Oldtimer car insurance, or insurance renewal is the process of extending your car insurance through the same provider or a new one. Usually it should be done before the old insurance time period expires.
for e.g. if the old insurance is about to expire on 15th march, then the renewal should be done at least by 10th march. With the advent of net, all this has become fast, and you can get a renewal within 3 – 4 hours.
There are certain points to be kept in mind.
1) No claim bonus: If you haven’t made any claims to the insurance company over the past year, then make sure that you avail of no claim bonus. It usually brings about 20% deductions in the renewal cost. You can also use this no claim bonus to get a competing quote from another insurance provider.
2) Make sure that the IDV is not lowered unnecessarily. i.e. the insurance agent should not quote a lower IDV for the vehicle, which is lower than its market value. Usually some agent might suggest this to you, saying it would lower the premium amount, but this is counter productive.
3) Renewal in time: Renewal before the current policy expired is easier. However, if you allow the present policy to expire, even by 1 day, then as a rule, the new insurance company will have to do the inspection of the vehicle before giving the quote for a new policy. It would not only increase the cost, but would also lead to unnecessary delays.
If you need any assistance in selecting the best insurance for your vehicle, please fill in the form above and get the best insurance quote.