Renewing your mini car insurance policy does not mean spending exorbitantly. In fact, by staying true to certain clever ways you can actually save money while doing so. Read on to understand how you can save significantly and renew your existing four wheeler insurance policy in a successful and cost-effective way.
Everyone loves the feeling and sense of satisfaction you get when you save money. This joy knows no bounds when you save big on things that cannot be avoided. Take for instance, car insurance. When you purchase a four wheeler, it is also mandatory to sign up for a car insurance policy and renew it from time to time. You can do this and save money too. Here are a few ways on how you can do so.
1) Become familiar with your car’s value
When you know the value of your car, you can save in a big way since you won’t have to pay huge motor premiums. The car owner has to calculate the market value of the vehicle prior to renewing the policy. This helps you understand the depreciated value of your vehicle. You can use this information to negotiate with your insurer when it comes to the premium amount you have to pay. This inevitably helps you save.
2) Compare and contrast insurance policies
You can utilize the power of the internet to evaluate various insurance policies that are offered by different companies. You can accordingly select a good third party car insurance online that offers you maximum benefit. It is important to weigh the pros and cons, the kind of premiums that needed to be paid, the add-ons offered and inclusions and exclusions in the cover before agreeing to one.
3) See that you renew the policy before the due date
Waiting for your current policy to expire is a bad idea. It is best to refrain from waiting until the last minute to renew your policy and do so at least 45 days before the expiration date because if a price hike occurs during that particular period, your price is fixed. Under these circumstances, you won’t have to pay any kind of extra amount.
4) Insist on high deductibles
When an individual goes in for a higher deductible, at the time of an insurance claim, s/he can save significantly on premium amount. You need to be careful as it can have its fair share of consequences too. Make sure you increase your deductible to an affordable amount.
5) Take advantage of the No Claims Bonus
Whether you purchase car insurance online or go personally to an insurance company to do so, see that you take advantage of the No Claims Bonus. This bonus is applicable if you have not made any claims in the previous year. It gives you a discount on the premium you pay for. Be certain you claim this benefit during the policy maturation period. This helps to save money in a big way since it can reduce the premium amount to a great extent all through the years.
6) Read the fine print carefully
Rather than purchasing the cheapest policy you find, it is better to go through all the terms and conditions well. This helps you gain adequate coverage for a good price. Understand all the fine print well so that you become aware of what is covered and not covered in your car insurance policy along with hidden clauses . This helps you avoid any unnecessary troubles in the future.
Now you are aware of ways in which you can save money even as you go to renew car insurance online. Knowing and putting into practice are two different things, and you need to follow these to save.