It would not come across as news to many that even after it being a mandate, almost one third of Indian car owners do not have their cars covered by any form of insurance. But having valid insurance is a must for Indian roads. If you wish to know the nitty-gritty of insurance renewals, then you have landed on the right page.
Here we present you few points that needs to be kept in mind while you look out for your car insurance renewal policy:
- Your plan type:
Firstly, you need to know what you are looking for, even before you start with the Policy hunt. You need decide which policy you want to buy, a comprehensive car insurance or just a standalone Third- Party Liability Insurance will work for you.
- Add on features:
There are additional benefits that come with standard car policies like Zero Depreciation Cover which is more like a necessity for Car Insurance Policy, when you take into account high end cars, where the depreciation cost is usually more than the additional payable premium.
And then there is Hydrostatic Cover which covers any loss that is a consequence of water logging. Compare car insurance carefully to know if you are getting these features.
- Cashless facility:
Try looking for insurances that have a cashless facility. This is because cashless car insurance claims can be settled easier than going for a cash reimbursement after the costs for repair work has been paid to the garage.
- Compulsory and voluntary deductibles:
This is the basic amount to be paid for every insurance claim and varies with different insurance providers. This is the amount you pay when you intend to claim the benefits of the insurance. Compare car insurance to see which has the minimum deductibles to reduce your liability at the time of renewals.
- Renewal Quote:
The final renewal quote depends upon the following variable quotations like:
IDV (Insured Declared Value)
C. No Claim Bonus
D. Other features and benefits that come with your plan.
A combination of these factors will help you get a great price on your next car insurance renewal
- Claim Procedure:
You would not want a complicated claiming policy in place when you really need to claim your insurance benefits. The most important point that makes a policy worth going for, is how easy it is to claim the policy, and how lucid is the claiming procedure overall.
Based on all the above pointers, you need to compare car insurance well, before you finally proceed on to renewing your car insurance policy. You also need to keep an eye out for your budget and see if the overall insurance scheme fits your pockets or not.
Getting insurance is a mandate, whereas getting a good one that benefits you later is something only you can figure. The amount of benefit you derive later from your insurance cover depends upon the amount of research you put into. So, remember to proceed with your renewal cautiously.