A car without any comprehensive insurance policy makes no sense. To support this statement let us consider a scenario in which your car has met with an accident.
It is extensively damaged and beyond repairs. In the absence of comprehensive car insurance, such situation is tormenting for you. Comprehensive car insurance policy saves you from such daunting situations and keeps you calm and relieved.
It is highly recommendable that when you are completing all the formalities of possessing a new vehicle, then you must immediately get it insured from a good insurance company. Every car/motor insurance policies are termed for one year (recently some insurers have started provides car insurance policy for three years) and you are supposed to get them renewed before it lapses.
Renewing a car policy is another crucial job that needs a lot of care and attention to every detail once again. You just cannot blindly get your car policy renewed as your current company can make any changes in the terms and conditions and other particulars without even letting you know.
With the help of mentioned influential steps, one must save money while renewing a car insurance policy.
- Always compare quote: It is very easy to collect quotes from plentiful companies which are ready to provide you renewal. You can get these quotes online as well. If you want to continue with your current policy, then before that you must always compare quotes and different policies offered by other companies as you might save big bucks in doing so.
You can also compare different policies of your existing policies to see where you can save more, where premium value is lower and affordable and which can get maximum benefits. It is advisable that you must never get renewal done frantically as you might end up regretting.
- Read Terms and Conditions: You must always read the fine printed matter/terms and conditions on your policy documents again; know about hidden costs if any and get it clarified immediately from the company to save hassles and money in the future.
- Renew online and choose add-ons: If possible, then get your policy renewed online as this will save your conveyance cost and efforts. You can go through every detail and can choose good add-ons that are made available under your car policy renewal.
- Renew on time: Do not wait for the insurance expiry date; you must initiate renewal at least 20-25 days before your policy lapses so that you get sufficient time in researching more policies available in the market; comparing those policies and seeking methods of saving more money during renewal.
If in case policy price rises during that period, then you are not supposed to pay the hiked amount at all.
- No Claim Bonus: No claim Bonus can always be applied if you have not claimed any cover or claim in the past under your car insurance policy. This feature can get heavy discounts (10%-50%) on your renewal. This will lower down the total cost that you need to pay leading to very nominal premium amount that you need to pay in future.
You must enquire in depth so to save yourself from paying unnecessarily more than earlier.
