Save money while renewing motor insurance policy…

We all want to save money. Whether it’s squeezing the last bit of toothpaste or spray the last perfume shot on our clothes, we’ve all done a bit to save money wherever we can, especially in this highly inflating economy. Similarly, when we buy car insurance policies our major concern is how to save money while purchasing or doing car insurance renewal. But there are lots of ways to save money while buying or renewing your motor insurance policy. Here are tricks that can help you not only get a comprehensive coverage but also save lot of money while purchasing or renewing your car policy:

Policy Comparison:

With internet storming into the lives of people things have become rapid fast and made their lives easy go. Today, with the help of online comparison sites you can compare policies in terms of benefits & features, discounts, deals, flexible payment modes, hassle free claims etc. Many people think car policy is a financial burden by government and thus don’t compare it during the time of car insurance renewal. But, going online and comparing policies will only prove beneficial at the end. The procedure is so simple and hassle-free with the advent of so many websites. Comparing policies will prove helpful and save you money.

Feature Review:

Before renewing your car policy it is important you go through the features of the policy. There might be features that might have expired; you may not need some features or something you might wish to add on it. So, it’s better to have features & benefits review at the time of car insurance renewal so that you remove the unwanted, include the necessary ones and thus save money on your insurance policy.

Policy Expiration:

Policy expiration should be handled with care and concern. Don’t try and neglect the dates given because if there is any price hike or your car meets accidents you will have to bear the losses at both the end. Therefore, it is always advisable to renew it at least 45 days in advance. This way, if a price hike happens in that period, your price is locked in and you don’t have to pay the extra (hiked) amount.

No Claim Bonus:

These are rewards for not claiming your insurance policy in preceding year. No Claim Bonus is always available at the time of car insurance renewal. You can always claim them to curb down your premium policies. This amount will be deducted from your overall quote and you’ll have to pay lesser premium. In around 5-6 years term your No Claim Bonus can decrease the premium amount by upto around 50 percent.

Read Fine Print:

Most of the people just go blindfolded for the cheapest policy available without any assumptions. If you do this without reviewing the fine print it is possible you may skip a portion of policy which might not incorporate your need. Therefore, go through it in detail and understand how your policy will cover you under different scenarios.  For eg, check if you’re covered if someone else is driving car when met with an accident. While renewing policy online there is ample of time for reading fine prints and checking the details on the website of the insurance company as well.

Car Value:

Getting a quote on your car value each preceding year can save hundreds of bucks on your policy renewal. Insurance experts suggest those who use their motor for commercial purpose should always review the value of their vehicle before car insurance renewal. When vehicle owner knows the depreciated value of the car, he or she can easily negotiate well with the insurance service provider on the premium amount and can save money on it.