Owning a vehicle is not only about attaching a license plate but also obtaining car insurance, which is legally required and almost like a safety net that secures your finances. Did you know that when you purchase car insurance, it can be just as important as which car insurance you purchase?
Buying car insurance early, whether for a new car or as you go through your policy renewal cycle, can help you save money overall and reduce problems. Ultimately, You will save money because you will not be penalized for a last-minute purchase, expensive premiums, or being delayed due to unnecessary inspections before your renewal date. Top insurers, such as Chola MS Car Insurance, provide easy-to-use digital capabilities that assist customers in making sure they secure their policies as soon as possible.
Let’s explore how this proactive approach can deliver both peace of mind and measurable savings.
Why Timing Matters When Buying Car Insurance
Early planning in the insurance lifecycle offers the potential for considerable financial benefit. According to the 2024 IRDAI motor insurance report, insurance policyholders who buy car insurance 15–20 days before expiration achieved an average annual savings of 12% (all financial advantages in insurance quotes). These savings were the result of:
- Avoiding policy lapses and No Claim Bonus (NCB) resets
- Skipping mandatory inspections for lapsed policies
- Capitalising on early bird and online-only discounts
- Gaining more time to compare and customise policies
Some insurers, including Chola MS, allow policyholders to check, customize, and lock in their premiums weeks before expiration. This results in a continuous and efficient policy with a premium that will not change for at least another year.
Top Benefits of Buying Car Insurance Early
1. Protect Your No Claim Bonus (NCB)
Your No Claim Bonus is a rewarding part of your insurance plan that reduces your renewal premium for each year of policy renewal without a claim. However, if your policy lapses—even for a day—there is a risk of losing your No Claim Bonus. Renewing your vehicle’s insurance before its expiry will preserve your No Claim Bonus, which could be up to 50% discount on premium after five consecutive years without a claim.
Chola MS does offer NCB protection add-ons to retain your No Claim Bonus even after a claim for a minor bump if the policy has not expired.
2. Avoid Re-Inspection and Re-Underwriting Fees
The participation of your insurer when renewing your vehicle insurance without lapse will prevent additional costs and the need for vehicle inspection. More often than not, if your insurance policy lapses, your vehicle will be inspected before being issued protection again. That is time and money gone, and it is not going to your protection. Early bird vehicle insurance placement will eliminate this step and the cost or delay of doing a vehicle inspection.
With Chola MS’ digital platform, you can renew online for uninterrupted protection without delays or paperwork involved by renewing before the expiration date.
3. Secure Better Premium Rates
Premiums will often vary according to claim history, vehicle age, market conditions, etc. Buying early and timely will allow you to lock in favorable rates before creating any negative rate change.
Chola MS facilitates real-time premium calculations online. Therefore, customers who buy car insurance closer to a car purchase date typically receive a favorable deal compared to customers who purchase at the last minute.
4. More Time for Customisation
Typically, customers who purchase last-minute policies will automatically take default plans since the time to explore plans and add-ons is limited. Purchasing early will allow customers ample time to consider useful advantages, including:
- Zero Depreciation Cover
- Engine Protection Cover
- Roadside Assistance
- Personal Accident Cover
Chola MS Motor Insurance offers all these add-on advantages, which can be accessed during early renewal or new purchases on its customer-friendly digital portal.
5. No Driving Without Coverage
Driving without insurance is illegal and is a risky financial prospect! These events will not be covered if an accident, theft, or third-party liability occurs after insurance has lapsed. You maintain uninterrupted insurance and risk exposure by renewing your car insurance early.
Chola MS customers can secure a car insurance purchase or renewal early and commence their policy on their desired policy start date.
How Chola MS Simplifies Early Insurance Purchases
Chola MS General Insurance provides an easy, safe, and fully digital experience for customers seeking to buy car insurance ahead of time:
- Immediate Premium Quote: Enter vehicle characteristics and receive actual pricing.
- Cashless Network Access: Over 5,500 garages for repair assistance across India.
- Customization of Plans: IDV, add-ons, and tenure can be selected and completed in minutes.
- Zero Paperwork: Digital KYC and e-Policy provide full convenience.
Early buyers enjoy the ease of purchase and receive auto-renewal reminders via e-mail from Chola MS. Hence, the buyer never misses a renewal deadline and leaves their vehicle unprotected.
Conclusion:
When negotiating car insurance policy terms, as important as the policy terms are, when and how you purchase insurance does have a perspective aspect to it. Purchasing your insurance early does give you more choice, better rates, and greater financial protection! In this financial landscape where every rupee counts, this little act of financial discipline has the potential to multiply your positive impact.
For a secure, seamless experience, Chola MS Car Insurance has you covered. Buy your car insurance or renew an existing policy early and confidently from a brand that puts your financial safety first. Real money can be saved!