As per the motor vehicle act, it is mandatory for every car owner to have enough car insurance. There are several plans from various companies that offer different features for different premiums. Hence, the moment one needs to go for the renewal of the plan, he needs to check some of the basic features that can help him decide which insurance cover or policy will be the best for his car and fits into his budget too. Here are some points that can drive one to have the most viable option.
What aspects to consider before renewing your car insurance plan?
- Check the policy features before going for it: For any customer, it is necessary to check the insurance plans offered by various companies before selecting any of them. The market has many sellers and companies in this segment, and each of them has plans with different features. If one wants to have a plan which can offer true value for money, it is necessary to check them in depth. Good amount of research in a particular plan can help one focus on the aspects that can be more useful to him in terms of the needs of his car.
- To save an extra amount, go online for buying of policy: In this age, one can buy an insurance policy from an agent or directly from the website of the company. If one goes for an insurance policy that is sold online, he can save ample money in the form of commission which is distributed from the upper level to the last agent. This commission is a good amount if one looks at the percentage. Hence if one goes for the online application and policy, he can save around 20% of the premium amount. This point can help one get the benefit in terms of new policy or renewal also.
- Ease of claim and cashless claim: The buyer must check if he can avail cashless claims, or he will have to go for the reimbursement in case there is a claim. It would help in remaining prepared in case of any unforeseen event. If the company does not have any provision for a cashless claim, one can think of going for some other company that can offer the same. Hence in case of an accident, he needs not to pay any amount from his pocket and wait for the reimbursement of his own amount from the concerned insurance company. One can also check the process of claim settlement with the help of an agent or someone who may have already got experience with the same.
- Check claim settlement ratio: For any buyer, it is needed to check the claim settlement ratio first. It helps one to know if the company offers easy claims to the clients in case there is any claim, or it is known as non paying one. A lesser claim settlement ratio shows that the company is much stringent in clearing the claims. Hence, one must avoid buying policy from such a company. To know the claim settlement ratio of a company, one can check its website or the website of regulatory authorities. From the viewpoint of a customer, the claim settlement ratio is essential.
- Get useful add-ons: One needs to check the plan in depth so that he can know its ins and outs. If there are some add-ons that can offer excellent value addition to the plan, one needs to go for it. These add-ons can be such as zero depreciation cover, discount options, membership discount etc. One can check the same before finalizing any of the plans with any of the insurance companies. If one is not sure about any specific add-on, he needs to get the same checked on the internet, on the site of the company, or even on the site of regulatory authorities. One can also ask an expert for the same if he is not able to understand the add-on in any case.
So, these points can help one get the best insurance policy at the time of renewal also. For a car, The Renewal of The Policy is also as good as a new one, and if one is not satisfied with his current service provider, he can surely go to some other service provider for the same.