Best Tips to Save Money on Car Insurance Renewal

Whenever a person buys a new car, he has to also apply for an insurance policy. Buying an insurance is not a one time thing, a person has to keep renewing the insurance policy before it lapses. A lot of car owners consider this renewal system a pain as it needs time and most of them do not trust the online renewal system or find it very complicated. What they do not realise or know is that if they use the online renewal system they may end up saving a good amount of time and money on premium and also get added benefits at the same cost because it is quick and hassle free.

To get benefits from the online renewal system, a person has to be careful while purchasing the insurance. One can take the following tips into consideration to save money while renewing their car insurance online.

Compare Various Online Car Insurance Policies

Thanks to the internet, a person can now check up various car insurance policies provided by different companies, compare them side by side and then choose the best product online. It helps them in getting the maximum benefit from their chosen policy. Most insurance companies have their own websites and their customers get the benefit of using their online insurance policy renewal facility. On the websites, a person can easily calculate their premium by using the insurance premium calculator. A person must always compare the car insurance policy quotes of different companies during renewal.

Enlighten Yourself on Required Documents

One should always read and enlighten themselves with the fine print of the car insurance policy they decide to purchase it. They must understand all the terms and conditions mentioned in this document in detail. It helps one discover the hidden clauses and become familiar with them. This knowledge of the same helps to avoid any problem in future.

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Be Familiar With Your Car’s Value

If a car owner knows the value of his car, the knowledge helps him save a lot of money on the premium. The car owner should calculate the present value of his car by comparing it to it’s market value at the time of renewing his insurance policy, this helps him figure out the depreciated value of his car which enables him to negotiate with the insurance company on the premium of his chosen car insurance policy.

Get No Claim Bonus

No Claim Bonus (NCB) is a discount on premium provided by the insurance company to the car owner if they have not made any claims during their car insurance policy period. If a person is eligible for no claim bonus, then he should claim it during the policy maturation period. This reward can lessen the premium amount considerably through the years.

Ask for High Deductibles

Asking for higher deductibles during renewal can help a person decrease their premium amount. If a person pays a high deductible, while claiming his car insurance policy, then he can save money on premium. Paying high deductibles could be risky for a customer, so he should increase his deductible to an amount which is affordable for him.

These are just a few simple, quick to follow suggestions one can use to save money while renewing their . Car owners love their cars a lot and hate to see any harm come to it. To ensure the car is free from all possible harm, owners should keep their car insured and renew the insurance policy on time.

GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017

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Best Reasons To Buy Car Insurance Online Reviews

