Today, however, insurers have come up with several online reminder options that will remind you to renew your auto insurance in good time.
In addition, if you are not satisfied or satisfied with your current insurer, you can also opt for other insurers when renewing your car insurance. In addition, thanks to the technology, this process is easy. However, there are some factors that need to be considered when renewing your car insurance.
Rate the plan type: If you are currently not satisfied with your existing plan, the renewal period is the ideal time to consider switching to a different plan. For example, if you've opted for a third-party plan and want to switch to a comprehensive plan, this can be done during the renewal process.
Compare the different options available: Why stick to one plan when you have hundreds to choose from? If your current plan does not provide you with the coverage / support / problem-solving you need, you can always consider switching to a different plan while your plan is renewing. This can be easily done by comparing a variety of plans available online and finding the best one that suits your needs.
Opt for voluntary deductibles to reduce the premium: If you choose to have a voluntary deductible, you will split a portion of the claim that you have to pay out of your pocket. This would eventually reduce the premiums payable to a certain margin based on the percentage of damages you are willing to pay as a deductible.
Search for network workshops: Contact your insurer to determine the list of network repair shops that offer cashless options. If your existing insurer doesn't have this option, do a comparison online and look for companies that work with your preferred repair shop or are in your area. This hack can definitely save you a lot of trouble.
Use NZB: The No Claim Bonus (NCB) is the reward you get for being a good driver (i.e. someone who has good driving skills because no claim has been made). This bonus is accumulated every year until it reaches the limit of 50 percent. You can make good use of this accumulated bonus to reduce the premium when renewing insurance cover.
Consider installing anti-theft devices: Theft protection is a positive sign for your vehicle for the insurer. Such an act is rewarded with a certain percentage of the discount on the renewal premium for renewals.
Renew in good time: Renewing your contract in good time is the best and most important way to continue to have insurance coverage and lower premiums, as you freeze your premiums for the coming year and fluctuations will not affect your insurance premium rates.
The bottom line is that following the guidelines above can help you renew auto insurance in a timely and efficient manner and could be a win-win situation not only for the insurer but also for you (the insured). That being said, the insurance documents must be read carefully beforehand as the characteristics of the plans and benefits can vary from plan to plan and insurer to insurer.
The author is the director of Probus Insurance.
DISCLAIMER: The views expressed are the author's own views and Outlook Money does not necessarily subscribe to them. Outlook Money is not liable for any damage caused directly or indirectly to any person / organization.