5 Benefits Of Renewing Your Car Insurance Policy On Time

benefits renewing car insurance policy coverage on time auto insurer

Having a car is an experience in itself as it let you drive independently on the roads, it allows you to travel with your family anytime, and to any destinations you wish. However, the journey can take a twist at any point in time, and this may or may not be your fault. A mistake on the part of others can also entwine you in an accident. Hence, it is mandatory to get yourself a comprehensive car insurance policy so that you didn’t need to incur any unfortunate financial losses on the roads and drive safely with your friends and family. 

Just like sending your car periodically to the car service center, it is vital to renew your car insurance. If you take an in-depth look at the car insurance policy of India under the Motor Vehicle Act 1988, it is compulsory to get your car insurance renewed at time. The car insurance policy gives coverage for a limited period of time, and they need to be renewed before the expiry date. Now drive your cars hassle-free on the roads by renewing your car insurance from turtlemint

Know About Your Car Insurance Policy

Car insurance policy has multi-facet aspects, and one must be aware of several angles before finalizing one. Initially, a car owner should do detailed research regarding the same from online. It is better if someone plans to proceed with a car insurance policy that has a comprehensive approach in covering all critical issues. It must have coverage for natural disasters like flood, earthquake, landslide, cyclone, etc. On the other hand, human-made tragedies like fire, theft, riots, burglaries, etc should also be covered. Not only a comprehensive car policy should be the lookout, but one must even consider getting it compared with other similar car insurance policy. If often happens, a comparable policy may cost lower than the one you are planning to purchase. 

Make Changes During Renewal

There are always scope for improvement and development during the renewal of car insurance policy. It might happen that you aren’t happy with your present car insurance policy and need some added coverage. During the renewal of your plan, you can add riders to upgrade your policy. To some extent, these car policies also depend on the insurer you select. Added features on a car insurance policy may include engine cover, zero depreciation cover, cover on accessories, and many other things. Therefore, it is not necessary to stick to the same insurance provider while you are renewing your car insurance policy. 

Get An Idea About IDV

There are numerous things that can give you a total financial setback if you don’t have your car insured properly. Breakdowns, car accidents, repairs are unforeseen events that can happen at any point in time and a comprehensive car insurance policy with an affordable premium rate is the solution to your problem. But equally, you must be aware of the IDV when you are dealing with any vehicle insurance. The full form of IDV is the Insured Declared Value. It merely means the present market value of your vehicle calculated after making a deduction of the depreciating value. In some instances like total constructive loss, theft, or damage beyond repair, a policyholder can claim the maximum amount within the policy period. The highest sum paid by the insurer for a vehicle insurance policy determines the value of IDV. It applies to all kinds of vehicles, and a four-wheeler like a car also comes under this. 

Learn About No Claim Bonus (NCB)

Car insurance policyholders can avail this benefit in case, he hasn’t made any claims through his car insurance policy. This is like a reward given to the car owner for being cautious and vigilant with his car. The discount on this premium gets accrued over time. The discount may vary from insurer to insurer and hence, it is better to check all the facts and details about NCB before taking a car insurance policy. Typically the discounts start from 20% in the first year and go up to 50% in the fifth consecutive year, without any claim. 

Get Yourself Secured

Why it becomes so crucial to renew the car insurance policy on time? If you look at the primary reason, then it will get a car owner a sense of security when he is driving on the roads. He can drive down the streets with confidence, and it will not clutter his mind with thoughts of financial collapse on account of accidents on roads. All the benefits mentioned above can be accessible to a policyholder if he renews his car insurance policy on time. If not, then a rider must be prepared to face fatal consequences. Starting from initial financial losses on accidents, thefts, calamities, etc; a car owner will not be able to avail the benefits of no claim bonus. After the lapse of the policy, the new scheme might elevate the prices further. Also, there are chances that a particular insurer of your choice might reject your proposal to buy a policy from them if the gap after the policy lapse was for a long duration. 

Final Thoughts

It is mandatory to have a car insurance policy in India to assure safety for both the rider and vehicle. Renewing your car insurance policy as is significant as buying a new car insurance policy. You must be prepared to renew your car insurance policy in a year. For the welfare of the policyholders, the car insurance company will notify them through a call, message, or email in advance. A policyholder can be cautious on his part by maintaining a track regarding this on a diary or mobile. One must be aware of the basic details of a car insurance policy and must be ready to renew it before the expiry date.

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