How To Reduce Car Insurance Renewal Cost?
As they say, buying car insurance is as important as owning a car! It is one of the
most basic things as a result; it should be purchased along with the car itself. All inadvertent incidences like accidents, third party damage or damage in natural calamities are covered with help of motor insurance. Buying your dream car is comes with a few evil yet essential necessities. One of these necessities includes buying and renewing your car insurance policy. As you know, any insurance policy has to be renewed after a certain span. Both these things burn quote a hole in your pocket. However, a few wise decisions easily save your money and the cost of insurance renewal as well.
Tips to cut back on the car insurance renewal cost
Whether you are renewing your older policy or buying a new one, follow a few simple rules of thumb. Here are some of the things you can do:
" The first thing to do would be to compare various available options. Seek quotations from various insurers and check their rate of premium, coverage type, renewal period and claim procedure. These premiums depend on the year and place from where you are purchasing your car and the car model.
" Another excellent way to reduce the cost on renewal or new purchase is by increasing the payable amount during claim settlement. It might sound impractical, but increasing the deductible during the claim makes you save money on your car insurance policy
. However, you need to be pretty sure about your budget before setting up the sum for deductibles.
" Keep a check on the collision coverage, especially with your old or used vehicles. It"s a coverage that pays for vehicle damage caused by your own mistakes. You need to get rid of collision coverage. Practicing safe driving is easier than paying extra premiums for this coverage.
" Buying various types of insurance plans from various providers creates confusion and increases your expenditure on insurance. Choose and stick to a reliable insurer who provides affordable and inclusive plans for various needs. If you have many policies at one provider, then you also avail special discounts and low cost premiums on car insurance.
" Online car insurance renewal
is another option to save money rather than buying new insurance policy. There is no dearth of online insurance policies with affordable premiums and easy online renewal and claim settlement proceedings. They help you manage several of your policies and pay online premiums at your own convenience.
" Most intelligent thing to do is to drive carefully which avoids most accidents and helps you avail no claim benefits. Such rewards go a long way when it comes to saving money on vehicle insurance renewal. You get special discounts or waivers if you go without a single traffic violation for a specific timespan!
These tips might not be too cost cutting, but they will successfully save your money and additional expenses on vehicle maintenance each year.
by: Manish Gupta
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