How Buying Car Insurance Early Can Save You Money
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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. Preserve 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 also offers NCB protection add-ons, which help retain your bonus even after a minor claim, provided the policy hasn’t expired.
2. Avoid Re-Inspection and Re-Underwriting Fees
When your policy lapses, insurers typically require a vehicle inspection before renewing coverage, leading to delays and added costs. Renewing early prevents this process entirely.
With Chola MS’s digital platform, users can renew online in minutes—no paperwork, no delays, and continuous protection.
3. Secure Better Premium Rates
Insurance premiums can vary based on claims history, vehicle age, and market trends. Purchasing early helps you secure better rates before market conditions change.
Chola MS’s platform allows real-time premium calculations, so early buyers often benefit from more favorable rates than last-minute purchasers.
4. More Time for Customisation
Last-minute buyers often settle for default plans due to time constraints. Early buyers can explore and add covers like:
- 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 not only illegal—it’s financially dangerous. If your insurance has lapsed, any accidents, thefts, or third-party claims won’t be covered.
Renewing early ensures continuous coverage and protection. Chola MS even lets customers select a future start date for new or renewed policies.
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.
Secure your ride early with Chola MS Car Insurance—save money and enjoy seamless protection from a brand that prioritizes you.
Disclaimer: No Business Standard Journalist was involved in creation of this content
Topics : Car insurance policy
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First Published: Jul 31 2025 | 1:36 PM IST
