Car insurance primarily acts like a mutual agreement between the insurer and the policy holder or the insured. The policy allows the insured to get the required financial coverage against several types of damages caused to the vehicle and the third party liability as well. This is a must have for all vehicle owners, as it is illegal to drive a vehicle without an insurance cover or with a lapsed policy. Nowadays, when it comes to investing in a four wheeler insurance plan there will be numerous options that a person can easily explore. With the online presence of renowned insurance entities, it has become very convenient for a person to buy the desired insurance plan and renew the same on time as well.
Things to remember while renewing your Car Insurance Policy
There are vital things for an owner to remember when it comes to four wheeler insurance policy renewals. It is from the first renewal that the owner analyzes the need for renewal of the policy. So, it makes absolute sense to purchase the best policy that suits your requirements keeping the following points in mind.
Kind of Plan
You should analyze whether you require a Comprehensive Car Insurance Policy or a standalone Third Party Liability Insurance. A comprehensive policy covers own damages as well as third-party liability, whereas a third party policy, a mandatory car insurance policy, covers injuries caused to other people in an accident but not damage to property or vehicle.
Add on Benefits
There are quite a few additional benefits that are available with four wheeler insurance policies and some of them can be more than handy for an owner. Zero Depreciation cover is almost a necessity in a car insurance policy, especially for high-end cars, where the depreciation amount would be much higher than the additional premium payable. Then there is No Claim Bonus or NCB, which is an additional coverage that is provided for not filing a claim during the policy year. So, if you have not claimed in your motor insurance policy for one whole year, close to 5-10% of the IDV is given as a bonus on renewal. So, during four-wheeler insurance renewal, NCB needs to be checked for accuracy if there has been no claim in the previous year.
Portability
If you are considering switching from your current insurance plan to some other one for renewal, you can certainly do that with proper evaluation, keeping your full convenience in mind. But it must be noted that the evaluation process adheres to the Portability Guidelines issued by IRDAI.
Claim Procedure
This is the most important element that defines a good motor insurance policy from an average one. The claim procedure has to be easy and convenient. And hence knowing the same and being aware is a very important factor while shopping for your car insurance renewal policy.
So, look into these aspects while shopping for your four wheeler insurance renewal to get the desired coverage. Additionally, it is advisable to be prompt with your insurance renewal as a lapsed policy means no insurance coverage. Renewal is a must to enjoy uninterrupted insurance coverage.
