Top Five Ways To Reduce Commercial Auto Insurance Renewal Cost

1. Top Five Ways To Reduce Commercial Auto Insurance Renewal Cost

2. Renewing Policy Before It Expires • This is the most simplest and basic of all. In case you miss to renew your policy before it gaps then you need to buy a fresh policy. This means you will have to get the vehicle examined plus lose out on the NCB (No claim bonus). • And no NCB means no discount on your policy. All these reasons are enough for a good increase in premium.

3. Avoid Making Claims For Small Expenses We are ought to get maximum 50% of NCB in case if we don’t make claim for following years. NCB allows your premium to get discounted thus saving a good amount. • For example: Your car gets damaged in the parking and has a small dent. The cost for repairing the dent is smaller as compared to the NCB accumulated. Would you still want to let go of the discount by claiming a negligible amount?

4. Buying And Comparing Premiums Online • Right from buying groceries, home decor to expensive electrical appliances, we buy them all online. We search, compare on different websites for best deals, then why miss buying insurance policies online? • The advantage of buying an insurance policy is that you can compare premiums of different insurance companies and choose them on basis of reviews, popularity, premiums, claim settlement ratios etc.

5. Transferring Your No Claim Bonus (NCB) • Not many are conscious that a NCB is linked to the policyholder and not the car. Which means the NCB which gets accumulated for claim free years, is for the benefit of the policyholder. And yes it is transferrable if you buy a new car after selling your old one! • However, always remember to get a NCB certificate for your vehicle from the insurance company, which will help you to get a discount while buying a new car policy. Also even if you are not buying a new car immediately, please transfer the NCB as the NCB holding certificate is valid for 3 years.

6. Mentioning Correct IDV (Insured Declared Value) And Other Details • IDV is the value declared for your car by the insurance company and will keep depreciating by 10% on every renewal. The IDV in turn is that amount which the company will pay in case of robbery or complete damage of your car. • However, most of us want a good IDV and don’t consider depreciating it every year, and that effects the premium of your car insurance policy. Please remember to mention the correct IDV of your car which would help in improving your premium.

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