Many car owners take pride in ensuring their car is in spick and span condition. For some, this means spending more time and effort towards washing and cleaning their car and for many it also means getting the car serviced regularly to ensure its upkeep. Quite a few car owners are so obsessed with their cars that it makes their spouse jealous!
While this is all good from keeping the car in good form, what many car owners miss out is the importance of protecting their car from risk and uncertainties. They do not pay enough attention to the aspects related to insurance. Many of them buy basic third-party insurance simply because it is mandatory by law. This does not address the complete purpose of insurance protection.
In a country like India, where flouting the road rules is an everyday affair, your car is exposed to greater risk and it requires complete protection. This is where a comprehensive car insurance policy comes to your rescue. It covers both third-party damages as well as own damage. Be it an accident, fire, theft, vandalism, falling objects, or natural calamities comprehensive car insurance offers complete peace of mind. This has to be renewed every year. Here are some tips while renewing your comprehensive car insurance.
Renew The Policy Before It Expires
Driving without valid insurance is illegal. You must renew your car insurance policy well in advance. If the policy lapses, your car is exposed to greater risk. In case of an accident, you need to pay out of your pocket for third-party damages as well as for the damages made to your car. Failing to renew your car insurance on-time will result in huge penalties. Moreover, you will lose the no-claim bonus (NCB) that you have accumulated so far and you need to get your car inspected for renewal.
Keep The Details Handy
Having the following details in place will make your car insurance renewal process a breeze.
- Policyholder’s details such as name, date of birth, address, etc.
- Policyholder’s driving license
- Policyholder’s vehicle registration certificate
- Policyholder’s vehicle registration number
- Policyholder’s policy number
- Add-ons to choose (optional)
- Payment details
Make Use Of No-Claim Bonus
Every year your insurer offers a discount during renewal in the form of a No-claim bonus (NCB). If you have not made any claim in a year, this NCB will be added to your premium and will result in a lower cost. This can be accumulated for a maximum of 50%. While renewal, make sure to check the inclusion of a no-claim bonus.
Evaluate Your Car:
While calculating premium, depreciation and damages are taken into consideration. It is important for you to know and understand the market value of your car. This will put you in a better position and help you to understand what to expect in terms of premium.
Explore Add-ons That Can Save You Money:
While renewing your comprehensive insurance, it is recommended to explore add-ons like zero-depreciation cover, return to invoice cover, etc. With a zero-depreciation cover, you can claim damages without factoring depreciation. A return to invoice cover will help you get the invoice value of your car in case your car is stolen or incurs a total loss.
Need to renew your insurance? But not happy with your insurance company? No worries! IRDAI now allows individuals to switch insurance companies during or on completion of their existing policy term. If you wish to change your insurance provider you can do so any time. Visit Cholamandalam car insurance for hassle-free car insurance.