Things to keep in mind when renewing four wheeler insurance for the first time.

Car insurance renewal is no longer the daunting task it used to be. This is especially true if you’ve purchased your motor insurance plan from an InsureTech company. Such firms will do everything they can to make the process easier and ensure you are able to renew your policy with ease.

However, there are certain things you need to bear in mind when your car insurance renewal date is around the corner. This article will highlight these points of consideration to ensure you renew your policy like a pro!

To begin with, know that you can switch your insurance provider.

Maybe a friend has told you about a better motor insurance plan or you are not satisfied with the customer support of your current provider. Whatever the case is, you can move to a new insurance provider.

You can change the type of plan as well.

Your policy is either a third party policy or a comprehensive plan. Maybe you opted for third party insurance not knowing what it was and because it was cheap and now you want to the complete protection of a comprehensive plan. It could be the other way around too, maybe you purchased a comprehensive plan and it’s proving to be too costly. Approaching the renewal date is also the perfect excuse to consider changing the type of insurance policy you have.

You could be eligible for a discount on the premium!

That’s right, if you did not make a claim during the first year of your policy, you are entitled to a 10% discount on the renewal premium. This discount is known as a ‘No Claim Bonus’. This discount will keep increasing for every year you go on without submitting a claim. It will get canceled when you make a claim against your motor insurance plan.

Add protection.

Upon renewing your policy, you have the option to include more protection to your existing four wheeler insurance plan. You could choose to protect your NCB by purchasing an NCB protector. Maybe you’ve changed your parking spot and your car now lies below a tree, you should choose to purchase the windscreen cover add-on to protect yourself from the cost of falling branches.

There are plenty of add-ons to choose from, and one should go through each of them at the time renewal to insurance and check if you want to include them to your policy.

You have a grace period.

A grace period is usually a window of around 30 days (it differs from one insurance company to the next) after the expiry date of your motor insurance plan wherein you are allowed to renew the plan without paying any penalty. However, if you fail to renew the plan within this period, your policy might lapse and you might have to pay a penalty or have to get your car re-inspected to get in insured. You might also have to pay a higher premium and forfeit your NCBs. So, make sure you renew your car insurance policy before the grace period is over.

Hope these pointers make it easier for you to handle the renewal of your car insurance policy. Good luck and drive safe!