Must Do Things During Car Insurance Renewal

By | December 7, 2019

This video discusses the must do things that you need to do when you renew your car insurance policy
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Edited highlights
0:01 This video discusses the must do things that you need to do when you renew your car insurance policy

1:17 Whenever you are renewing car insurance policy check whether you have taken a car insurance claim in the previous year

1:27 In that case you will not be given a no claim bonus

1:30 In case you have not made a claim in the previous year, you will be given a no claim bonus

1:52 No claim bonus is 20% in the first year and it goes up to 50% for after 5 no claim years

2:22 You also need to decide whether you want to take a comprehensive auto insurance policy or just take a third party liability insurance

2:42 This covers damage and theft in the initial years when the impact is likely to be much higher

2:50 During auto insurance policy renewals, you need to compare the premiums of auto insurance policy or car insurance policy

3:04 You need to also compare the benefits and coverage. For instance, are they providing personal accident insurance to the driver?

3:20 Are they providing cover to the passengers?

3:28 Check out on the compulsory deductible since that can vary across auto insurance or car insurance policies

3:45 Deductible is the initial amount that you need to pay from your end when you make a claim. You may find that in companies charging lower premiums, the deductibles are higher

4:13 Also check out the IDV of the vehicle. IDV is the Insured Declared Value

4:23 One company might show a lower IDV and your premium could be lower due to that reason

4:41 You also need to check out whether you can enjoy the zero depreciation feature. In case of zero depreciation policies, no depreciation will be deducted in case of a claim

4:57 While metal and rubber parts, the depreciation is 50% while for metal parts, the depreciation is based on the age of vehicle.

5:13 In the first 6 months of the car, there is no depreciation. From
6-12 months it is 5% and it is 15% when the age of the car is 1-2 years

5:28 If you are adding the zero depreciation feature, the insurance company will like to inspect your car

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