Today’s fast-paced and all “busy” life tend to make us forget a lot of important things. Forgetting to renew auto insurance on time is often one of them. Buying auto insurance and not renewing it on time could cause problems for the insured. Not having an active auto insurance plan is the same as not having one. Having an expired plan means that if anything happened to your car you would not be eligible for the benefits / coverages offered by your plan. However, nowadays, insurers offer several online reminder options that remind you to renew your auto insurance on time.

In addition, renewing your auto insurance plan also allows you to switch to other insurers if you are not satisfied or satisfied with your current insurer. Moreover, this process is simple thanks to the technology. That said, there are some factors that should be taken into consideration when renewing your auto insurance plan.

Evaluate the type of diet: If you’re currently unhappy with your current plan type, the renewal period is a great time to consider switching to another plan. For example, if you have opted for a third-party plan and want to upgrade to a full plan, this can be done during the renewal process.

Compare the different options available: Why stick to one plan if you have hundreds of them? If your current plan does not provide you with the required coverage / support / troubleshooting, you can always consider switching to another plan when renewing your plan. This can be done easily by comparing a wide range of plans available online and finding the one that best suits your needs.

Opt for voluntary deductibles to reduce premiums: Going for a voluntary deductible means that you share a portion of the claim payable out of your pocket. This would eventually reduce the premiums payable to a certain margin based on the percentage of claims you are willing to pay as a deductible.

Check the network garages: Contact your insurer to identify the list of garages in the network that offer cashless options. If your current insurer doesn’t have this option, try comparing online and looking for companies that have connections with your favorite garages or are nearby. This hack can definitely save you a lot of hassle.

Use NCB: No Claim Bonus (NCB) is the reward one gets for being a good driver (i.e. someone who has good driving skills because no claims have been filed). This bonus is accrued annually until it reaches the 50 percent limit. You can make good use of this accumulated bonus to reduce the premium when renewing coverage.

Consider installing anti-theft devices: Having locks gives the insurer a positive sign for your vehicle. Such an act is rewarded with a certain percentage discount on the renewal premium upon renewals.

Renew on time: Renewing your policy on time is the best and most important way to ensure continued coverage and lower premiums, as you lock in your premiums for the coming year and there will be no impact of fluctuations on your rates. insurance premium.

Ultimately, following the guidelines above can help you renew your auto insurance in a timely and efficient manner, and could be a win-win situation not only for the insurer but also for you (as the insurer). insured). Apart from this, one should read the policy documents carefully in advance, as the characteristics of plans and benefits may vary from plan to plan and from insurer to insurer.

The author is the director of Probus Insurance.

DISCLAIMER: Opinions expressed are those of the author and Outlook Money does not necessarily endorse them. Outlook Money will not be responsible for any damages caused to any person / organization directly or indirectly.