Whether it’s car or bike insurance, there are certain things that you need to be careful of. One important thing that you need to check is the vehicle insurance policy expiration date. Every insurance policy comes with an expiry date, and it is important to renew it before this to avoid the policy from getting lapsed. You can either visit the insurer’s office or simply renew the policy from the comfort of your home. In the section below, we will take you through some smart ways for vehicle insurance renewal in India.
Tips to Renew Vehicle Insurance Policy
As a vehicle insurance policy is mandatory according to the Motor Vehicles Act, it is important to have an active policy at all times. This prevents you from getting penalised for not carrying a valid vehicle insurance policy. Thus, it’s very important to renew your car/bike insurance policy on time. Some of the best ways for its renewal are as follows:
- Keep a Check on the Expiry Date: It is very important that you check the car/bike insurance expiration date. This will help you understand when to renew the plan and avoid the chances of policy lapse.
- Compare the Plans: When renewing a vehicle insurance policy, you should compare the options provided by insurers. Doing so will let you choose a suitable plan at affordable premium rates. Moreover, during the renewal process, you can upgrade the plan in case you are dissatisfied with the existing one. So, use the renewal period to get a car/bike insurance policy that best matches your budget and coverage requirements.
- Choose the Online Process: There are many insurers in India, including ACKO, that offer a digital process when it comes to buying or renewing a vehicle insurance policy. It is advisable to choose the online process as it is time-saving and cost-effective.
- Choose Necessary Add-ons: To enhance your policy coverage, you can include add-ons. Some of the add-ons available include No Claim Bonus Protector, Zero Depreciation Cover, Key Loss Cover, Consumables Cover, etc. However, remember to include add-ons only if they are required because the more add-ons you include, the higher your vehicle insurance policy’s premium will be.
- Opt for Deductibles: Another thing you need to consider while renewing a vehicle insurance policy is whether to include deductibles or not. There are many insurers offering vehicle insurance plans that let you choose deductibles. The deductibles refer to the amount the policyholder agrees to pay from their own pocket during the claim settlement process. Thus, It is better to include deductibles to pay lesser vehicle insurance premiums.
- Include your Accumulated NCB: No Claim Bonus, or NCB, which refers to the bonus paid out to policyholders for not raising a claim in a given policy year. So, if you have any accumulated NCB during the renewal period, make sure to get it transferred if you are switching your policy.
- Check the Availability of Network Garages: Network or cashless garages are those where you can get your vehicle repaired without spending anything from your pocket as the insurer directly settles the bills at these garages. Thus, if you have not enquired about the cashless garages earlier, do so during the renewal period. The availability of a higher number of cashless garages is beneficial as in the event that your vehicle is damaged, you can get it repaired without worrying about how to arrange the expenses.
- Look for a Higher Claim Settlement Ratio: If you plan to switch your vehicle insurance policy during the renewal, then look for insurers that have a higher claim settlement ratio. This is because a higher claim settlement ratio indicates the insurer’s efficiency in settling claims. In addition to the claim process, you should also check the customer support service provided by your insurer. Always choose an insurer with a 24*7 customer support team to answer your queries whenever required.
Take Away
The aforementioned tips will make your vehicle insurance renewal process smoother and hassle-free. So, follow these tips and make sure not to miss the expiry date of your car/bike insurance policy.
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