Finance

Online Car Insurance Renewal in 5 Simple Steps

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Many people purchase a car insurance policy with their new automobiles but fail to keep it active. Moreover, many people also do not know that it is mandatory to have a basic third-party liability insurance as per the Motor Vehicles Act, 1988. You do not want to drive your automobile with a lapsed insurance policy and break the law.

If you forget to renew your policy before the policy term ends, the insurer will consider it invalid and your vehicle will not be protected. Most people avoid renewing their car insurance policies due to the tedious procedure it entails. However, it isn’t the case anymore because you can purchase or renew your car insurance policy online using your laptop, desktop, mobile, etc.

Here are 5 easy steps to renew your car insurance online.

  1. Opt for the right insurer

There is no hard and fast rule that you have to stick to your existing insurance provider. The insurer you purchased your original policy from doesn’t have to necessarily be the one to renew it. You can always select and opt for a new insurer during renewal. If you cannot decide upon the insurance company, you can go online and compare if there are any better policies available.

  1. Provide necessary details

The premium of your car insurance depends on several factors such as the make & model of your car, its age, the city you reside in, number of add-ons you’ve purchased, claims history, etc. You need to fill in the above-mentioned details correctly at the time of renewal to get the best deals.

  1. Select an appropriate plan

A third-party liability cover will only protect you against any damages caused to the third-party. Therefore, it is wise to opt for a comprehensive car insurance policy as it offers protection for third-party damage and also to your car in the case of accidents, theft, calamities, etc.

Under a comprehensive policy, you can also buy add-ons such as engine protector, key and lock replacement, 24×7 spot assistance, etc. However, do remember that while this does enhance your existing car insurance policy, it also increases the premium you would have to pay. Therefore, do not purchase unnecessary covers. Choose your plan wisely and set timely car insurance renewal reminders.

  1. Proceed with the payment procedure

The next step would be to make the payment for your purchase. You can pay using debit/credit cards, net banking, online wallets, EMI, etc. Right after you’ve made your payment, the insurance company will deliver your car insurance policy via email.

  1. Go through the policy document

It is important that you look at the contents of your policy document and check if the mentioned details are correct. The soft copy of your car insurance policy is a crucial document. If you observe any differences in the details, be sure to raise it with your insurer and get it rectified. Do remember to avoid driving as long as the updated policy has not been delivered. You must get these details sorted before taking your car out on the streets.

Pro tip would be to not wait for the policy expiry date. The insurance renewal process doesn’t take long if you do it online. If you renew the policy after it lapses, it will be known as a break-in policy. In such cases, your vehicle will be liable for inspection. However, most insurers provide a grace period of 30 days if you fail to renew your policy. If you do not renew this policy even in the grace period, then you will lose out your accumulated NCB. Therefore, never miss out on the renewal date of your car insurance policy.

 

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