Here are the 10 point car insurance renewal checklist to consider before renewing your policy.
- Type of Plan: ...
- Add-Ons: ...
- Check network of cashless garages. ...
- Deductibles: ...
- No Claim Bonus or NCB: ...
- Claim History: ...
- Enhanced Security: ...
- Avoid lapses:
How can I reduce my car insurance premium in India?
Background: It is illegal to refuse renewal of a policy. So, when an insurance company does not want to renew a policy that has become onerous, it adopts the back-door method of loading the premium excessively, making it unaffordable for the insured, who may then volluntarily opt out.
Can insurance company deny renewal India?
Factors that are not in your control An increase in the third-party insurance rates: In India, the IRDAI is responsible for the regulation of third-party insurance rates*. And after a review, these rates are increased every year which can affect your own car insurance premium as well.