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3 Ways to Reduce Car Insurance Renewal Costs

By Finserv MARKETS - Aug 14,2019
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Effective Ways to Reduce Car Insurance Renewal Cost

Whether you are buying a new or second-hand car, having car insurance is essential. Most importantly, in a country like ours that has terrible roads and never-ending traffic, renewing our insurance policy is mandatory.

Many insurance providers allow you to renew car insurance online on their official website. The online policy renewal process is quite straightforward and takes only a few minutes.

However, most people avoid renewing the policy due to rising car insurance premium rates. Since the value of your vehicle depreciates every year, why doesn’t the premium amount lower too? Instead, insurance premium rates have been increasing in recent times.

In such a situation, you should look for ways to reduce your car insurance renewal cost instead of avoiding to renew the policy altogether.

Following are three practical ways in which you can do so.

1. Renew the Car Insurance Policy Before It Expires

Renewing your four wheeler insurance before it expires is one of the simplest ways to reduce the associated costs. As a matter of fact, if you happen to forget to renew the policy before the said interval, you might have to buy a new insurance plan.

In other words, you will have to go through the vehicle inspection process and cannot utilize the No Claim Bonus

2.Do Not Make Claims for Minor Damages/Loss

Remember, you can get up to 50% of NCB in case you have never made a claim. With the NCB, you get an excellent discount on your premiums, thus saving money on car insurance renewal.

For instance, imagine your car gets a small dent due to a parking mistake. The repairing expense here is comparatively lower than the accumulated NCB. Hence, it would be a wise decision to pay for this repair instead of making a claim.

Not only can you save the accumulated bonus but can also secure a good deal when renewing your car insurance policy.

3.Buy and Compare Premiums Online

Today, almost everything is available on the Internet. Thanks to the boom in internet technology, we can now buy groceries, home décor, and expensive gadgets online from the comfort of our home.

Generally, when making an online purchase, we search and compare different deals offered by various companies. The same can be done when buying a car insurance policy.

Buying car insurance policy online will allow you to compare different premium rates offered by various providers. Based on the offers, reviews, popularity, claim settlements and other factors, you can then choose a deal that is most suitable to your requirements.

One of the most significant advantages of buying car insurance online is that you get hefty discounts on the premium rates.

The Bottom Line

In India, having motor insurance is mandatory by law. Hence, if your car insurance is about to expire, you might as well renew it online in a few simple steps to stay protected on Indian roads.

The Bajaj Allianz Car Insurance at Finserv MARKETS allows you to benefit from features like cash-free servicing and round the car roadside assistance. Keep your vehicle safe by paying affordable premiums.

Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522