insurance renewal

Ways to save money while doing car insurance renewal

If you own a vehicle, you know you need to buy four-wheeler insurance. Investing in car insurance is a necessity and compulsory according to the Government law of Motor Vehicle Act, 1988. You should also renew your policy annually for continuing receiving the coverages. However, the premiums you pay could change every year, based on several parameters. You could save money when renewing the policy as well.

Here are some things to do to save funds while comparing car insurance quotes:

File no claims

Those who hold the car insurance policy know that there are many benefits of not filing any claims than filing. For each year you go without making any claims, you become eligible for a discount on your insurance premium called a no-claim bonus. This discount increases by up to 50% if you go without claiming for five consecutive years. You can use the accumulated bonus and save funds during the renewal.

Not flouting traffic laws

If you get caught flouting traffic laws like driving without a license, insurance, and PUC certificate, your vehicle is reported to the RTO, police station, and insurer. The same applies if you get caught driving without the seat belt on, speaking on the phone while driving, or driving under the influence of alcohol, drugs, and other toxic substances. Such behaviours are risky, providing insurers with the leverage to increase the premiums.

Avoid filing for minor damages

If your four-wheeler hits a pole or faces some scratches, you may think of filing a claim. But these are minor damages which you can handle. While the insurance company does not reject such claims, your insurance premium increases considerably. Rather than spending extra and foregoing your No-Claim Bonus, it is ideal to pay for minor damages yourself and save money while doing offline or online car insurance renewal.

Install anti-theft device

Installing anti-theft devices are a significant investment. Not only does it scare aware of potential thieves, but it also helps bring down the insurance premium amount massively. The moment your four-wheeler becomes less prone to theft so does filing claims. Precisely why insurance providers offer discounts on car policy renewal if you have these installed.

Timely renewal

The other way to save money on premiums is by renewing the policy timely. The best part is nowadays; there is car insurance renewal online possibility for speeding the process. For each day you go without valid insurance, you defy the traffic laws. When you finally start the renewal process, you get charged a penalty for each day driving without the insurance. Meanwhile, you receive a discount on renewing the policy timely.

Member of AAI or WIAA

Those who are participants of road safety associations such as the Automobiles Association of India or Western India Automobile Association are eligible for discounts on their auto insurance premiums. You receive this benefit from all insurance providers. Joining such cubs automatically offers discounts on premiums.

Renewing your car policy is important as buying one. It offers you legal and financial coverage if you get caught in an unfortunate event like accidents or if they get stolen, damaged, or totalled. Considering all companies are accessible online, visit their portal and receive your documents at the registered address.

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Christophe Rude

Christophe Rude

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