Car Insurance Renewal : Car Insurance Policy has two parts. The First is Third-party Liability And The Second is on Damage Cover.Â
Third-party liability covers damages caused to another’s vehicle. It is mandatory to take it. At the same time, the on-damage cover provides protection against damage to your vehicle. This is an optional feature.
In today’s era, for most people living in urban or urban areas, a car has become more of a necessity than a status symbol. In such a situation, a large number of cars have been sold within the last few years. For many of these people, taking out car insurance every year seems like a burden. Today we are telling you that by taking care of some special things, you can avoid the extra burden by buying your car insurance cheap ( how to get cheap car insurance ).
Occur in motor insurance policies are two important parts of
motor insurance ( Motor Insurance Policy consists of two parts). The first is third-party liability and the second is on damage cover. Third-party liability covers damages caused to another’s vehicle. It is mandatory to take it. At the same time, the on-damage cover provides protection against damage to your vehicle. This is an optional feature. However, people do take it.
Let us now know how the premium of car insurance can be reduced…Compare policies from multiple insurance companies
Know the insurance cost before buying a new or used car. The car insurance premium is decided keeping in view the cost, cost of repair, safety record and apprehension of theft. Many insurance companies offer discounts. This may reduce your premium slightly. So, compare car insurance policies of multiple companies instead of a single company.
Get the renewal of insurance policy done on time
The process of renewal of car insurance should be started before the expiry of the tenure of the earlier policy. This will save the hassle of survey and the charges on it. Actually, after the completion of the term of the existing car insurance policy, most of the companies first conduct a survey of your car when the renewal process starts. Every company charges a different fee for this. At the same time, time is also wasted.
The premium of car insurance is reduced with the help of No Claim Bonus ( NCB ). While renewing the insurance, you should check the insurance value or Insured Declared Value ( IDV ) of your car . This is a very important parameter to reduce the premium. While insuring you through IDV, you also get to know the resale value of your car.
The benefit of premium with no claim bonus is that the
car insurance is effective for one year. After that it is renewed. You have to pay premium for a longer term, but coverage is taken on a yearly basis. If you have not made any claim in any one year, then you can take no claim bonus for that year. No claim bonus can range from 20 to 50 per cent of the premium.
NCB of the old car will be transferred to the new car
If during the year you have not made any claim and this has saved your no-claim bonus, then you can also get the NCB transferred to the new vehicle while buying a new car. Also, if you train run safely crash ( Road Accidents remain) and traffic rules ( Traffic Rules will not violate). This also reduces your insurance premium.
Premium will be reduced on
installing an anti-theft device By installing an anti-theft device like a central locking system or an alarm, the insurance company can give you a discount of up to 2.5% on the on-damage premium of a motor insurance policy. This discount can be up to a maximum of Rs 500. At the same time, if you are a member of an organization like Automobile Association of India or Western India Automobile Association, then you can take a discount of 5 percent (up to a maximum of Rs 200) in car insurance premium from insurance companies.
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