Is your car insurance policy about to expire? Car insurance renewal might seem like a chore. Chances are that you would end up renewing the policy with your existing motor insurance provider or choose the first motor insurance plan that you come across.
Unfortunately, many car owners often overlook the importance of renewing car insurance, and going about it the right way.
The Souqalmal.com team explains the ideal process you can follow when your car insurance policy in Bahrain is up for renewal.
When do you need to renew your insurance?
Here in Bahrain, motor insurance policies are valid for a period of one year. So when’s the best time to renew your car insurance? It is a good idea to renew your policy about one month in advance. This helps you keep some buffer between the expiry of your existing insurance policy and the activation of the new one, which in turn helps you avoid any delays and inconveniences.
Look out for a reminder from your existing car insurance provider. Your insurance provider will most likely notify you of the upcoming expiry date in advance.
What are the documents required to be submitted?
You need to submit copies of your valid CPR (for both Bahraini Nationals and expats), driving license and vehicle registration card. If you’re switching your car insurance provider and want to avail the ‘No Claims Discount’ benefit, you will also have to obtain a No Claims Certificate from the current insurance company and submit it to the one you’re applying to.
What is a No Claims Discount?
If your policy has been claim-free for a year, i.e., if you haven’t made a claim against your existing car insurance policy in the last one year, then you are eligible for a ‘No Claims Discount’. This discount helps you save on the cost of insuring your car by lowering the premium chargeable on your next car insurance policy.
It is essentially a reward for being a safe driver, and saving the insurance company money as a result of zero claim pay outs during the policy tenure.
How will your new premium be calculated?
Your annual car insurance premium will not stay the same upon renewal. Factors like your driving record, your age, age of the car and resulting depreciation in value, frequency of claims etc. all play a role in determining your new premium value.
Additionally, your policy coverage and optional add-on benefits may change when you renew with a new insurance company, which would be factored into the new premium calculation.
How can you get a good deal on car insurance?
Comparing your car insurance options and weighing the benefits against the cost, is the ideal way to find a car insurance that isn’t just suitable for you, but lighter on your wallet too.
If don’t want to spend countless hours approaching different insurance companies, Souqalmal.com has just the solution for you. The UAE’s leading car insurance comparison website has now landed in Bahrain, bringing with it the easiest, fastest and most transparent way to buy or renew your car insurance in Bahrain. Compare and choose from multiple car insurance quotes, find the most suitable coverage, and pay for your policy securely online.