Understanding Car Insurance Renewal

Understanding Car Insurance Renewal

- in Automotive

Car insurance is recommended because it effectively handles the aftermath of an accident, theft or third party liability. Annual car insurances are in demand, but few insurance providers have half-yearly car insurances depending on the customer’s requirement. All the policies must be renewed by the stipulated time as agreed while securing the policy.

Process of getting a car insurance renewal

Renewing the car insurance is a very easy process. The renewal date of the insurance policy is separately communicated to its valuable customers by the insurance provider. The renewal dates depend on the date the car insurance was worked out and the length of the policy period i,e., either yearly or half-yearly. If the renewal date is not personally communicated to you by the insurer, you can always refer to the Product Disclosure Statement (PDS). Ensure that you are always renewing in advance. Generally it is advised to renew 45 days before the expiry of the insurance policy.

If you wish to continue with the existing insurance provider, you can review the policy by verifying that all the information provided to the company is legitimate. If any modifications are done to your vehicle, the insurance provider must be notified of the changes prior to renewing the policy. Depending on the new addition to your vehicle, the insurance provider will supply you the modified rate.

If you wish to decamp from the present insurance provider, it is important to communicate the same to the insurance company prior to the renewal date. By the following simple steps, one can renew his/her car insurance renewal online:

  • Contact your insurance provider
  • Book an appointment for vehicle survey. The surveyor employed under the insurance provider will take a look at your vehicle prior to deciding on the premium for the current year.
  • This result is only valid for 24 hours; one should renew the policy within 24 hours of inspection.
  • Decide if you want to continue with the existing policy or choose a new policy.
  • Compare different policies and evaluate their benefits in case you are not satisfied with your existing policy.
  • Decide if you would like to enhance the existing coverage with add-ons.
  • If you have not made any claim in the previous year, check whether you are eligible for a no-claim bonus. A no claim bonus can reduce the premium cost for the current year.
  • Important details such as the change in marital status, residential address or use of the vehicle (Personal/ Business purpose) must be mentioned prior to filling the application.
  • Fill in the details online in case of policy change.
  • Make the payment online using a debit card, credit card or through internet banking.
  • Your policy is renewed and the policy renewal document will be mailed to your e-mail id.

Essentials of getting a car insurance renewal

Renewing car insurance online is hassle-free. Contemplating on certain aspects before getting a car insurance renewal online is important:

  • If you are purchasing multiple policies from the same insurance company, you are eligible for a multiple policy discount on the final insurance cost.
  • Some insurance companies provide a choice to add more personality to the existing insurance policy termed as co-passenger cover making it cost effective. Choose the appropriate add-ons while renewing the policy.
  • You can benefit from ‘No Claim Bonus’ if you haven’t made a claim in the past year. This bonus will be deducted from the final premium of the insurance policy.
  • You can always change the insurance provider depending on better coverage, better discounts, adds-on covers offered.
  • Incurred Claim ratio (ICR) is the fundamental factor in choosing the insurance provider. ICR is the number of claims settled to the total number of claims filed for a general insurance company for a given financial year. Switch to a different insurance provider if this ratio is below average.
  • After sale services provided by the insurance company plays an important role in choosing an insurance provider.
  • Installing safety devices in the vehicle or a membership with AAI will lead to low premiums. Customization of the insurance is possible by adding add-on covers to the existing policy.

After a certain time, many policyholders consider switching to a new insurance company based on the numerous offers promising lower premiums. Almost 70% of the total insurance is made up by vehicle insurance. Several insurance providers with incredible insurance policies are available. Customers have an option to choose from the lot to protect their car. To get the best deal on car insurance log on to Coverfox.com and compare car insurance policies offered by top-notch insurers.

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