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"
    0.5 4.0/5 "Great!"
    I have applied car insurance from Universal Sompo through online, my company has provided me this insurance. One time payment i made Rs.23,000 and still there is a no claim and also i 'm getting a no claim bonus for this car insurance. I have given all my documents and they given document also.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 18, 2020
  • New India
    New India Car Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a car insurance from New India because when I taken my car, they have provided the policy from this company and I have been renewing with the same one. I pay the premium amount of Rs. 7,000 and they are giving me a IDV value up to Rs. 5L. I used to renew the policy in their branch office and the response was good. They don't sent any notification regarding the policy expiry.
    Was this review helpful? 1
    , pune
    Reviewed on Mar 11, 2020
  • review Car Insurance
    "Worst exeperience"
    0.5 0.5/5 "Unacceptable"
    1.Fraud company 2.No Transparancy 3.For one accident surveyor asked to intimate 2 claim for zero dept policy 4.disgusting service 5.Customer care doesn't know about the product and dont know the process 6.Making fool to customers by not saying the hidden charges 7.surveyor is non professional 8.Tries to profit the service center by changing unwanted items and forcing customer to pay more than the insurance amount
    Was this review helpful? 0
    , pune
    Reviewed on Mar 06, 2020
  • Reliance General Car Insurance
    "Excellent policy"
    0.5 4.0/5 "Great!"
    I chosen my car insurance from Reliance because the car where I have purchased those guys deal with the Reliance. If something happened I should not be in a trouble so I agree with them. They are providing a good IDV value for my car. They are sending me a notification through the call and SMS. I used to renew the policy at home because the agent use to come to my place for renewing the policy.
    Was this review helpful? 0
    , jammu
    Reviewed on Mar 05, 2020
  • HDFC Ergo Car Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    By online randomly I have chosen the car insurance from HDFC Ergo. Their claim ratio is really good. I pay the premium amount of Rs. 19,000 on a year and they are giving me IDV value of Rs. 1.70L. This is a comprehensive policy which covers for 100%. I have a claim experience which is good but I need to pay the claim fee of Rs. 1000.
    Was this review helpful? 0
    , rajkot
    Reviewed on Mar 05, 2020
  • Magma HDI Car Insurance
    "CHEAP AND BASTERS MAGMA MOTOR INSURANCE "
    0.5 0.5/5 "Unacceptable"
    They are very cheap, kamine type people.They talk with customer very rudely.And they play a trick with customer after accident or during claim.Firstly they not visit.And after one week they visit and hold all work .After two week they will ask that MAGMA want to visit the accident site with customer.Till that time customer become frustrate becs their motive is also to frustrate the customer so that customer deny to take the claim.And one importent thing they will say if customer could not visit accident site with MAGMA then no claim will approved becs their motive is do same. SO NOT TAKE ANY INSURANCE FORM MAGMA.KAMINE LOG HAI GHATIYA KISM KE .
    Was this review helpful? 2
    , gurgaon
    Reviewed on Mar 04, 2020
  • ICICI Lombard Car Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    From ICICI Lombard, i have selected my car insurance because its collaborated with Maruti Suzuki showroom hence its easy to claim the insurance. My claim experience is good and they have sanctioned the claim in 3 days. This is a comprehensive insurance plan. I pay the premium amount of Rs. 12000.
    Was this review helpful? 0
    , ludhiana
    Reviewed on Mar 03, 2020
  • ICICI Lombard Car Insurance
    "Good "
    0.5 3.0/5 "Satisfactory"
    My car insurance was taken from TATA AIG because i am holding the policy with the same company for almost seven months and i have not done any claim so far. Paying the premium amount of Rs. 90000 for the tenure of three years for the car insurance.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 02, 2020
  • United India Car Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    My company has provided me a car insurance from United India. The agent who work with us as a colleague provided me this policy. The premium amount is coming around Rs. 16000. They are giving a coverage amount of Rs. 12 lakh. This is a first party comprehensive plan. I'm getting a no claim bonus and road side assistance as well.
    Was this review helpful? 2
    , mangalore
    Reviewed on Mar 01, 2020
  • New India Car Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My car insurance was taken from New India because i am holding the policy with the same company for almost 30 years and i have done the claim twice so far. My claim experience is really good because they have done a cashless claim upto 90%. I have been paying the premium amount of Rs. 8500 per year and they are giving a IDV value of Rs. 3 lakhs.
    Was this review helpful? 1
    , jamshedpur
    Reviewed on Feb 27, 2020
  • 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 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? 1
    , 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? 3
    , coimbatore
    Reviewed on Jan 16, 2020
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