Car insurance is mandatory in India and you must remember to pay car insurance renewal premium timely. If you forget to pay the renewal premium you can land into legal as well as physical, mental and financial trouble. If your policy in not in place and your vehicle meets with an accident you cannot claim the policy. On the top, if third-party is affected you can be legally implicated. Generally, your insurance provider would remind you a few days prior to you due date. You can pay the renewal premium online also and save your time and effort.
What if I want to change my car insurance provider?
Getting the insurance renewed does not mean you need to get it renewed from the same policy company. If you are not satisfied with the services of your existing provider you can definitely go for other service provider.
Why and when to change your provider?
Low premium as compared to existing provider: If you think that you have been highly charged by the existing provider, then compare the renewal premiums and services offered by other policy companies and then take a decision.
Better claim procedure and services: If you had a bad claim settlement experience with your prevalent insurance company and are not satisfied with the services being provided, then you should definitely change your provider.
Get a copy of NCB offer: If you are entitled to get No Claim bonus discount on the premium, then demand the letter from your existing provider and show it to your prospective insurance company to lower your premium. NCB fetches good discounts on premium and is applicable only for Own Damage part.
Change the provider when your old policy is about to expire: If you terminate your policy mid-way you may end up bearing more cost of the insurance. Hence, the right time to change the provider is just before your renewal premium is due.
How does car insurance calculator work?
Every insurance company employs it own methodology to derive coverage premium. Hence, the premium may vary from provider to provider. The elements that are taken into consideration are vehicle details such as cubic capacity of the engine make and model of car, state of registration, installation of safety devices, NCB discount. In addition personal details of the driver are also required. If your renewal premium is about to expire, take action now.
Kirti Saxena is a web enthusiast and a writer for different areas including insurance and banking and numerous other sectors. For more information visit: Car Insurance Renewal and Car Insurance Calculator .