Mistakes to Avoid While Renewing Shriram Car Insurance Policy

Shriram General Insurance allows its customers to renew their car insurance policies online. When you want to renew your Shriram car insurance policy, you must consider several factors to make the most of it.

The right plan will protect you against many potential issues, including theft, riots, floods, accidents, and third-party liabilities. In addition to these features, you can also opt for some add-ons to help you save money.

A general 4-wheeler car insurance plan is another way to protect yourself against third-party liabilities. It will cover you and your co-passengers against costs and legal fees arising from an accident.

It will also protect you against expenses you incur due to damage to another person's property.

Ensure that your policy is up-to-date. You must renew it on time. If you do not and the policy lapses going forward, you may pay higher premiums and lose out on valuable benefits. It's best to renew your policy before its expiration date. But before you go ahead and do it, here are a few things to keep in mind -

Shriram Car Insurance Renewal Mistakes

With Shriram car insurance policy renewal, there are a few things to keep in mind to avoid unpleasant surprises. Here are four common mistakes drivers make when renewing their policy:

Not Checking Your Policy Status

It's essential to check your policy status regularly to make sure you're covered and up-to-date. You can do this by logging onto your policy website or calling the customer service number listed on the policy.

If you have any questions about your coverage or if there have been any changes to the terms of your policy, be sure to ask your car insurance company representative.

Ignorance of Your Rights Under Your Policy

Many drivers miss essential benefits and protections under Shriram car insurance policy because they don't understand what they're entitled to. Make sure you read your policy carefully and familiarise yourself with all the provisions.

For example, some policies cover damages you might incur due to another driver's negligence.

Failing to Renew on Time

Your car insurance policy will expire on a specific date each year, regardless of whether or not you've renewed it. If you have Shriram auto insurance, it is essential to renew it on time. Complications of not renewing the policy are elaborated below. Take a look!

1. Unnecessary Fees 

If you don't renew your policy within the required period, your coverage may lapse, and you may be subject to additional fees and penalties.

Most likely, you will need to pay a fine of INR 2,000 if caught without a valid Shriram car insurance policy. Repeated offence would double your fine count. 

2. Losing Your Auto Insurance Coverage Makes You Financially Vulnerable

If you lose your car insurance coverage, you become financially vulnerable should your vehicle sustains any damage due to an accident or other unforeseen incidents. It is vital to keep track of your auto insurance policy to know when to renew it to avoid these outcomes.

Failure to Compare Insurance

Failing to compare insurance plans would elude you from the gains you could make otherwise. Before renewing your auto insurance policy, you should always shop and compare prices. Following these steps, you will better find insurance that satisfies your demands and budget. Look for discounts to enhance your experience with Shriram car insurance.

Unwanted Add-Ons

You can choose car insurance add-ons on renewal. Shriram car insurance add-on list includes zero depreciation cover, return to invoice, daily reimbursement, key replacement, among others. While all that may seem impressive at first glance, not all may suit you. What's more, these add-ons come with an extra premium. So, avoid choosing add-ons you find unnecessary in your case. 

Ignoring Your Current Policy Limits

Review your current limitations when you renew your policy and determine if they have increased. If they have been increased, ask your insurance company to lower your premium so that you're still within the policy's limit.

Not Checking the Fine Print

Please review all the details of your policy before renewing it, including the fine print on cancellation fees and pre-existing conditions. If you don't read the clause carefully and get into a tangle later, all the loss (if so) will be yours!

Misinterpreting Your NCB

Renewing your car insurance policy is essential in keeping your car safe and protected. However, do avoid some mistakes if you want to maximise the benefits of renewing your policy.

One mistake you should avoid is not using your no-claim bonus (NCB) to its full potential. NCBs allow you to lower your premium. But one needs to opt for it when checking the Shriram car insurance renewal quote. 

Read more - How to Calculate NCB for Car Insurance

Failing to Update Your Driving Record

Another mistake that you should avoid is not updating your driving record. Your driving record is a history of car accidents, traffic violations, and more. If you don't update your driving record, getting affordable car insurance rates may become more challenging when you renew your policy.

Not Selecting the Right IDV on Shriram Car Insurance Renewal

While renewing your Shriram car insurance policy, you'll get a list of IDV options to choose from. The greater the IDV, the higher the premium and vice versa. So, don't choose a low IDV for the sake of a lower premium. Because the coverage in case of unforeseen incident will be less too, which may cause financial concerns for you. Choose the right IDV offering you adequate coverage at reasonable premiums.

Not Choosing a Comprehensive Car Insurance Policy

You may have bought a basic third-party car insurance policy from Shriram General Insurance. But that is not enough! You will need to have a comprehensive car insurance policy. The best part is you can upgrade your third-party policy to a comprehensive policy on renewal. This type of policy will cover you for damages that occur while you're going and for any accidents that occur while you're not even driving the car.

Not Choosing a Rental Car Insurance Policy

If you're planning on renting a car sometime soon, you must consider getting a rental car insurance policy. This policy will cover any damages or losses that occur while you're renting the vehicle.

Choosing a High Deductible

Deductibles help decrease your Shriram car insurance premium. But at the same time, you need to bear out-of-pocket costs in case of a car insurance claim.

Car insurance comes with both mandatory and voluntary deductibles. While paying the mandatory deductible is an obligation, you are the boss when deciding the voluntary part! If possible, don't go for voluntary deductible. In case you do, keep the deductible amount as low as possible.

Content Takeaways

Shriram General Insurance has been in business for more than three decades. Its philosophy is to put customer comfort first and always keep the customer's best interest in mind. This is demonstrated by the constant efforts to improve customer experience and drive awareness.

The company also pays special attention to adopting the latest technologies and IT to make the business more manageable and accessible to customers. This approach has won the company several awards, including Excellence in Growth.

When you're ready to renew your new car insurance policy, be mindful of the tips discussed here. You don't want to make any mistakes when time comes.

Read more - How to Apply for Shriram Car Insurance Policies Online?