Top 6 Car Insurance Renewal Checklist to Follow

Meta-Description: If it is time for your car insurance renewal, you need to be aware of certain things which will help you snag the “best deal”. Read on to find out.

If the time is coming for your car insurance renewal, then keep a few things in mind to maximize your benefits and minimize your premium. We list out six such points, bearing which in mind you will stand to gain a lot.

  • To reap the benefits of time, go in for a long-term policy, which will not only help you avoid the hassle of renewing your policy every year, but you will also stand to gain financially from discounted premium. And do not for a moment be compelled to renew your car insurance policy from the same insurance company from which you first bought the policy. You are at liberty to switch loyalties to a company which renews your policy at a lower premium than your present company. You will also not lose on the no-claims bonus as its benefits can be carried over to the new company.
  • Be on the lookout for the best premium being offered. If your current insurance provider is not giving you a satisfactory discount on renewal premium which you feel you deserve, then check out how much premium other companies are charging for the same service. If you come across a company which will be more cost-effective for you, feel free to switch allegiance. 
  • If you have not raised a claim during a year by driving safely and responsibly, you will be entitled to what is called a no-claims bonus. This can be a huge saving on your car insurance renewal premium as it can go from 20 percent right up to 50 percent.
  • Do some research on the reputation of the insurance company from which you are planning to renew your car insurance. You can check out public forums and social media for reviews of the company’s performance and its claims settlement ratio.
  • At the time of your car insurance renewal it would be prudent to check out the offers from different companies regarding the insured declared value (IDV) of your car and the renewal premium they will be charging. IDV is the maximum amount, or the market value of the vehicle – which is calculated by deducting the depreciation at the time of accident from the cost price of the vehicle – beyond which the insurance company will not bear any liability. It is imperative that you honestly declare the right make, model, manufacturing year of your car to the new insurance provider, or risk rejection of your claim totally at the time of raising it.
  • In this day and age of cut-throat competition, insurance companies come up with alluring add-on offers, or complimentary perks, at the time of your car insurance renewal. You will really have to do some diligent research on it to find out which company is offering the “best deal” on your bumper to bumper insurance so that you go in for the best.