Make the most of your car insurance policy with these easy tips

December 2, 2022

In India, car insurance is mandatory for all car owners. You must have valid insurance at all times when using your car to enjoy the coverage and additional benefits. In addition, it protects you from the clutches of law. You could be buying a new policy or pursuing car insurance renewal online, whatever the case, paying the premium amount could mean a big expense and you should make the most of it. 

Here’s how you can make the most of your car insurance policy and ensure you gain more than you spend.

Negotiate on the coverage amount

When you purchase a new policy or go for car insurance renewal online, you may come across listed rates and coverage amounts. But, did you know you can negotiate the amount based on various factors? Yes, you can get extra benefits, enhanced coverage, and/or discounts on the premium amount if you have a good claim history, excellent driving record, and accumulated No Claim Bonus or NCB. 

Compare policies

Car insurance renewal online is a good time to switch to a different insurer if you are not happy with the present one. At this time, compare offerings and plans from different insurers, read reviews, and check their claim settlement ratios. Choose the insurer that offers you the best deal at a lower cost. However, do not ignore the reputation or claim settlement ratio of the insurer when making the decision. 

Choose car insurance renewal online

Going digital has many benefits. Besides getting to purchase your policy from the comfort of your home, you can also compare plans from different insurers, calculate the premium, pay the premium online, avail of online discounts, and download the policy document instantly. 

Be a safe driver

While it is important to be safe at all times for your own good and that of others using public roads, it can also help you get additional insurance benefits. Most insurance providers offer NCB as a reward to policyholders who refrain from making a claim during the policy period. NCB is often given as a percentage discount on the policy premium at the time of renewal. In most cases, you can bundle up NCB up to 50% of the premium amount by not raising a claim for five consecutive years.

Remember, NCB resets to zero if you make a claim or fail to renew your insurance on time leading to policy expiry. 

Bundle up your insurance

Another way to maximise the benefits of your car insurance is to combine it with other offerings of the company. For instance, you can combine your car insurance with health insurance when you get your car insurance renewal online. This gives you much cheaper rates along with multiple coverage options. 

Make use of discounts

Insurance companies offer various discounts on special occasions. These discounts come in the form of better rates, cashback offers or additional coverage. Be thorough in your research and check for discounts before you proceed to get your car insurance renewal online. 

Protect your NCB

No Claim Bonus or NCB is a discount you are rewarded with for not filing a claim during the policy tenure. This discount can go up to 50% of the premium amount if you do the needful. NCB can maximise the savings and benefits you can avail of from your car insurance. Besides driving safely, avoid raising claims for minor damages to keep your NCB intact.

Renew car insurance on time

While you may want to delay paying the premium, it is beneficial to renew your car insurance on time. Car insurance renewal is mandatory and doing so on time will not just keep your car secured but also make the premium affordable. Going for car insurance renewal online in advance can be cheaper than getting it on the due date or later.

Keep the insurance provider informed

Your car insurance is of no use if your claims are not settled on time. For quick settlement of your claim, you must inform the company of the mishap as soon as possible. Besides the claims, also inform the insurer about changes like car modification, change in address, contact details etc. This will allow your insurer to handle the claims well.

Enhance your coverage with add-ons

Comprehensive car insurance offers financial coverage to both your car as well as the third party. But, some factors are not covered in a comprehensive insurance policy also. For instance, the cost of deductibles is not covered under insurance, nor is engine protection covered. However, you can avail of these benefits by buying add-ons at minimal rates when you buy a new policy or go for car insurance renewal online. Various useful add-ons can help in maximising your benefits. Some of the common add-ons are key replacement cover, engine and gearbox protection, zero depreciation cover, and roadside assistance cover.

Final word

By following the above-mentioned tips, you can save money and maximise the coverage benefits of your car insurance policy. Look for the best coverage, higher NCB, and affordable premiums. Do not settle for unrecognised insurance providers. When it comes to insurance, look for what works best for you based on your vehicle use, driving style, age of the car, and more.

A car insurance policy is mandatory. Rather than making it a burden on your pocket, you must try to make the most of it. Researching and comparing policies at the time of policy purchase and renewal will make a lot of difference.

 Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.



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