Due to the current pandemic situation COVID 19 we are working with reduced staff. Policy related services might take some time, in the interim you can click here for reaching out to us and to know more about COVID-19 related queries, click here

5 Ways to Reduce the Car Insurance Renewal Cost

These days, owning a car has become a popular idea. Apart from being one of the most convenient modes of transport, it also places a sense of pride and independence in the owner. With EMI options and car loans more easily available than ever, the number of cars on Indian roads has risen.

Car insurance is not just advisable, but mandatory by law. Plus, having your car covered against accidents and damages is must better than having to cover all the costs by yourself, something which will pinch even more if you’re not at fault for the incident. In a country that has bad roads and below average traffic management, unfortunate events are likely to happen.

Usually, we’re hesitant about investing in better packages because of the high premiums charged by insurance providers. However, there are various ways in which one can drive down the cost of insurance, without compromising on the coverage.

Timely Renewal
It is important to renew your policy on time to save yourself from additional costs. A new insurance policy means forgoing your No-Claim Bonus (NCB), a bonus given to you for not making a claim during your policy period. The NCB percentage increases with every passing year. Timely renewal also cuts out the vehicle inspection process.

Prioritising Claims v/s NCB
Knowing if the damage suffered by your vehicle is worth making a claim is important to make the most of your insurance policy. A no-claim bonus reaches up to 50% during the 5th consecutive year, so that you can earn back 50% of the premium if your policy remains unclaimed for five years.

Comparing Car Insurance Online
Buying and shopping online is a current trend of convenience, and it stands true for vehicular insurance too. Browsing through options online allows you to read clauses thoroughly and understand each policy better. You can also read the reviews of insurance policies and insurance providers online, which will help you determine the option best suited to your needs. Buying your Car Insurance online also allows you to avail various offers and discounts.

No-Claim Bonus Management
While most of us think our No-Claim Bonus is invalid when we purchase a new car, the NCB is registered to the owner and is thus transferable from car to car. It’s just that the owner of the car is required to remain the same. Don’t forget to have your NCB transferred to ensure your percentage of bonus carries forward and is cumulative. Even if you’re not ready to buy another vehicle immediately, your NCB certificate is eligible for three years.

Submission of Details regarding IDV (Insured Declared Value)
Your insurer evaluates and provides an estimated value of your car. This value depreciates every year. The IDV is the amount of the money you will receive in case your car is stolen or totally damaged. It is important to submit precise details about your car for an accurate IDV estimation.

Chola MS provides a variety of options, all of which are competitively priced, so that you can choose the one that is perfect for your requirements.

Toggle Widget