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  • Universal Sompo Car Insurance
    "Good Insurance"
    0.5 5.0/5 "Blown Away!"
    Taken my car insurance from Universal Sompo because the premium is less when i compared to other insurance provider, they have provided me a IDV value of Rs. 4 lakh. When i have done the cashless claim, they have sanctioned in 2 days. I'm getting renewal message in prior when the policy is getting lapsed. This is a first party insurance policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 20, 2020
  • Reliance General
    Reliance General Car Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My friend has referred me about the car insurance from Reliance. I pay the premium amount of Rs. 10,200 for this policy. This is a third party insurance. My friend is working as a agent and he will renew the policy. I have not approached them for any kind of claim. They use to send the reminders to renew the policy.
    Was this review helpful? 0
    , tirupur
    Reviewed on Feb 20, 2020
  • Oriental Insurance Car Insurance
    "One of the best policy"
    0.5 5.0/5 "Blown Away!"
    My car insurance was selected from Oriental insurance since the branch office is located to nearby my office. I pay the premium amount of Rs. 6000 for that they are providing me a IDV value of Rs. 2.8 lakhs. This is a first party insurance. Even though i don't have any claim experience, they have not provided me any no claim bonus.
    Was this review helpful? 0
    , guwahati
    Reviewed on Feb 19, 2020
  • National Insurance Car Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    For the economical and low premium purpose, i have chosen the two wheeler insurance from National. I pay the premium amount of Rs. 7000 every year and they are giving the IDV value of Rs. 4 lakh. I used to renew the policy in the branch nearby located to my place. I have no claim experience till now.
    Was this review helpful? 1
    , kolkata
    Reviewed on Jan 30, 2020
  • National Insurance Car Insurance
    "Excellent policy"
    0.5 5.0/5 "Blown Away!"
    TATA AIG car insurance is pretty awesome policy. So I have taken my car insurance from this company because they are providing me a bumper to bumper offer, comprehensive policy even if the car is 7 years old and this is the only company who provides this facility. To apply the claim is very easy in a single call. They have provided me 100% claim.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 28, 2020
  • United India Car Insurance
    "Secure and fast claim"
    0.5 5.0/5 "Blown Away!"
    My car insurance was purchased from United India and i have been renewing the policy with the same company for last 5 years. My claim experience is very fast and there is no struggle in getting the claim. The person will come to the spot by the next day once we applied the claim. I got the claim upto 90%. I have been receiving the no claim bonus also.
    Was this review helpful? 1
    , kochi
    Reviewed on Jan 22, 2020
  • Royal Sundaram Car Insurance
    "Money waste policy"
    0.5 1.0/5 "Really Bad"
    I have taken my car insurance from Royal Sundaram at earlier but I'm not satisfied with their services. When i applied for my claim, they have taken most of the part and they didn't provide the cashless claim in their garages. Quality of service is not that much good. I bought the policy through online. They didn't promised their word.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 21, 2020
  • Oriental Insurance Car Insurance
    "Need to improve the service"
    0.5 4.0/5 "Great!"
    ORIENTAL INSURANE has provided a car insurance and they have provided me a better offer with the better quotation including the bumper to bumper offer so that i took the same and till now i never spoke with the customer care also. I have not approached for them for any claim. They have offered me a coverage value of Rs. 3.5L. I have renewed the policy in online.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 21, 2020
  • United India Car Insurance
    "Service is good"
    0.5 4.0/5 "Great!"
    Took my car insurance from United India based on the agent suggestion. I pay the premium amount of Rs. 3600 its because of the no claim bonus and some extra discounts. I have not applied any claim till now. From 7 years, i have been renewing the policy with the same company. They will give reminder call and I'm getting SMS from United India before the policy expiry.
    Was this review helpful? 1
    , jaipur
    Reviewed on Jan 16, 2020
  • New India Car Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    Chosen my car insurance from New India since its a government sector company and i have a known person over there. There is no cashless claim i had because there is a delay in that and it takes almost 1 week. They are giving claim upto 70% since my vehicle is old one. I pay the premium amount of Rs. 12500 on every year. They said they are providing a road side assistance and no claim bonus facility.
    Was this review helpful? 2
    , coimbatore
    Reviewed on Jan 16, 2020
  • Liberty Car Insurance
    "Wrost service ever "
    0.5 1.0/5 "Really Bad"
    My car in total loss and they have reject my claim. 2 months they have investigate case and after they reject. they says your car is sold by you . i am saying i have not sold and i have proof but they dont want to listen us. never buy from liberty insurance.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Jan 13, 2020
  • Iffco Tokio Car Insurance
    "Good Insurance Policy"
    0.5 4.0/5 "Great!"
    I have a zero claim experience for my car insurance from Iffco Tokio. Actually my friend has suggested me to take the car insurance from Iffco Tokio because he is working as a agent over there. I have paid the premium amount of Rs. 8000 for that they are providing the coverage value of Rs. 2.75 lakhs. I have no idea about the road side assistance and no claim bonus.
    Was this review helpful? 1
    , vapi
    Reviewed on Jan 06, 2020
  • New India Car Insurance
    "Good Insurance company"
    0.5 4.0/5 "Great!"
    Taken my car insurance from New India Assurance. When i purchased the car from the showroom that time they have provided this insurance which i'm continuing. Till now i didn't claimed anything and i have no idea about the coverage value. They are giving good customer support and wish to continue the same.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 06, 2020
  • Reliance General Car Insurance
    "good service"
    0.5 5.0/5 "Blown Away!"
    I have chosen Reliance insurance as my friend is a franchise. I have taken a third party car insurance from them. I pay the premium of Rs.3000 on yearly basis. Even though it is a third party insurance, I can get upto 15lakhs. I will not get notification for renewal. I pay the premiumthrough online or directly to them.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 27, 2019
  • Reliance General Car Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken a car insurance from RELIANCE GENERAL INSURANCE. It has some good benefits and the premium is low. I pay Rs.7,000 on yearly basis and also as no claim bonus options. It also includes garage benefits. I have no claim experience yet. I will get notification regarding the insurance from car showroom not from the insurance provided. I pay through online or cheque.
    Was this review helpful? 2
    , chennai
    Reviewed on Dec 22, 2019
  • Reliance General Car Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    Chosen my car insurance from Reliance. Because their office near by my work place, so that its easy to renew the policy. They have provided me IDV value of Rs. 4.50 lakhs and the provided premium amount was Rs. 9,500. This is a third party insurance. I have not applied for any claim till now. I have got the no claim bonus of 30%.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 20, 2019
  • Shriram Car Insurance
    "Good Plan"
    0.5 5.0/5 "Blown Away!"
    1 month ago, i have purchased the car insurance policy from Shriram General Insurance. Since the premium amount was less, i have chosen the same. They have given me a documents on the same day. I have not got any no claim bonus. I have paid the premium amount of Rs. 19000. Its a third party cover policy.
    Was this review helpful? 2
    , chennai
    Reviewed on Dec 20, 2019
  • Iffco Tokio Car Insurance
    "Good Claim experience"
    0.5 4.0/5 "Great!"
    Earlier i had a car insurance with Iffco Tokio and had a claim experience. Since the premium amount is high and the IDV value is less hence i have changed the policy by next year. They have processed the claim in one week. They have cover upto 100% and i have paid only Rs. 500. I have paid the premium amount of Rs. 50000 for the coverage amount of Rs. 7.40 lakhs.
    Was this review helpful? 1
    , chennai
    Reviewed on Dec 18, 2019
  • Bajaj Allianz Car Insurance
    "Easy policy to take"
    0.5 4.0/5 "Great!"
    From Bajaj Allianz, i have chosen the car insurance policy. Its easy to claim hence my friend had recommended me about this policy. I have paid the premium amount of Rs. 30000. They are giving a IDV value of Rs. 6.90 lakhs. Its a zero depreciation policy. I do not have any claim experience as of now.
    Was this review helpful? 1
    , chennai
    Reviewed on Dec 18, 2019
  • Oriental Insurance Car Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    Chosen my car insurance from Oriental because their office is located next to my office. I had a claim experience once and it was very good. They have provided the claim immediately as per the spot instruction. They provided me a 100% since its a zero depreciation policy. I used to visit their branch to renew the policy.
    Was this review helpful? 1
    , coimbatore
    Reviewed on Dec 17, 2019
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