VMPL
New Delhi [India], April 7: Zurich Kotak General Insurance, one of India's most trusted insurance providers, has been delivering comprehensive and customer-first insurance solutions. As the time for car renewal approaches, we are excited to share invaluable insights on how policyholders can reduce their car insurance premiums without compromising on essential coverage. In India, third-party car insurance is deemed to be a mandatory legal requirement. Additionally, a car insurance policy is also a safety net for all vehicle owners.
The common perception that policy renewals are costly prevents many from fully exploring all available options. Due to an increase in vehicle repair costs, rising inflation, or a high volume of claim histories, premiums tend to escalate with each renewal cycle. Given that there is often little guidance available on how to optimize premium rates, Zurich Kotak General Insurance is committed to helping its customers navigate the renewal process with ease. Policyholders can renew their car insurance policy quickly by simply entering their existing policy number or customer ID.
Key Strategies to Reduce Car Insurance Premiums During Renewals
1. Maintain a Clean Driving Record
A clean driving record is one of the most effective ways to reduce your car insurance premiums. Zurich Kotak General Insurance encourages policyholders to prioritize safe driving and avoid accidents or traffic violations, as this will directly impact the premium they pay. Insurers view drivers with a history of safe driving as less likely to file claims, thus offering them lower premiums. Additionally, policyholders with a proven track record of safe driving are eligible for no-claim bonuses and discounts.
Opting for higher deductibles can be another strategic way to lower premiums. Zurich Kotak General Insurance always recommends vehicle owners carefully evaluate their finances to determine if or not a higher deductible is feasible for them. A higher deductible simply means that in the event of a claim, the policyholder would have to bear a larger share of the costs. However, this approach can lower your monthly or annual premiums. This strategy is especially beneficial for those who have a good driving record and are confident they will not need to make frequent claims.
2. Leverage the No-Claim Bonus (NCB) to Reduce Premiums
Zurich Kotak General Insurance offers a No-Claim Bonus (NCB), which is one of the most rewarding discounts available to policyholders. If you have gone through your previous policy term without any claim, then you are entitled to a No Claim Bonus (NCB). This can result in significant premium savings. It's crucial to check if your claim-free status qualifies for a No-Claim Bonus (NCB) before renewal.
In some scenarios, the discounts can reach up to 50% based on claim-free years. Policyholders can take advantage of the NCB at renewal time, as it directly reduces renewal costs and indirectly promotes safe driving habits. For many policyholders, it has become a powerful tool to reduce their premiums. Here's a breakdown of how it works:
* The No-Claim Bonus starts at 20% after your first claim-free year.
* This discount increases progressively with each successive claim-free year.
* Depending on how many claim-free years you've accumulated, you can eventually claim up to 50% off your premium for a policy term.
3. Tailor Coverage Based on Your Vehicle's Condition
As vehicles age and their market value decreases, it may not be necessary to carry the same level of coverage as when the vehicle was brand new. It is advisable for policyholders with older cars to assess whether full coverage remains financially viable. Our experts suggest conducting a yearly assessment to ensure that the coverage matches the vehicle's current value. Third-party car insurance premiums are determined by the Insurance Regulatory and Development Authority of India (IRDAI), depending on the car's cubic capacity and segment.
Zurich Kotak General Insurance offers add-ons for policyholders to choose something that truly adds value to their coverage. For example, roadside assistance, engine protect, and depreciation cover are valuable in many circumstances. You can choose the insurance policy that fits you the best:
* Comprehensive Car Insurance Policy (Extensive coverage).
* Third Party Car Insurance Policy (Mandatory coverage).
* Stand-Alone or Own Damage Policy.
4. Install Anti-Theft and Safety Devices for Premium Reductions
Opting for a voluntary deductible and installing an IRDAI-approved anti-theft device can lead to extra savings. Policyholders can also benefit from premium discounts by being a member of an automobile association, choosing a voluntary deductible, and installing safety devices in their vehicles. These discounts help lower the overall cost of insurance. Each vehicle has a unique risk profile based on factors such as make, model, age, and usage. Zurich Kotak General Insurance helps you to properly assess the risks associated with your specific vehicle and adjust your coverage accordingly to optimize savings.
5. Renew Your Policy Online to Unlock Exclusive Discounts
Zurich Kotak General Insurance provides policyholders with the opportunity to renew their car insurance policies online to enjoy convenience and cost benefits. Checking an insurer's credibility is simple with access to online reviews, claim settlement ratios, and resolution time insights. Here are the exact steps you need to follow:
* Check policy inclusions, exclusions, and available add-ons.
* Evaluate claim settlement ratios to ensure a smooth claims process.
* Read customer reviews and ratings to gauge the insurer's reliability.
* Choose a policy that fits their budget and specific coverage needs.
* Additionally, avoiding a gap in coverage is crucial, as lapses are considered a potential risk, often resulting in higher premiums when reinstating a policy.
Why You Need to Choose Zurich Kotak General Insurance?
We seek to empower policyholders to significantly lower their premium renewals while maintaining the protection they need. Beyond simply providing coverage, we have been keen on educating four-wheeler vehicle owners about making the best decisions when it comes to insurance, especially in the context of renewal periods.
Zurich Kotak General Insurance Company (India) Limited (Formerly known as Kotak Mahindra General Insurance Company Limited)
Zurich Kotak General Insurance Company (India) Limited is a 70:30 joint venture between Zurich Insurance Group and Kotak Mahindra Bank. The Company its new name ''Zurich Kotak General Insurance Company (India) Limited'' in the month of August 2024, following Zurich Insurance Group's 70% acquisition in Kotak Mahindra General Insurance Company Limited. It is the youngest and one of the fastest growing non-life insurance franchises in India.
Kotak General Insurance was established in 2015 to service the growing non-life insurance segment in India. The company aims to cater to a wide range of customer segments & geographies offering an array of non-life insurance products like Motor, Health, Home etc. As a practice, the company seeks to provide a differentiated value proposition through customized products and services leveraging state of art technology and digital infrastructure.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
