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Motor Insurance Policy Renewal Online for Car/Bike/Commercial Vehicles
With digitalisation, doing bike and car insurance renewal online has never been more convenient. With just a few clicks, you can ensure coverage for your vehicle, protecting you from unforeseen expenses and legal hassles.
If you renew motor insurance online, you can compare different car insurance, bike insurance, and commercial vehicle insurance policies to choose the best coverage and complete the renewal process instantly!
So, read here how to do auto insurance renewal, its benefits and more.
Why Should You Do Motor Insurance Renewal?
There are many things that could affect your car, bike or any other commercial vehicle even if it’s sitting idle, and the good news is that most of these are covered by your motor insurance policy.
However, your insurer can only provide help if you remember to renew your policy on time. Here’s what could happen if you don’t:
Theft
One morning you could wake up and see an empty spot where your beloved car or bike was sitting the night before. Vehicle theft is not uncommon in India.
Vandalism
It could get vandalised or damaged, either on purpose or by mistake. For example, by kids playing with a ball nearby. Repairing such damage can be quite expensive.
Natural Calamities
In regions where natural calamities like landslides, earthquakes, and floods are common, they can cause serious damage to a vehicle.
But even if you don’t live in such an area, something as small as a falling tree branch can also hit your vehicle and damage it.
Top Reasons to Renew Vehicle Insurance Online
Here’s why renewing vehicle insurance online is a smart option:
1. Paperless Process
Online auto insurance renewal process is hassle-free and does not require any paperwork; just provide your details and previous policy details and you are done.
2. Easy and Quick
With just a few clicks you can renew your motor insurance policy online easily.
3. Compare Quotes Online
You can sit and compare car insurance renewal prices and features of insurance policies offered by different insurers.
4. Save Time
You can renew your policy online as per your convenience, making it less time-consuming.
How to Renew Motor Insurance Online with Digit?
Step 1
Login to Digit's app or website and go to the ‘My Policy’ section or go to Digit’s homepage and click on ‘Renew Policy’ option.
Step 2
Select the policy pending for renewal and click on ‘Renew Policy.’
Step 3
Next, select the IDV, add-ons and confirm the details, then click on ‘Pay Now.’
Step 4
You’re done! You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the App.
Why Should You Renew Motor Insurance on Time?
As we’ve said, if you don’t renew your insurance on time, your insurer might deny your claim, and you’ll have to pay for all the expenses when this kind of damage occurs yourself.
So do your car and bike insurance renewal on or before time due to following reasons:
No Claim Rejection
The first thing that the insurance company will review would be the tenure of your car and bike insurance policy. If you raised a claim after your motor insurance policy has expired, it will be rejected without investigation.
Your No Claim Bonus Cycle will be Secure
Motor insurance companies usually offer a bonus for the years you haven’t made any claims. But you need to keep renewing your policy in time to enjoy its benefit. Otherwise, you lose out on your no claim bonus in car insurance and hence the discount too!
Inspection Won’t Be Required
When you renew your motor insurance policy on time, it can be done in minutes. However, if you do it after the expiry date of the previous policy, insurers might insist that they come and inspect your vehicle for any pre-existing damage, which can expose you to financial liabilities.
No Hike in Premium
Not renewing your policy on time means that you must buy a new motor insurance plan which can be more costly than renewing the existing one.
Things to Consider Before Renewing a Motor Insurance Policy
There are several factors to keep in mind when doing bike or car insurance renewal online, including:
1. Policy Type
Know about the different car and bike insurance policy types to make an informed decision about which you want to renew. If you currently have third-party motor insurance, you can switch it to a comprehensive plan at the time of renewal as per your needs.
2. Compare Rates Online
You can also compare bike or car insurance renewal prices online and plans offered by different insurers and make a better decision when renewing your policy online.
3. Review Insurance Providers
Always research about your insurance providers beforehand to avoid future issues. Check their claim settlement ratio and customer feedback.
4. Right IDV
Choosing the right IDV is crucial when doing car or 2-wheeler insurance renewal online, as a higher IDV means higher compensation in case of unforeseen events.
5. Add-Ons
Selecting the right add-ons can maximize your benefits, such as Zero Depreciation cover, NCB cover, Invoice Protection cover and Engine Protect cover.
6. Avoid Lapses
Always renew two-wheeler insurance in advance to avoid any penalty and the risk of driving without valid insurance. Renewing on time also ensures continuous coverage and protection.
7. Benefit from No Claim Bonus
If you haven’t made any claims during the previous policy year, you’ll receive a No Claim Bonus discount on your premium. This bonus can be transferred to a new insurer if you decide to switch.
8. Network of Garages
Check the insurer’s network of garages to ensure you have support in case of unexpected roadside mishap.
9. Customer support
Ensure that the insurer provides 24x7 customer support service for assistance as you might need it anytime.
Thus, renewing motor insurance is generally a simple and quick process that you need to do at the end of your policy term. Also, always compare motor insurance renewal quotes online to get the best insurance policy.
FAQs about Motor Insurance Renewal
How to renew motor insurance with Digit?
Renewing an existing car insurance with Digit can be done online with our quick and simple smartphone-enabled processes.
Just click on the “Renew Digit Policy” button or enter your car number to continue. Then you need to login via one-time password and follow a simple process.
Why choose Digit for your motor insurance renewal?
It doesn’t matter whether your old car insurance policy was with us or not, choosing Digit for car Insurance renewal is easy and hassle-free and can be done within minutes online.
What is required for online motor insurance renewal?
You’ll need to provide the following for car or bike insurance renewal online:
- Your full name
- Address
- Vehicle type/make and model details
- Registration number
- Previous policy number
- Add-ons you want
- Payment details
Can I renew motor insurance online?
Yes, you can renew motor insurance online in just a few steps by visitng your insurer’s app or website.
What is the bike or car insurance renewal price?
The bike or car insurance renewal price varies based on different factors including make/model of the vehicle, vehicle age, your driving history, IDV, add-ons opted, and the type of coverage.
What to do if my car insurance policy expires?
Driving with an expired car insurance policy will get you in legal trouble and you will not be protected financially as well. So, contact your insurer immediately to renew car insurance policy. If not, purchase a new policy as soon as possible.
When should I renew my motor insurance policy?
Motor insurance policy renewal date is typically 15-30 days before the policy expiry date.
Is there a grace period for expired vehicle insurance?
Yes, most insurers offer a grace period of 10 to 30 days to make a payment and avoid a lapse in coverage.
Will my No Claim Bonus be transferred if I want to renew my car insurance?
Yes, most insurance providers offer NCB discounts based on your history with other insurers, which can be migrated to your preferred insurer.
When will I get my policy document if I renew commercial vehicle policy online?
If you renew a CV insurance policy online with Digit, you typically receive your policy document within minutes of making the payment.
What happens if motor insurance is not renewed?
If you do not renew your car or bike insurance policy on time, you may penalty in the form of a hefty fine, license suspension, and higher premiums when you buy or renew policy.
What is the penalty in India if I do not renew my vehicle insurance policy on time?
In India, you may get fined ₹2,000 for a first offense of driving without insurance and ₹4,000 for subsequent offenses. You may also get imprisoned for up to 3 months.
Can I renew my motor insurance policy after the expiry?
Yes, you can renew motor insurance policy after expiry only within the grace period. If you miss the grace period due date, then you will have to buy a new policy.
What do I need to consider before renewing motor insurance policy?
Consider the following things purchasing any policy are:
- Speed of claim settlement
- Claim settlement history of the company
- Customer service availability
- Availability of cashless option