|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
For a car owner having an insurance policy is the way to safeguard from being financially off foot at the time of an uncertain event of car theft or an accident.
Thanks to Insurance Regulatory and Development Authority of India (IRDAI), for approving insurance companies, and web aggregators for making the process of – comparing, buying, and renewing insurance policies easier online.
Before proceeding further how to get car insurance renewal online, I am going to share, why you should renew in the first place.
Why you should renew your car insurance policy online
A. It's cheaper: Buying and renewing car insurance online is cheaper as compared to offline. Online process lowers the operational costs and is transferred directly to the customer, eventually making online cheaper.
B. Paperless work: With less documentation involves less paperwork. Additionally, you receive a soft copy of policy in your inbox, thereby, making it less paperwork.
C. Comparing multiple options: In life, we don't have many options when it comes to making a decision, but fortunately with a number of companies being online and so the web aggregators, buying and renewing an insurance policy comes with multiple options to choose from. You can simply compare and buy the one which you find most appealing as per your needs.
D. Instant policy: Once you select the company to buy from, with just one click you will receive the policy, instantly and much faster than buying offline.
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
Steps to get car insurance renewal online
Provided you are buying or renewing Comprehensive or Package policy and not just third-party liability policy, these are the steps to follow while renewing your car insurance online:
1. Compare plans: Compare plans offered by the different insurers online.
a. Check Insured Declared Value (IDV) of your car suggested by different insurers, as it differs from insurer to insurer.
b. Check Premium break ups. How much is the IDV and what is the premium charged.
c. Compare NCB discounts available. If you have not made any claims.
2. Adding Add-on covers: Different add-on covers are provided by the insurer to add more value to your policy. Check how the premium of each insurer changes when you additionally buy add-on covers.
3. Checklist of cashless garage: Check the list of cashless garage, see if any of the insurer has a nearby cashless garage to your location.
4. Before Finalizing: Read carefully about the cashless garage network. Additionally, you must read reviews, if available, of each insurer, and only then make a final decision. If you have made any claims with your current insurer and you are happy with the claim process and support, it would be better to continue with your current insurer.
5. Payment: Fill up the renewal form. If you are already a customer of the site, login into your account and click on the renewal option form, fill up the details. Recheck all the data filled up in the form, and proceed for payment.
Each website has got safe and secure payment gateway to buy one.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|