Know How Renewing Your Car Insurance Can Minimize Your Financial Loss

The government has emphasized the benefits of having a valid car insurance policy. Using the Bajaj Allianz car insurance renewal also saves a good amount on the overall premium. We as a consumer love to save our money. We won’t mind if we have to walk an extra mile to save some penny. But when it comes to car insurance, we genuinely believe that we have the best and continue with the same product. Here are some valuable tips that can minimize your financial laws while you opt for renewing your car insurance.

Use no claim bonus

If you use good driving skills, it can result in a claim-free year. From the insurance, you can get a no-claim bonus. This particular no-claim bonus can be accumulated year after year until the premium reaches a limit of 50%. You can also utilize this no claim bonus to minimize The premium by 50% of the payable amount. The best way to accumulate this no-claim bonus is by avoiding the small claims. Moreover, you need to pay for the expenses like bumps, dents, or any scratches from your pocket. The no-claim bonus you accumulate would provide you a higher benefit than the amount you spent on the repairs.

Opt for voluntary deductible

Every motor insurance provides the premium payers with an added advantage. If the individual agrees to pay out a particular percentage of the claim, then in return, the insurance would reduce the amount of payable premium. By agreeing to this condition of voluntary deductible, one can minimize the financial loss on any insurance renewal, including the Bajaj Allianz car insurance renewal. For instance, from the slab of Rs. 2500, Rs. 7500, Rs. 15000 you can opt for a discount of the premium ranging from a percent of 20% to 35% or even higher. This voluntary deductible would benefit people who dwell in the area where there is less vehicle population. It leads to fewer accidents.

Install anti-theft device

The anti-theft device increases the level of security of your car. Insurers who would provide you the car insurance policy would look for this sign, and they also offer an added reward of discounts on the payable premiums. However, the installation of this anti-theft device is certified by the Automotive Research Association of India, which tends to bring down the premium of the renewal policy by 2.5 %.

Go for timely renewal.

You must consider renewing your car insurance policies. You can also opt for a Bajaj Allianz car insurance renewal policy that provides the user with auto-renewal convenience. You can also renew your car policies 45 days before the actual expiry. If you continue your car insurance policy beforehand, you need to lock the premium rates for the entire year for yourself before any price rise influences them. Moreover, the renewed policy coverage would be keen once the existing policy expires. In this way, you won’t find any gap in the insurance coverage, and all your benefits would remain intact.

Moreover, the Government of India has enforced the people to have a valid insurance policy. While you implement the steps mentioned earlier, you can save yourself from substantial financial loss. However, you can enjoy this from the comfort and convenience of your home, which is a Win-Win situation of saving money and staying insured. But when it comes to car insurance, we genuinely believe that we have the best and continue with the same product. Here are some valuable tips that can minimize your financial laws while you opt for renewing your car insurance. The no-claim bonus you accumulate would provide you a higher benefit than the amount you spent on the repairs. 

Read More: Credit Options: Loans for Unemployed