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Renewing your car insurance is important because it is mandatory under the Motor Vehicles Act, 1988 to have valid insurance. The entire renewal process has become hassle-free as most car insurance companies provide the option of renewing your insurance online. Here is all you need to know about renewing car insurance policy online.
Is your car insurance policy due for renewal? You can either continue with your current car insurance company or choose to switch to another insurance company. Whatever you decide, remember that having a car insurance policy is not a choice but mandatory in India. Therefore, it is important to renew your car insurance before it expires. If you are wondering where to begin from, here's everything you need to know about how to renew your car insurance online.
It is extremely simple to renew car insurance online. You can do this online in a few simple steps by visiting your insurance company’s website or even on Coverfox. You can also switch your existing policy to a different insurer at the time of renewal. The renewal process is simple if you do it on time. Renewal of your car insurance policy before it expires makes all the difference between it being hassle-free and it turning into a nightmare. However, even if you have missed your renewal due date, or realised that your policy is expired, don’t worry! There are ways to fix the situation. It might require some extra efforts, and might cost you a little more, but it will get your car insurance renewed.
Grace period: Usually, most car insurance companies offer a grace period anywhere between 3 to 30 days to renew your car insurance policy. Though it is not recommended to rely on the grace period every year.
If you are renewing your car insurance policy after the due date, here are some things you should consider:
When do you get NCB: If you don’t make any claim throughout the policy term, you can get a No Claim Bonus (NCB) for it. Insurance companies generally offer NCB as a reward for being careful with your car. This is a discount on your premium which accrues over time. Therefore, it is always better to check the NCB details while renewing your car insurance policy.
Know about IDV: The Insured Declared Value (IDV) is the current market value of your car and is calculated after considering depreciation on a yearly basis. The IDV is considered while deciding the maximum amount you can get in case of a total loss. Therefore, it is crucial to put accurate IDV amount because a higher IDV will result in a higher premium amount. If you are not sure about the IDV, kindly check with your insurance provider to know more about the same.
Compare car insurance policies: It is highly recommended to compare various car insurance policies online before renewing your policy. This way, you can get an idea of the car insurance solutions available in the market. In case your insurance needs have changed since you first bought your car insurance, you can look at it again and add or drop additional coverage during policy renewal. Likewise, you can also switch insurance providers if you think that some other insurance provider offers you an ideal car insurance policy.
Can choose different car insurance provider: While renewing your car insurance policy, it is not necessary to stick with the same insurance plan or the same insurance company. You are free to select a different car insurance policy and policy provider who meets your requirement when your existing car insurance expires. Moreover, in case you missed adding a particular rider, for example, on-road assistance, or zero depreciation rider, you can simply choose them when you renew car insurance policy online.
Simplified premium process: You need to follow a simple online payment process in order to complete your policy renewal process without depending on the agent. Most insurance providers have made it simpler for you. Even at the time of purchasing a car insurance policy for the first time, you don’t have to mandatorily opt for the car insurance policy offered by the dealer.
You can simply visit the insurance company's or an insurance broker's website, choose the car insurance policy of your choice, make a purchase or renew it. The benefit you will get during this process is that you will be able to decide what type of coverage and add-ons you would like to choose, instead of paying for the policy renewal forced by the insurance agents. When set to renew car insurance online, it’s all a matter of clicking a couple of pre-designated buttons. Car insurance providers have simplified this flow by keeping the entire insurance renewal process limited to just a few number of steps. A login followed by clicking on the button named “Renew”. You just need to provide specific information regarding your current car insurance policy and a few personal details, making payment and its done.
Keeping your vehicle insured all the time is a must. Not only from a legal point of view but also to safeguard against unwanted loss and expenditure in case of an accident and mishaps. It is essential to watch out for a renewal notice from the insurance company in the form of emails, SMS and letters and ensure policy renewal before the due date to avoid unwanted costs in the form of re-inspection charges.
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