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Tips To Save Money While Renewing A Car Insurance Plan

IamCheated.com Research Team | April 21, 2018  7:20:pm

If you own a car, you must renew your car insurance every year. You can save a lot of money while renewing your car insurance by following the tips mentioned below.

Compare different policies

While renewing your car insurance, you must compare the policies of different insurers, to get the policy which offers good features at a lower premium. Doing so can help you save a lot of money.  Many people commit the mistake of renewing the policy without comparing. Comparing polices, does not take much time. You can do it easily with the help of online comparison platforms.

Do not forget to read the fine print

To attract more customers, insurers offer you several discounts, but do not fall for such discounts. While buying the policy, you must read the fine print and understand the hidden clauses. Go through the policy in detail and understand how the policy works.

Calculate the value of your car

It is very important to calculate the value of your car, while renewing your car insurance. This can help you save your premium money. Once you get to know the depreciated value of the car, you can negotiate the premium amount with your insurance agent. If the value of the car at the time of purchase was Rs 5 lakhs and after three years the value is 2.5 lakhs, the car has depreciated by 50%. While renewing your car insurance, you must take a policy on the depreciated value of the car.

No claim bonus

No claim bonus is a reward given by the insurer, for not making any claims in the previous year, under your existing policy.  Make sure you get No claim bonus if you are eligible for it. No claim bonus will be deducted from the overall quote and can reduce the premium by up to 50%.

Claim higher deductibles

While renewing car insurance, you must claim higher deductibles, as they can reduce the premium amount. The deductible is the amount you are ready to pay when you make the claim.

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