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Renewing your car insurance policy is just as much crucial as buying a new one.
Is your car insurance policy about to expire? Renewing your car insurance policy is just as much crucial as buying a new one. According to the Motor Vehicle (Amendment) Act, 2019, third-party motor insurance is a must-have for vehicle owners. It is not just a compliance-based activity but renewing your car insurance policy is also considered mandatory under the same act. Car insurance provides a financial cover against any damages caused due to an unforeseen event such as accident, theft, fire etc. and renewing it keeps that protection intact. Renewing your car insurance is an easy activity. However, in order to pick up a policy that better suits your needs, we have compiled few points to keep in mind during car insurance renewal as below:
The type of plan:
There are two main types of car insurance plans, namely third-party insurance, and comprehensive insurance. Each serves a different purpose. Third-party insurance offers less coverage and is not as expensive as a comprehensive insurance plan. However, a comprehensive plan offers wider coverage at a slightly higher premium. While renewing your insurance plan, you must decide which policy suits your current insurance needs better.
One of the most significant points to keep in mind is to put a reminder on the due date of your insurance renewal. Make sure your policy does not lapse because in such a case, your non-claim bonus and other added benefits will lapse too. If you have a fixed policy in mind, then you can go for auto-renewals, or it is always better to set a reminder for the same.
Select necessary add-ons:
Add-ons are the added benefits you can buy with your insurance policy. When you include add-ons with the policy, you secure better coverage for your vehicle. Add-ons are a good investment you can consider while renewing your insurance plan if you have not included them in the existing policy. Some popular add-ons include Zero Depreciation cover, Engine protection cover, Roadside assistance, Invoice protection etc.
Review the insurance provider:
It is very important to review your insurance provider while renewing your policy. If you are not happy with your current insurance company, you can opt for another. First, decide on your coverage and the maximum premium you can pay, then compare various policies available in the market. Choose based on the convenient purchase process, low-priced plan, easy and hassle-free claims process, user experience and customer reviews. Finally, make sure that the insurance company is certified by the Insurance Regulatory and Development Authority of India (IRDAI).
Check for a No-claim bonus:
If you have not claimed your car insurance policy in the current year, in such cases, car insurance providers offer a No-Claim Bonus (NCB). NCB is an incremental benefit and can go up to 50% if no claim raised for five consecutive years. Make sure that you check if your insurance provider has added the NCB to your policy. Even if you decide to change insurance provider, the NCB stays intact.
The above points to keep in mind during car insurance renewal will help you navigate through various insurance policies and choose the best policy suitable for your needs.
If you are looking to buy a new or renew your existing insurance policy, click here to know more about various insurance plans offered by Kotak General Insurance.
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