Comparison of car insurance renewal policy
Let us assume, a person by the name of Mr. Nikhil Kumar, a Mumbaikar, purchased a stylish Hyundai Santro car a year back. His policy is about to expire on 30th September, 2015. In a bid to find and compare available renewal policies for his car, Mr. Kumar visited the portal of GIBL and furnished his and his car’s details. His car details are, a 5 seater Hyundai Santro , AT, petrol with a cubic capacity of 1086. Mr. Kumar made a claim in the first policy year and he opted out for voluntary deduction.
Upon furnishing all the information Mr. Kumar got hold of 15 car renewal policies to compare with. When he started to compare policies on the basis of beneficial features, he found only 3 policies offer all those facilities that he was looking for. Here is a table of top 3 car insurance renewal plans.
Most car insurers tend to raise the price of renewal on or some days before the stipulated renewal date. A lot of car-owners faced a sudden hike on the day of renewal , simply because insurers are well-aware of the fact that car-owners have no option but to grab them by paying more. Hence, it is prudent to start looking for a car renewal policy at least two months in advance.
A week or two can be spent on searching, finding, comparing and selecting the best motor insurance renewal plan so that the renewal policy can be acquired at least 45 days before the lapse of current policy. Even if insurers raised the renewal rates at the time of renewing car policy it won’t be a matter as the policy has already been renewed at a reasonable price.
While comparing a myriad of car insurance renewal schemes, car owners invariably come across a plethora of features on offer by insurers. Since the requirement varies from one car-owner to another, it is prudent for motor insurance renewal seekers to narrow down on features they they need and opt out those costly plans with extensive features that are not relevant for them. This ploy can save them a good amount of money.
expiry of the existing policy, the new policy will come into effect only when the former one ceases to exist. This means the money that car-owners paid for premium earlier will not be lost.