Car Insurance Renewal
Apart from coping with other necessities of life like loaf, clothing and shelter, it is with great difficulty that one can afford to spend on any other sudden financial problem arising out of an uncertain future. One such problem could be your and your family’s facing sudden financial crunch in case of your car having been stolen, damaged or having met with an accident, resulting in your individual injuries, damages to care or, God forbid, in the death of self or a third-party.
On the one hand compensation vis-à-vis self injuries, damages to car and loss may not be that less, yet third-party compensation, the full and unlimited liability of the insurance company, may run into several lakhs of rupees. Here you ought to know that all remedies relating to claims of your compensation are on the vagaries of your car insurance renewal obligation.
If you have not renewed the car insurance cover in time, all the talk of getting compensation is future futile. Your all benefits under the policy are gone for one single act of negligence of non-payment of insurance premium within the stipulated time. So first and foremost care whiling while buying a car is to go in for a comprehensive car insurance policy together with third-party insurance cover and then ensure that it is renewed every time in time to avail its benefits.
Online Car Insurance Renewal
There are two ways to go in for car insurance renewal. One is to be in touch with an the insurance company by going to their office to call in the company’s representative at a destined place, and complete the formalities face to face with the help of their representative. The other option is to go in for insurance renewal online. It is preferable to opt for online insurance renewal.
You can call for free online quotes and analyze them sitting in the luxuries of your house. Although renewal can be affected with any insurance company, yet it is advisable to stick to one company and go in for renewal with the company you have got car insurance cover. As there is some amount taken by all companies to settle claim, changing the company for renewal could be time-consuming and costlier. Whereas opting for the same company could prove to be beneficial to you in the following ways.
No Claim Bonus (NCB)
a) NCB is short form of ‘no claim bonus’. The facility of NCB is a part of insurance policy.
b) NCB is correlated to renewal of insurance policy. At the time of renewal of car insurance policy, if in the previous year you did not have any claim on the policy, you could be offered NCB upto 50%. In a way, NCB is reward for your good driving and is crucial to get you better return on your insurance renewal cover.
c) Facility of NCB can be availed of even if you go in for renewal with another insurance company.
d) NCB is rewarded to the owner of the vehicle
Strictly To Note
While buying car insurance two things are strictly to note:
a) One should buy at the earliest a comprehensive car insurance plan with third-party cover
b) One should always remember to renew the insurance policy
By James Clapton