5 Tips to Save Money on Car Insurance Renewal

save money on car insurance renewal

Every auto owner thinks buying car insurance online is a big headache. But, if purchased carefully, buyer can save some handsome amount of money on premium and also own some added benefits at the same cost. Below are five tips which customer can keep in mind while renewing his or her motor insurance online:

  • Compare Different Online Vehicle Insurance Policies

It may look like a hectic tack and continuing with your current plan may seem to be the best decision. But, comparing various online insurance products through several websites makes this procedure hassle-free and easy.

  • Read Policy Documents Carefully

It is advisable to read the policy fine print and know the hidden clauses while purchasing car insurance coverage India. Go through each detail and understand their implications to avoid any kind of hassles in the long run.

  • Know Your Car’s Value

Calculating your vehicle’s value can save you from paying out large motor insurance premiums. Insurance experts suggest auto owners to calculate their car’s market value before renewing their policies. When vehicle owner knows the depreciated value of the car, he or she can easily negotiate with his or her insurance service provider over the premium amount and can save a lot.

  • Avail No Claim Bonus

Car insurance policyholder is rewarded by the insurance company in India for not registering any motor insurance claims under his or her existing plan. If you have no claim bonus, then do not forget to claim it when your policy matures because it can decrease the premium amount by up to around 50 percent over the years.

  • Claim Higher Deductibles

Industry professionals always advised that by claiming higher deductibles, insured can decrease the premium level which is paid later. The term ‘voluntary deductible’ means the amount policyholder pays at the time of car insurance claim. In case insured pay a higher voluntary deductible, then he or she can save some money on premiums.

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