Owning a vehicle comes with its own set of responsibilities. Vehicle owners should take care of their vehicles to ensure that it delivers high performance. Moreover, they should also abide by the traffic laws while driving their vehicles. According to the Indian Motor Vehicles Act, it is mandatory for the car owners to purchase a third-party car insurance policy. A third-party car insurance policy covers your legal liability for the damage your vehicle may cause to someone else’s property in case of an unfortunate accident. While purchasing a car insurance policy, it is always advisable to settle for a comprehensive car insurance policy. A comprehensive car insurance policy includes the mandatory third-party coverage as well as provides protection against car accidents, calamities, and theft.
It is essential that you ensure the timely renewal of your car insurance policy. With the help of prominent insurers, you can renew your car insurance policy online from the comfort of your home. Make sure that you initiate your Bajaj Allianz car insurance renewal before its expiry rate, otherwise your policy will be considered as a break-in policy. In such a scenario, car insurance companies may inspect your vehicle and this can also lead to an increased car insurance premium. Now that you are well aware of the importance of timely renewal of your four wheeler insurance, let’s have a look at certain factors that you must consider before renewing your car insurance policy.
Choose your car insurance plan
Before you renew your car insurance, choose the type of plan you wish to go for depending on your requirements and budget. You can review your existing insurer based on the premium and coverage of your car insurance policy. Consider whether the service provided by your existing insurer was worth the money. If you aren’t satisfied with the service offered, you may consider switching to a different insurer. It is always recommended to opt for an insurance policy with wider coverage. You can also customize your car insurance by opting for add-ons that match your requirements.
Check the No Claim Bonus
Insurance providers in India offer a bonus amount to their customers for every claim-free year. The bonus amount is deducted from the total premium and can decrease the premium amount significantly. If you switch to a different insurer, the no claim bonus will be transferred to your new insurance company.
The market value of your car
The depreciation value of your car plays a crucial role in defining the premium amount of your car insurance policy. Knowing the market and depreciation value of your car can help you negotiate better with your insurance provider.
Claim settlement process
You must always opt for an insurer with a smooth claim settlement process. Moreover, you should also check if your insurance provider offers cashless facility. By opting for cashless facility, you can skip the hassle of paying accidental bills from your own pocket and getting it reimbursed from your insurer.
Before purchasing a new insurance policy or renewing it, make sure you research a lot online. You can also compare various car insurance policies and settle for the one that best suits your needs.
Also know what is third party car insurance before you buy the policy.