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Know the Different Ways to Save Money on Car Insurance Renewal

Posted September 1, 2020 by EasyFinance.com to Insurance 1 0

A car owner requires to safeguard his or her car against all risks. Physical damages to the vehicle can cause hefty financial losses if one is careless or does not repair the damage on time. However, this is not the only part of keeping your car in good condition.

Ways to save money on motor insurance renewal

  • Understand your requirements before you renew motor insurance

Many of us believe, mainly those are new to car insurance, that the policy can be bought at random. It could imply you went to the market with a shopping list, closed your eyes and bought things without giving any thought. Probably some of these things might be useful for you, and others will be useless. Likewise, before purchasing a motor insurance policy, you should ensure that you note down your needs and then start looking for an appropriate policy. It will help you to prevent buying covers that are of no use to you, thus reducing the unwanted expenses.

  • Online

Nowadays, buying any product online can be done in a few minutes. You require an active internet connection and a computer or a mobile phone. Buying online car insurance renewal is not only comfortable but also cost-effective as compared to offline methods. The reason behind this is, the insurer is spending money only on managing a website instead of hiring agents, training them to sell the product. Some digital insurers spend even a smaller amount on managing a company and give a discount to you.

  • Compare

As lots of insurance companies offer their policies online, you can evaluate them for cost, services, and coverages. When you compare motor insurance online, you can buy a policy that will be better features and economical.

  • Find out details of your NCB

When you go for car insurance renewal, you might be eligible to a discount called as No Claim Bonus, if you have not made any claims in the previous year. NCB can go as high as a 50 per cent discount if you do not file a claim for five successive years.

  • Install a safety device

An insurance provider will grant you an additional discount if you fit an anti-theft device in your car. In this way, you should be a responsible customer for taking care of your vehicle and lowering the chances of filing a theft claim. If you are planning to get any such security device installed in your car, do inform your insurance provider about the same.

The approaches to getting a discount on car insurance are easy. You will get not only a cheaper insurance policy but also the one that offers complete financial protection in case of an adverse event. Remember to read the car policy renewal document thoroughly before making any payments.

  • Set the appropriate IDV

When you buy a car insurance policy do include the cost of repairing your car, one of the things you will have to do is to set an IDV. It is an acronym of Insured Declared Value. To set the accurate IDV, consider your car’s estimated current market value. Remember, setting a higher IDV will increase the cost of your policy, and setting a lower IDV will lead to a lower claim amount in case of irreversible damage or “total loss”.

If you are seeking instant renewal with seamless process, consider the LGI LivMobile App for enjoying the features of One-Click Quote, e-locker, and Click It Claim It.

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