Tips on Getting a Discount on Renewal of Car Insurance

Every year, we have to renew our car insurance to adhere to the law of the land. We all want to get the best deal out of car insurance. The question is how we can get the best deal? Here we are sharing some cool tips on getting a discount on car insurance renewal.

Get online and compare different policies

The internet world gives you a plethora of deals not only for your apparels, gadgets or groceries but also for the best premium rates on car insurance plans. Different car insurance policies have different premium rates. You can snatch out the best comprehensive car insurance only when you compare the different plans online. So, whenever renewing your car insurance plan, always go online and Coverfox.com will be your ideal platform to locate the best deal.

Make use of your accumulated No Claim Discount

This is relevant when you are renewing your car insurance plan. If you have not made a claim in the past year(s), you are eligible for a no claim discount in renewal premiums. This discount accumulates every year when no claim is made and the rate increases. You can get up to 50% discount on your renewal premium if you don’t make a claim in 5 successive policy years. Amazing, isn’t it? So, when you are renewing your policy, use or ask for any accumulated no claim discount on your car insurance renewal policy and reduce your renewal premiums.

Don’t use car insurance for small claims

The no claim discount is promised only when you don’t make a claim in the previous year of the policy. So, in case of minor accidents or repairs where the loss is very less, resist the urge to make a claim in your car insurance plan. You should pay such claims out of your own pockets. For a minor claim made, you will lose out on the No Claim discount available on renewal. Furthermore, if you have had successive claim-free years, one small claim would wipe out the entire accumulated NCB and you would have to start again. So, try and meet small claims yourself. You would be bearing the expense of repairs but you can get huge discounts on every policy renewal.

Look for other discounts

Car insurance policies give you various types of discounts on premium. If you buy online, you get a discount. If you install safety devices in your vehicle approved by ARAI, you can get a discount. There is a discount if you are a member of a recognized automobile association and so on. So, explore these discount options. Choose a plan where the discount rates are the highest so that you can save maximum on premium payable.

Selection of Voluntary deductibles

There is also a premium discount if you choose voluntary deductible in your car insurance policy. Voluntary deductible represents that portion of the claim which you will have to pay from your own pocket. For every claim, the company would deduct the voluntary deductible from the admissible amount before settlement. Since you choose to bear a burden of the claim, you will get a premium discount. Ensure you choose the voluntary deductible amount which you are happy to pay from your own pocket in time of claim.

How to Renew Car Insurance Online

It is very easy to renew your car insurance online. If you buy the car insurance from Coverfox.com you will get timely reminders to renew your car insurance so you never miss the renewal date and avail full benefits of renewing your car insurance on time. Below is the simple procedure you need to follow:

  • Simply log on to the insurer’s website or insurance aggregator’s website where you can actually see and compare the car insurance plans from different insurers
  • You will have to enter vehicle’s registration and previous policy details on the website
  • In seconds, you will be presented with your personalised car insurance quotes from different insurers. Select the plan that suits your requirements.
  • After the best car insurance plan is selected, you can make the payment and the policy document will be emailed to you almost instantly. The hard copy of the car insurance policy will be sent via post within 5 to 7 working days.

The Philosophy of Car Insurance

The World is full of dangers and threats, and a lot of these risks can be found on Indian roads. Every day, we subconsciously evade these threats and dangers but sometimes we get an unpleasant surprise and fall into the trap of danger and find ourselves in deep trouble. These are situations where Car Insurance acts like a guardian angel to get you out of trouble and mitigate the financial burden. Although third-party policy covers the legal requirement, it is strongly recommended to get a comprehensive car insurance policy for the best financial protection for your car and your wallet. You can use the tips mentioned above and get a great discount on your car insurance renewal in addition to getting the ideal car insurance plan.