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Car Insurance Policy Renewal
Is it that time of the year when you need to renew your car insurance and you are confused about whether to go for a new one or stick to the current insurer? Now that’s a tricky decision to make but don’t worry we will make this decision simple for you.
Let’s first understand all about car insurance renewal.
What is Car Insurance Renewal?
Car insurance renewal is the length of time your insurance policy is in effect without the insurance company adjusting your rate. But, once the initial policy period is over, your insurance rate should stay the same through each policy renewal unless you make a change. Now, here is when you get a window for thinking. For a certain period, when you know that the insurance company will not be adjusting your rate when it's time for renewal, you can look for new options.
What are the choices available - go with the same insurer or go with a new one?
You actually have both the options here, either go with the same insurer if you are satisfied with the experience, claim procedures, transparency, customer support or go for a new one. Which one to choose entirely depends on your experience and insurance needs.
Things to consider before Renewing a Car Insurance Policy
There are several factors to keep in mind when going for a car insurance renewal. Paying attention to them will ensure that yearly renewals fetch you an ideal level of cover. Some of these factors have been given below:
- Policy type - Know the policy types, it is very important to know the options you have to make an appropriate decision. If you had only third-party car insurance, at the time of renewal you can opt for a comprehensive car insurance plan depending on your changing insurance needs.
- Review your insurer - Research about your insurer, check everything possible to avoid any regrets in the future.
- Add-Ons - Choosing the right add-ons along with your policy can give you maximum benefits. Some of these are, Zero Depreciation cover, NCB cover, Invoice Protection cover and Engine Protect cover. Learn about car insurance add-ons and choose the right ones.
- Claim procedure - This is very important; this process should be super-fast and hassle-free. Check the claim history of the insurer from all the sources possible.
- Compare rates online - Go online for comparing the rates, you can also renew your policy online, there are varied options available. The best part of buying/renewing policy online especially with us is there is no paperwork involved, just put your details online and you are sorted.
- Right IDV - Right IDV plays an important role in choosing or renewing the policy. Higher the IDV, higher is the compensation at the time of unforeseen situations.
- Make sure your car insurance doesn’t lapse - Always renew your car insurance well in advance to avoid paying hefty penalties. Also, it’s a big risk to take your car out without a valid insurance policy, so to avoid all this make sure to renew your policy before time.
- No Claim Bonus - If you had a claim-free year, you will get a no claim bonus discount from your insurer. This discount amount is deducted from the total premium to be paid by you. Now the cherry on the cake here is, this bonus if you plan to change your insurer gets transferred to the new insurer.
- Network of Garages - You must check the network of Garages the insurer has to ensure you have a protection in case of any unexpected roadside mishap.
- Customer support - 24/7 customer support is important, check if the insurer provides that.
Top reasons to Renew Car Insurance Online
- No paperwork - Online process is easy, just add your basic details and you are sorted. No paperwork is required.
- It’s easy and quick- Internet if a gift! It's easy and quick, just a few clicks and you can renew your policy at ease.
- You can sit, relax and compare rates/add-on covers- Online comparison is easy and hassle-free, you can compare rates/add-ons from numerous insurance companies at home, when you are comfortable and free and make your decision.
- Save time - You can renew your policy online as per your convenience, at home and at any time of your comfort. It goes without saying, it is less time consuming.
How to Renew Car Insurance Policy Online?
Renew Car Insurance in 4 simple steps
Step 1 - Fill your Vehicle’s Make, Model, Variant, Registration Date & the city you drive in. Press ‘Get Quote’and choose your choice of Plan
Step 2 - Choose between a Third-Party Liability Only or a Standard Package (Comprehensive Insurance).
Step 3 - Give us details about your previous insurance policy- Date of expiry, Claim made in the last year, No Claim Bonus earned
Step 4 - You will get quote for your premium. If you have chosen a Standard Plan you can customize it further by selecting add-on’s, setting the IDV and confirming if you have a CNG car. You will see the final premium on the next page.
What’s required for Online Car Insurance Renewal
- Full Name
- Car make and model details
- Car Registration Number
- Previous Policy Number
- Add-ons to be chosen
- Payment details