Renewing your car insurance is essential for keeping your vehicle protected. However, many make mistakes during renewal, which can result in higher premiums or inadequate coverage. To ensure your car insurance renewal goes smoothly, avoid the following common pitfalls:
Common Mistakes to Avoid When Renewing Car Insurance with Maruti
1. Not Reviewing Your Existing Policy
Before proceeding with your Maruti car insurance renewal, always review your current policy to ensure it suits your needs.
Check for updates
Has your car’s value changed?
Reassess coverage options
Consider whether additional coverage, like third-party liability is needed.
Reviewing your policy helps avoid paying for unnecessary coverage and ensures protection.
2. Opting for Lower Coverage to Save Money
Many drivers opt for the lower coverage policy or reduce coverage to save on premiums. While it’s important to save, reducing coverage can leave you exposed if an incident occurs.
Balance cost and coverage
Saving money is essential, but cutting coverage can result in more significant costs down the road.
Consider your car’s age and condition
Older cars might not need comprehensive coverage, but essential protections should still be in place.
Adequate coverage can save you from hefty out-of-pocket expenses in case of damage or accidents.
3. Failing to Compare Policies Online
Renewing your car insurance without exploring other options could mean missing out on better deals or coverage. Comparing car insurance online helps ensure you’re getting the best value for your money.
Use comparison tools
Websites allow you to compare multiple policies and find the best fit.
Look for savings
Insurers often provide online savings for renewing online.
Investing time in comparing policies can save you money while ensuring better coverage.
4. Not Updating Personal Details
Ensure your personal details are up to date when renewing your policy. Failing to do so can affect your premium and coverage.
Update details
Address, driving history, and vehicle modifications should be accurate.
Claims history
Any claims you’ve made should be reported correctly to avoid issues with future claims.
Correct details help prevent inflated premiums and ensure accurate coverage.
5. Ignoring the No Claim Bonus (NCB)
The No Claim Bonus (NCB) is a valuable savings for claim-free drivers. Many policyholders forget to claim it, missing out on potential savings.
Check NCB eligibility
If you haven’t made a claim, you might be eligible for significant premium savings.
Transfer your NCB
If switching insurers, make sure to transfer your NCB.
Don’t let this bonus go unclaimed. It’s an easy way to save on your policy renewal.
6. Overlooking Add-ons
Add-ons provide extra protection for specific situations, such as breakdowns, zero depreciation, or personal accident coverage. Many owners overlook these add-ons during renewal.
Review available add-ons
Assess if you need extra coverage like breakdown assistance or accident cover.
Choose wisely
Opt for add-ons that make sense for your needs and vehicle condition.
Selecting the right add-ons can enhance your policy and provide peace of mind in unexpected situations.
7. Neglecting the Correct Insured Declared Value (IDV)
The IDV is the maximum amount an insurer will pay if your car is stolen or damaged beyond repair. Many overlook adjusting it to reflect the current market value of the car.
Check the IDV
Ensure it matches your car’s market value.
Avoid underinsurance
A low IDV could result in less than the car’s actual value.
Regularly reviewing and adjusting the IDV ensures fair compensation when needed.
8. Not Checking for Renewal Reminders
It’s easy to forget about renewing your insurance, but missing the renewal deadline can leave you uninsured. Set a reminder to avoid missing the renewal date.
Set reminders
Mark the renewal date on your calendar and set an alert.
Auto-renewal
Consider setting up automatic renewal with your insurer to prevent coverage lapses.
Staying on top of renewal dates is key to maintaining continuous protection.
9. Ignoring the Payment Methods
Payment methods can affect your premium costs and convenience. Many insurers offer online payment options with savings, while others may charge extra for instalments.
Opt for online renewal
Online renewals often come with savings, making it a cost-effective option.
Review payment options
If you choose instalments, check for additional charges.
Choosing the right payment method can save money and streamline renewal.
Conclusion
When renewing your Maruti car insurance, avoid these common mistakes to ensure the best value and coverage. By reviewing your policy, considering add-ons, updating your details, and checking the IDV, you can make a smarter decision. Partnering with a trusted insurer like Bajaj Allianz General Insurance Company ensures you’re always properly covered.
