Vehicle Insurance Renewal: Going to renew vehicle insurance? Know which policy will be better

Vehicle Insurance Renewal: If you also drive your own vehicle, then surely you will be aware of the need for Motor Insurance. Insurance is needed not only to avoid police challan, but it helps a lot in case of accident or any untoward incident. However, buying vehicle insurance is not an easy task. Whether you are buying insurance for a new vehicle or renewing an old vehicle, there are bound to be complications.

Problems while renewing

Renewing insurance Time is the most problematic thing, it is to decide which policy will be better? Buy a one year plan or will a multi year plan be beneficial? Don’t get stuck by buying a plan for many years? All such things come to mind and people keep getting confused, which makes it more difficult to take a decision. So let us ease this problem of yours…

Single year vs multi year plan

First of all let’s talk about multi year plan ie multi year policy. In this, there is no hassle of renewing the insurance every year. Nor do you have to spend money every year for this. The confusion increases when there is more than one vehicle. Remember everyone’s renewal date, then fill all. In such a situation, buying a multi-year plan is a profitable deal.

These are also advantages of multi-year plans

There is another big advantage of multi-year plans. Inflation is increasing continuously and it is natural that the prices of all things are also increasing. Buying a one-year policy means paying a new price for car insurance every year, as the insurance company revises the rates almost every year. However, in case of multi-year policy, the current rate will remain the same throughout the term. That is, you can save money by buying a plan for many years.

For these reasons single year is better

On the other hand, single year policy is cheaper, because here once Money has to be paid only for one year, whereas in multi year policy premium has to be paid for 2 or 3 years. In such a situation, the one-time burden remains less on buying a one-year plan. Another advantage of single year motor policy is that you have the freedom to change the insurance company after one year. If you do not like the service of the insurance company, then you can change the insurance company next year, whereas in multi year policy you have to be bound with the company and its service for the entire policy period.

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