Decode Car Insurance Policy Premium Ingredients

In India, having a car insurance policy is mandatory. If you own a car, then it is a must for you to get at least a third party liability insurance to cover for the loss/damage done to third parties (people/property) by your car. However, having just the third party insurance will not provide coverage to you & your car and therefore you should opt for a comprehensive four wheeler insurance policy, which provides coverage to you, your car as well as third parties. A car insurance policy is usually issued for a period of one year and it is your responsibility to renew your car insurance policy before its expiry date. Your insurance company also sends you constant reminders so that you do not miss the renewal of your policy. In India, you have the liberty to make changes in your car insurance plan when you renew it. For example, you might want to change the sum insured (SI), opt for add-on covers, change your insurer, include some accessories to the policy etc. Here are 5 things you should keep in mind while renewing your car insurance policy for the first time: 1)  Compare different car insurance plans: You might choose to change your insurer during the renewal process depending upon the services provided by your insurer to you in the first year of your car insurance policy. We recommend that even if you are satisfied with the customer care services of your insurance provider, a car insurance price comparison of various plans available in the market will help you get a car insurance policy with maximum coverage and affordable premium rates. 2)  Consider including add-on cover(s): After having driven your car for 1 year, you might have felt the need to include a few add-on covers to your existing car insurance policy. We at Bajaj Allianz, offer numerous add-on covers which can enhance the coverage of your car insurance plan:

• 24x7 Spot Assistance
• Lock and key replacement cover
• Accident Shield
• Consumable Expenses
• Personal baggage
• Conveyance benefit

3)  Add the accessories of your car to the policy: If you have added any accessories like electronic items, CNG/LPG kit, and fiberglass fuel tank or if your vehicle configuration is altered after you have taken the policy, then you should inform your insurer about the same during the renewal of your policy. Your insurance company can assist you in adding these accessories to your car insurance policy, so that they are covered in case of an unfortunate incident, which might cause damage to them. 4)  Check your NCB: NCB is No Claim Bonus, which is the discount provided on the OD (Own Damage) premium of your car insurance, if you have had a claim-free policy year. So, if you have filed zero claims in the first year of your policy, then you are eligible for 20% discount on your OD premium during car insurance renewal . 5)  Communicate your address change: If you have moved from one state to another or your address has changed, then you must inform the same to your insurer, so that any sort of communication from them to you is never missed and your policy document has your current address. Please ensure that you renew your policy before its expiry date in order to get uninterrupted services from your insurer. However, if for some reason you have missed the renewal of your car insurance policy in time, you can still approach your insurer, who will be happy to help you with the delayed renewal process. You can visit our website and get the best quote for your car insurance online and free of cost. You can save this quote and retrieve it later whenever you need it.