Below are the points to lower the cost of car insurance renewal:
Compare the Renewal Plan from Various Insurers
At the time of renewal, most of the policyholders select the offer from their existing insurers and do not even compare quotes from other insurers. This may often lose out the probability of getting down the price of car insurance renewal.
It is advisable to compare the renewal quote from other insurers as well. There are lots of insurance brokers available online, which offers online service in order to compare competitive plan from various companies, buy and renew their car insurance policy through one user-friendly platform.
This will give you best deal on your policy renewal.
Get the Benefits, Which are Required
Insurers give many attractive additional benefits in the policy coverage, which may cost more money. It is wisest if the customers select only the specific features which they require and eliminate unnecessary cover they don’t consider relevant.
Grab No Claim Bonus (NCB) Benefit
NCB is the greatest benefit, which any policyholder can gain. This bonus is made if the policyholder does not make any claim during the policy period. NCB benefit is gained as a discount on the premium paid at the time of renewal, which increases with every claim-free year.
Opt for Voluntary Deduction
Voluntary Deduction is the amount that policyholders have to pay during claim settlement. If the customers pay a higher amount towards the voluntary deduction part of the policy, they have to pay low premium for a certain time, which will help in saving the cost of insurance renewal.
Do Early Renewal before expire
Some insurance companies set prefix duration to renew the policy. After closing of the date, they raise the renewal cost. Customers have no choice but to accept the higher price.
One best thing customers can do is to start working towards the policy renewal a minimal of one month prior to the schedule renewal date. So that some time is spent in analysing, comparing and opting for best renewal plan at the reasonable price before the current policy lapse. Generally pre-set time for renewal is 30 days in most of the companies.
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NCB is the greatest benefit, which any policyholder can gain. This bonus is made if the policyholder does not make any claim during the policy period. NCB benefit is gained as a discount on the premium paid at the time of renewal, which increases with every claim-free year.
Opt for Voluntary Deduction
Voluntary Deduction is the amount that policyholders have to pay during claim settlement. If the customers pay a higher amount towards the voluntary deduction part of the policy, they have to pay low premium for a certain time, which will help in saving the cost of insurance renewal.
Do Early Renewal before expire
Some insurance companies set prefix duration to renew the policy. After closing of the date, they raise the renewal cost. Customers have no choice but to accept the higher price.
One best thing customers can do is to start working towards the policy renewal a minimal of one month prior to the schedule renewal date. So that some time is spent in analysing, comparing and opting for best renewal plan at the reasonable price before the current policy lapse. Generally pre-set time for renewal is 30 days in most of the companies.
Get to know more about Motor Insurance
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