5 Easy Steps To Renew Your Car Insurance Policy

Four wheeler insurance is a legally binding agreement between the insurer and the policyholder. The insurance company agrees to pay a set amount if an automobile is damaged or destroyed due to an unforeseen event. After the insured pays a predetermined cost known as a premium, the insurance provider bears the fixed amount. Car insurance is a line of defence against any mishap resulting in vehicle damage.

Driving a car without car insurance is a punishable offence in India, according to the Motor Vehicles Act of 1988. Car insurance companies consider expired coverage to be invalid. As a result, if the insurance policy expires, the insurance company will not pay any claims resulting from an accident.

Insurance companies may offer a grace period to pay the premium amount and renew the insurance policy after the due date. In the event of an insurance lapse, you should contact your insurer immediately and investigate all available options for car insurance renewal. If the insurance lapse is only a few days, some insurance companies may allow you to renew your policy.

Five simple steps for your car insurance renewal:

  1. Choosing an insurer:

 Once you’ve decided on your coverage, you can compare car insurance plans offered by your current insurer to see if you want to stick with them. You can also look for an insurance company that provides the same coverage as your current provider but at a lower cost.

Choose online insurance because it is a convenient purchase method and provides hassle-free insurance claim settlement. It’ll allow you to evaluate the premium prices based on needs, with the help of a car insurance calculator. You can renew your policy online in a matter of minutes. However, ensure that the insurance company is licenced by india’s insurance regulatory and development authority (IRDAI). #

  1. Examine your protection:

It is optional to keep the same insurance coverage you chose a year ago. You can increase or decrease the range based on your current needs and requirements.

When you purchase your comprehensive policy, you can supplement your coverage by selecting a suitable rider, such as zero depreciation during car insurance renewal. This will slightly increase your car insurance premium but will be beneficial during claim settlement. *

  1. Remember the NCB:

Car insurance companies reward policyholders who do not file a claim during the policy period with a no claim bonus (NCB). Check if your insurance company has included the NCB component in your car insurance quote. It is important to note that NCB remains effective even if you change insurance companies. *

  1. Don’t forget about the renewal date:

Complete your car insurance renewal online in a matter of minutes. Please don’t put it off; renew your four wheeler insurance before it expires. Your company will notify you before your policy expires, and you can also set reminders for the same.

  1. Examine the policy document:

Check the contents of your policy’s soft copy to ensure all the details are correct. You can have any discrepancies about your car’s details or the policy’s coverage corrected by notifying the insurance provider.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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