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One Year On From MVA, Do Not Forget To Renew Your Vehicle Insurance

Automobile insurance is a very important and hassle-free process that barely consumes at any time

Friday September 11, 2020 6:31 AM, ummid.com News Network

Insurance Renewal

Vehicles are machines that tend to breakdown and wear off with time. You need to send it to the service center for routine checks, get some damage repair, or in case of an unfortunate accident, get the whole damage repaired. All these processes incur a bank-breaking bill.

That­’s when car insurance becomes a much-needed necessity. Vehicle insurance is not merely something that you need to have to stay on the right side of the law but is an effective way to save money.

There are so many elements to a car or bike insurance that can potentially save you a whole lot of cash. Especially while renewing your insurance policy, there are a lot of things you can look out for.

This blog has some tips to make the best of your insurance renewal. Let’s dive right in and find out the details!

Self-Service

New India loves quick and efficient solutions for everything. Whether it is ordering food, or to renew car insurance online, modern people have resorted entirely to the virtue of the World Wide Web.

The insurers have made online renewals extremely convenient for the consumers. Gone are those days of getting in touch with insurance agents or visiting the company office to initiate the renewal. Now you can easily visit their website, check for the details, and make an informed decision.

Renew Your Coverage

There are several insurance companies in India, providing several amazing benefits for your vehicle. Once your current insurance is about to lapse or has lapsed, you can go ahead and browse through different insurance policies by different companies and choose for the one fitting your requirements.

If you continue with the same policy, this would be a great time to buy add-on covers. These covers will increase the premium by a notch but will be beneficial during claim settlements.

Choosing IDV

Insured Declared Value or IDV is the current market value of your vehicle. It is the total amount you will receive in case of a total loss, which is irreparable damage, fire, theft, etc. It has a direct impact on your insurance premium. It is necessary to make the right decision while choosing your IDV. Low IDV can leave your vehicle completely uninsured in case of a total loss, or increase your premium beyond affordable levels, which might be good when you renew bike insurance. Be mindful of your budget and requirements before selecting this value.

Discounts and Bonuses

If you have an anti-theft device installed in your car or bike, you can avail of some discount on your premium. The device should be approved by the Automotive Research Association of India. Apart from this, some insurers provide no-claim bonuses in which your premium price will reduce. In case of no claims for consecutive years, your premium can reduce up to 50%. Look out for these policies in your insurance coverage and make sure to avail them during the renewal.

Automobile insurance is a very important and hassle-free process that barely consumes at any time. Get your insurance renewed or if you want to make a switch, do it at least one week prior to the expiry date to prevent any unsafe period for your or car or bike!

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