Finance

Renewal of Car Insurance Policies

5 comparisons to consider before renewal of car insurance policies

Having car insurance is mandatory as long as you own a car. Whether you buy third-party car insurance or a comprehensive car insurance cover, you will have to renew your insurance every time it expires. Like buying your car insurance online, you can also renew it online with simple steps on the insurer’s website.

However, before you renew your car insurance online, you must keep a few things in mind. You don’t need to buy the same car insurance cover every time. That said, it is good to compare different types of car insurance online before renewing your existing one.

Here are some points to remember when  renewing your existing car insurance cover:

  1. Understand the policy details: Before you start narrowing down an insurance plan, you must research the types of car insurance. There are two types of car insurance – third-party motor insurance and comprehensive insurance plan. You can choose third-party car insurance to safeguard the financial cost of a third-party in the event of injury, death, or property damage to a third party. A comprehensive insurance plan also protects the insured vehicle, the vehicle owner/driver, and the third party. You can claim the cost with a comprehensive insurance plan if the insured car gets damaged by accident or even a natural disaster. Based on this difference, you can choose the insurance coverage you prefer.
  1. Claim settlement ratio: When learning how to compare car insurance and third party car insurance plans, make sure you understand the claim settlement ratio. The percentage of claims that an insurance provider settles in a year out of the total claimed. Each insurance company’s premium rate shows how efficiently similar claims have been processed in the past. Choose an insurance company with a high insurance payment rate, ensuring security for claim settlement if you ever need one.
  1. Insurance amount and type: Always check your insurance status and details in print. Read the insurance company’s terms of service before you purchase the product. This will help you understand what different car insurers offer, and you can choose what suits your needs during renewal.
  1. Additional coverage: Some insurers can extend them with additional coverage. For example, engine protection cover, 24×7 Roadside Assistance and zero depreciation coverage are a few popular and desirable add-ons. You can choose an insurance cover that offers these benefits.
  1. Cost benefits: In some cases, you may get some loyalty benefits if you renew an existing policy from the same insurer. However, it is still best to compare different plans to not miss out on other offers. Car insurance policies – You can also switch between plans or types at the time of renewal.

How can I compare car insurance rates?

You can browse through the benefits of various insurance companies to learn more about the types of insurance they offer and their premiums. You can also consult with an insurance agent to get a quote from multiple insurance companies. Alternatively, you can visit the Bajaj Finserv website to learn more about the types of car insurance they offer. 

Murarish

Founder/ Director of LTR Magazine - Tech Blog For Reviews.

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