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How To Save On Renewal Of Motor Insurance Policy?

Though, having a motor insurance policy is mandatory according to Motor Vehicle Act. It is also imperative to maintain the policy so as to gain timely benefits and save, at the same time. 

Here’s how you can save on renewal of your motor insurance policy - 

1.While, buying motor insurance for your vehicle make sure to compare policies. You can do your research online as it will give you access to several lenders to compare with. 

2.Take into account the Insured Declared Value (IDV) which is also known as the maximum assured sum of the motor insurance policy and is calculated by making an adjustment to the market value of car sans their depreciation. It is the amount you can claim if your vehicle gets damaged beyond repair or is stolen and is well coordinated with the premium. Conceptually, higher IDV leads to higher premiums and vice versa. 


3. Redeem your no claim bonus to get up to 50% discount upon renewal of your policy. Several no claims accumulated over the years can be used to redeem to get heavy discount on the policy.

4. Make sure to renew your insurance policy at the right time to save unnecessary charges. 

It must also be noted that there are several benefits to renewing your motor insurance which include -

You can protect the vehicle against man made calamities, natural disasters, and legal interest. You gain access to several bonus and perks such as from no claim policy and can save better. Most importantly you get the peace of mind and security from renewing the policy.  

Related Read: Guide to Save Money on Motor Insurance Policy Renewal


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