Is car insurance renewal a task you always put on the back burner? Here’s the good news, if you are reading this blog, you are already more responsible than a lot of us. The fact that you are reading a blog on renewing your insurance policy indicates that you have one to begin with. A lot of people today are still driving without an insurance policy, and that is not a good place to be. Owning an insurance policy is not only mandated by the Motor Vehicles Act, it can save you a whole lot of money. However, if you procrastinate car and bike insurance renewal, it is as good as not having a policy – putting a lot of things at risk. Here are a few things that can help.
A car insurance renewal policy can be done in the train, on the bus or even while watching your favourite show on TV. All it takes is a few clicks and you are ready to go till at least the next year! Unlike getting the actual car insurance policy, you don’t have to visit an agent or fill up a bunch of forms. Think of it as a 24×7, 365 days service that is available to you at your fingertips. Just login and click renew – pretty much sums up a task that most of us think of as arduous.
In an age of digital savvy customers, it’s obvious to want the best deals and since you have access to reviews and offers, you can check the best suited bike insurance renewal policy for your need – some insurance companies offer additional coverage that is perfect for your need and your current bike insurance policy may not be the right choice. While choosing a bike renewal policy you can opt out of your current policy to port to a better bike renewal policy. It’s the best time to make the switch, since you won’t have to lose out on the policy validity days. If you have not made a claim, make sure to share your no claim bonus letter for a better premium price while renewing.
It’s a no brainer to say that if your policy lapses you are at a high risk and will have to bear your own damages in the case of an accident. However, what is even more detrimental is that the fact that you are breaking a law and you may no longer qualify for a renewal of your policy, you will have to buy a new one altogether. Along with it comes a host of problems including vehicle inspections, loss of no claim bonus, higher premiums and maybe even a fine in case you get got without insurance.
While some insurance providers offer reminder notifications for car insurance renewals, some may not. Your policy could expire at 12:01 am on its expiry date while some providers can give you a grace period from three to 30 days. Always make sure you check for grace period as this differs from insurance provider to provider. There may also be a late fee that you incur during the car insurance renewal grace period.
If you have been in an accident and made a claim, the insurance premium for the next year will increase. It’s in the fine print in your insurance policy document, so always read the document carefully – it’s not just a disclaimer. The premium will significantly increase if the insurer is paying a third-party claim for you, so ride safe and avoid hiked premiums.
Your bike insurance policy is usually valid for a year or a maximum of three years if it is a long-term policy for two wheelers. If your policy lapses, you need to check if you can still renew it during a grace period. If not, the bad news is you will have to start from scratch and lose out on your discounts while buying a new policy. It may cost you more if you delay. If you delay a car or bike insurance renewal, and your vehicle is too old, the insurer can refuse to give you a new policy. So, it’s best to set a car insurance renewal reminder for yourself and save yourself hassles and money later.
Did you know that in the case of a hit and run, and if proven innocent in the accident, the claim you make from the insurer will not affect your car insurance renewal premium since this was a hit and run and not your fault. In the case of it being your fault, some insurers may also give you a free pass if it was your first accident – provided you have that included as an additional cover within your policy.
Refrain from raising claims for smaller costs that you can cover, this will ensure that when you are choosing car insurance renewal policy, the premium will not go through the roof. Premiums increase if the claims from the past have been recorded in your previous year’s policy. You can get a discount of up to 50% when you go for a car insurance renewal policy.
Your car insurance renewal quote also largely depends on the voluntary deductibles that you have opted for. Basically, if you voluntary opt to pay a certain amount towards the repair of your car or bike, then this will be a cause of consideration to reduce the amount of your car insurance renewal quote. But make sure to opt for something that is permissible within your limit and that you are comfortable shelling out.
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