While digitisation has been transforming processes in the banking and insurance landscape for many years, there has been a major shift to digital platforms in the last couple of years. Today, you can buy and renew a car insurance policy online either via the website of the insurer or the mobile app if available.
In this article, we will talk about car insurance renewal and offer tips to help you renew your existing car insurance policy from the comfort of your home.
So, if you were thinking about renewing the insurance for your four-wheeler, keep reading.
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Tips to Renew Your Car Insurance Policy from Home
Renewal of car insurance in today’s time is absolutely easy. Traditionally, car owners would visit the office of the insurance provider or an insurance agent to buy and renew a car insurance policy. This was a time-consuming process and also involved a lot of paperwork and usually included car inspection. However, with most insurers transferring their operations online, you can now buy and renew your car insurance policy anytime and from anywhere. Here are some tips:
. Keep Track Of Your Renewal Date
Car insurance is a mandatory requirement in India. This means that if you miss renewing your policy on or before the renewal date, then it will be illegal to drive your car. Hence, it is important to keep track of the same and ensure that you renew the policy in time. Most insurers send reminders to policyholders before the expiry date. You can also keep a reminder on your phone so that you don’t miss it. Before the last date of validity, renew your car insurance online in India.
. Determine What You Need From The Policy
If a particular car insurance policy met your requirements last year, it is not necessary that it will be sufficient in the coming year too. As time goes by, your car ages and your requirements can change too. When you renew your policy, you can add or remove features based on your anticipated needs. If you are not happy with the services of your current insurer, then you can also consider opting for a new insurance provider. Make sure that you compare providers and plans and use online calculators to calculate car insurance premiums. This can help you get the best policy for your needs.
. Visit The Website Of The Insurer
Once you have finalised the insurer and plan, visit the website of the insurance provider. If you are renewing with your existing provider, then look for the option ‘Policy Renewal’. You will be required to enter your existing policy number and car registration number, along with various other details. You should also calculate your car insurance premium before renewing your policy.
. Review The No-Claim Bonus
If you haven’t filed any claims during the previous last policy term, then the insurer will offer you a No Claim Bonus discount on the premium of the policy being renewed. If you haven’t filed a claim for more than one subsequent policy term, then this discount can be sizable. Ensure that you review the NCB benefit offered by the insurer.
. Add/Remove Add-On Covers As Needed
If you are opting for a comprehensive car insurance plan, then you can opt for add-on covers to boost its coverage. At the time of renewal, you can add or remove add-on covers based on your needs or the condition of the car.
. Pay The Premium
Once all the details are in place, and you have verified them, pay the premium for your policy. Insurance companies offer a range of payment options like net banking, credit cards, debit cards, and even UPI.
. Receive Acknowledgement
As soon as the insurer receives the payment, he sends an acknowledgement to your registered email address. Once you receive the acknowledgement, the policy is activated.
Summing Up
As you can see, renewing your car insurance policy online is easy and hassle-free. You can renew it from anywhere by following the steps mentioned above. Remember, a car insurance policy can offer legal and financial protection from damages to third-party and/or your own vehicle based on the type of policy you choose. Make sure that you renew your policy on time and choose features based on your changing needs. Good Luck!