Renewing a car insurance policy is not only important but is mandatory under the Motor Vehicles Act. The third-party motor insurance cover has been made mandatory in India, as per the Motor insurance act. However, who doesn't want to save some money doing so?
For instance, comparing policies even during renewal, checking for proper features, not letting the policies expire are some of the ways in which you can save a lot of money. Even though the process to renew the policy has been made hassle-free with most car insurance providers giving the option to do it online, there are many who still avoid doing it.
Hence, if you are yet to renew your car insurance policy, here are some points to keep in mind;
If you think you are paying too much for your motor insurance, or not getting the proper benefit, at the time of renewal you can look for other policies.
Start with choosing an insurance company. Look for a company that offers pre as well as post-sale services to policyholders. Find out the amount of coverage that you need and how well priced it is. Also, look for reviews online, which can help you zero down an insurer.
Type of Policy
After you have finalizes the insurance company to buy your policy from, find out the relevant car insurance product, that suits your needs.
For instance, you can either stick to the mandatory Third-party car insurance policy, or for proper coverage, you can opt for comprehensive car cover.
While the third-party policy is mandatory by law and provides cover for third-party liabilities, only, comprehensive policies not only cover third-party liabilities but own damage as well.
Compare your policy
You will benefit if you compare your policy with offerings from other companies. There are chances that you might get another company offering similar benefits, however, at a lower price if compared. Hence, while comparing, see if the company has a digital presence and most importantly verify that the company is certified by the Insurance Regulatory and Development Authority of India (IRDAI) before making a deal.
Go for Add-Ons
These are lifesavers if chosen the right one. Add-ons also extend the scope of a basic car insurance policy. Some of the popular add ons include Zero Depreciation, Engine Protection, NCB Protect, and Roadside Assistance.
- Zero Depreciation add-ons help in a way that at the time of claim, the insurer will not consider the depreciation of your car.
- Return to Invoice helps during theft or natural calamity. If your car has this add-on and after a natural calamity or theft it is considered as a total loss, you will be able to claim the ex-showroom price of your car.
- Engine Protection similarly helps when you need to repair or replace the engine of your car if damaged which generally costs a lot.
- Roadside Assistance helps if your car has a breakdown in the middle of the road, with this add-on get facilities like towing, fuel, battery jump-start, or even minor repairs.
- NCB Protect (No Claim Bonus) add-ons help you can make two claims and still you will be able to retain your NCB.
- Loss of Personal Belongings add-on cover helps you when/if belongings like smartphones or laptop or equally expensive possessions are stolen from the insured car, the policyholder can claim the amount.