Here are 3 Smart tips to keep in mind during car insurance renewal

  

Car insurance is extremely helpful. It protects the policyholder from the financial jolt of road mishaps and other unfortunate events such as theft, flooding, etc. However, this protection lasts only for a year. You need to renew your policy annually to enjoy uninterrupted cover from these perils. 

If you fail to renew your plan, you will be driving uninsured. This could invite very expensive fines, up to Rs. 4,000 in certain cases. You could even face jail time of up to 6 months. Therefore, if you are a car owner, it is extremely important to renew your policy on time.

However, there is a lot more you can do besides simply renewing your plan every year - you can get optimize your cover, try and get better savings & much more! Don’t believe us? Well, here are 5 tips you can keep in mind when your car insurance renewal date approaches that will help you get better insurance coverage. 

1. Review your coverage. 

When you renew your policy, you should review your coverage needs. Maybe when you purchase the plan, you drove alone, but now you drive your spouse or co-workers to office. It would make sense to purchase coverage for them as well. You can do this by buying the co-passenger personal accident cover add-on.  

There are several other add-ons you can consider when renewing your plan. Another one is the NCB protector. This is a good idea if you have accrued a good amount of NCB discount by not making a claim against your policy. The NCB protector will ensure this discount is not lost if and when you decide to make a claim against your policy. 

2. Change of plan type.

If you are currently protected by a single year of comprehensive or third party cover, you can consider upgrading to a long-term third party plan bundled with a single-year of own-damage cover. The long-term plan will help you with a good amount of savings as it insulates you from annual prices hikes levied on TP premiums by the IRDAI. 

3. Change of insurance company.

If you are not satisfied with your current insurance provider, you can opt to switch to another company. The perfect time to do this would be when your car insurance renewal date is approaching. This will ensure your premium amount is not wasted and the new plan will come into effect just as the old plan expires. 

These were 3 tips you can use to optimize the protection of your insurance plan when its renewal date comes up. So the next time you renew your plan, don’t play safe and just make the premium payment. Look into these factors, check if you need add-ons, if you can protect your discounts and survey the market for better deals. This will ensure you constantly have the best protection for yourself and your car.

Hope this has been helpful, good luck and all the best, drive safe!