This video discusses the must do things that you need to do when you renew your car insurance policy
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
