10 Reasons Why You Should Review Your Car Insurance Policy Every 2-3 Years

10 Reasons Why You Should Review Your Car Insurance Policy Every 2-3 Years

When you buy a car, you make a promise to be a responsible driver. You are not only responsible for your own vehicle and its passengers, but also towards the other people and vehicles on the road. As a result, you need to take all the possible precautions. Buying a good car insurance plan goes a long way in protecting your car, its passengers as well as the thirds parties around you. You, therefore, need a good and appropriate cover at all times. However, with time your insurance requirements change. This is why you should review your car insurance policy every few years. Read on to know more.

Reasons Why You Must Change Your Car Insurance Plan Every Two To Three Years

  1. Your car depreciates: Every car depreciates with time. You, therefore, don’t need a higher cover constantly. For instance, if your car was valued at Rs 15 lacs in 2015, you were paying a premium for an insurance plan large enough to cover it. However, your car’s value is only about Rs 9 lacs now. Do you still need to carry on with the same, high cover?
  2. Assessment of riders: Riders are add-on covers you get with your basic car insurance plan. When you renew car insurance, you must assess the need for riders. Every Single rider may not be of use to you. If you have some riders you don’t really use, should you continue with them? This is another reason why you must change your cover frequently to customize it as per your needs.
  3. Comparing helps: Your insurance provider may call you for a car insurance renewal and offer to do it instantly for you.Convenient, isn’t it? Well, even while being convenient, you may end up paying more than you need to. You should compare the available options when you renew car insurance. You will surely find a great and economical deal.
  4. Change the type of cover: It is also essential to review your car insurance plan every few years to ensure you have the right cover. You may currently have a third party plan, but you may actually need a comprehensive plan or vice-versa. Keep this in mind and go for a policy change.
  5. Change the insurer: You may notice your insurer’s credibility go down over the years. You don’t enjoy the same type of customer support. The claim processes are tedious too. You, therefore, need to change the car insurance cover and opt for a different policy from a different insurance provider. You can buy car insurance online India through some of the best insurers.
  6. Deductible: You may be paying too much as premium. Change Your insurance plan and get the deductible adjusted properly for the new policy.
  7. Change of residence: Look for a car insurance renewal if you have shifted your residence. Car insurance costs more in urban areas and less in rural areas. Change your plan and get the correct premium accordingly.
  8. Change of personal details: Circumstances around us keep changing. Life takes many turns and twists and a few years may considerably impact our lives. You need to change your car insurance cover if your personal details have changed. For example, if you got married and changed your name, you need to have a new plan with your new name on it.
  9. Change of vehicle: Look for some good car insurance online India Plans if you have changed your vehicle. You obviously would need a new plan for a new car.
  10. To stay up-to-date: Change is the only constant in life. So rather than sticking to the same, old car insurance plan for ages, keep updating the cover every few years and keep up to date.

Conclusion

As you can see, it is important to consider changing your cover at the time of a car insurance renewal. Keep all the points mentioned above in mind and you will not have any doubts or regrets changing your existing motor insurance policy.