You must have heard about car insurance and its benefits if you own and drive a car. There is a high chance the vehicle dealer sold your first car insurance policy without knowing your exact coverage requirements. But now, i.e., its renewal, is the time for you to think about what exactly you need your car insurance policy to cover.
Your friends and family might have told you how intimidating the renewal process is, but not with the right set of information. It is, in fact, straightforward wherein your look for a plan that checks the right boxes. Moreover, with the advent of internet technology, you can shop for car insurance online without having to leave your home. Comparison of policies is available at the click of a button, helping you decide what you need. All you need to know is certain information helps your buying decision. Here are a few essential pointers to learn when renewing your policy:
Review coverage and type of policy
Renewal of your car insurance plan is an annual process unless you have a short-term policy, and hence it is the perfect time to review policy coverage. Most people do not know that they can upgrade or even downgrade their insurance coverage based on changing requirements. Thus, you must decide upon the type of insurance policy you will buy. There is complete freedom in doing so.
Car insurance plans are available in two types—a third-party policy or a comprehensive one. When you opt for third party car insurance online, the insurance company provides coverage for legal liabilities that arise during an accident injuring a third person or damaging their property. On the contrary, a comprehensive plan extends this third-party coverage to include any repairs that may be to your car too. Hence, at every renewal, you must assess the scope of your policy and amend it if need be.
Apart from the coverage that can be upgraded at renewal, you can also change the add-on opted earlier. Dropping unnecessary add-ons from your policy helps to lower the premium and take advantage of all those you have decided for.
Comparison of car insurance plans
Car insurance renewal online also enables to compare the available policies with ease. Tools like a car insurance calculator help to shortlist plans from the various alternatives based on the features and at the same time ensure the policy fits within your budget, thus balancing its cost vis-à-vis the benefits.
Knowing about essential policy features and terms
When renewing your policy, you must revisit the policy features that are essential for you, e.g., a cashless facility. With this facility, the repair costs falling under the policy scope are paid directly by the insurance company to the network garage facility.
Apart from policy features, some crucial policy terms like the Insured Declared Value or IDV must be reviewed. Since it is critical when your vehicle is stolen or damaged beyond repair, a year-on-year review will help to know how much compensation will be received if things go down south.
Lastly, do not forget to review the deductibles too. Reviewing them helps lower your insurance premium by opting for the voluntary deductible. * Standard T&C Apply
These are some factors that can help ascertain what needs to be considered during online car insurance renewal. Also, note that Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.