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Common mistakes to avoid when renewing car insurance.

2020-2021 the world went through a complete digital revolution powered by the availability of smartphones and the internet. This impact created several industries in a positive manner. The emergence of digital-first insurers to adapt to the online ecosystem has made the entire insurance experience convenient, especially for people looking to buy or renew car insurance online.

Read this article to understand some of the major errors you can avoid while buying or renewing car insurance.  This article will definitely aid you in a better position to make an informed decision as far as insuring your car.

1.Not researching and comparing policies

Using the “less is more” is not the approach you want to take here and this is a common mistake most people make when it comes to renewing car insurance. Opting for this minimum coverage will surely help you meet your legal requirements but not your insurance needs. This is the reason why it’s mandatory by law for all vehicle owners to have a third-party insurance plan which is a little more expensive and will assist you if there is any damage that occurs to your car. Isn’t that the essence of an insurance cover? 

 

Shopping for insurance is the same as shopping for any other product or service.

If you are going to buy or renew your car insurance from an online insurer, you can verify if the insurer is certified. This can be done by checking the Insurance Regulatory and Development Authority of Indian (IRDAI) registration number and CIN number. Never resort to buying or renewing your insurance policy in a hurry. Another very common mistake most people make is not comparing policies available in the market. It is always a good thing to spend time comparing policies to know that you are making the right choice and getting the best of deals available. This being said, do make sure you are also analytical about it just because a Comprehensive Car Insurance policy is being offered at a lower cost doesn’t mean you buy it make sure you check the cover that is associated with it as well.

2.Opting for Minimalistic Cover

Using the “less is more” is not the approach you want to take here and this is a common mistake most people make when it comes to renewing car insurance. Opting for this minimum coverage will surely help you meet your legal requirements but not your insurance needs. This is the reason why it’s mandatory by law for all vehicle owners to have a third-party insurance plan which is a little more expensive and will assist you if there is any damage that occurs to your car. Isn’t that the essence of an insurance cover? 

3. Resisting the online world

The online world is a whole new world for some and that change can be very difficult for some people. These online policies come with convenient and affordable prices as compared with offline ones. There are a host of advantages that come with the online platform. Some prominent ones being accessibility from anywhere at any time with zero paperwork. If you are someone who is resisting the online world because you find it overwhelming, there is a help centre/customer service that will aid you through the journey. Don’t you think it is good to learn new things?

4. Payments for premiums are delayed.

If the policyholders fail or delay payments in the premium of insurance could cause a number of problems. For this main reason, policyholders should select a relevant coverage plan that covers all their needs. You must ensure that the plan fits your budget as well or else it will mitigate all the benefits that it offers.

5. Selecting avoidable Add-ons

Sometimes selecting add-ons may not be essential and this is a mistake that a lot of the policyholders go overboard with. For example, a roadside assistance add-on might not be required by someone who doesn’t use the vehicle often. It is great to be cautious, but going over-cautious can cost the policyholder an unnecessary higher premium each year.

There are certain red flags that you must be aware of to make the most of your insurance. To know more read here!

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