When you go to a store to buy something, you look for items that have high quality yet pocket-friendly. The same thing goes when purchasing car insurance; you look for the best deal before signing up for one.
You don’t necessarily have to don’t have to pay higher premiums contrary to what most people think when the time of renewal arrives. Below are some tips so you can save money when renewing your car insurance policy.
The internet is an excellent tool for renewing the right car insurance. It’s a perfect platform that provides access to various plans offered by insurance companies. Just visit your preferred insurer’s website, and in a few clicks of a button, you have a comparison table to look at.
Filter the plans based on your requirements, and for sure, the aggregator will recommend the best policy that provides adequate protection and safety at a very competitive price.
Calculate The Accurate IDV
The Insured Declared Value (IDV) is the maximum coverage amount to be honored and paid by the car insurance policy. It computed by deducting the depreciation amount of the vehicle to its market value.
In case your car gets stolen or irreparable, the IDV is the amount of money you can expect to receive from your car insurer. A higher IDV equates to a higher premium. So make sure to correctly calculate your vehicle’s IDV to avoid spending too much money on premiums.
Make Use Of Accumulated NCB
Policyholders who have maintained good driving records are rewarded in the form of NCB or No Claim Bonus. For each claimless year, you are entitled to receive the NCB. This reward can lower down your premiums by up to 50%.
Consider Higher Voluntary Deductible Amount
Most insurance providers offer premium discounts when a policyholder opts for higher voluntary deductibles.