Car Insurance renewal things to know

car insurance renewal

Is your vehicle insurance policy about to expire? It’s crucial to renew it promptly to ensure compliance with the law. Many individuals perceive purchasing and renewing vehicle insurance as a straightforward obligation.

Essentially, insurance serves as a means to minimize financial losses. Vehicle insurance becomes particularly valuable in the event of unfortunate incidents such as accidents. Therefore, there is more to vehicle insurance, especially when it comes to renewal. Read on to discover seven essential tips to consider when renewing your vehicle insurance policy online.

DIY

Vehicle insurance has become increasingly streamlined. In fact, modern insurers have enhanced their services to make it effortless for car owners to purchase and renew their policies.

Typically, car buyers opt for the insurance package offered by the showroom or dealership where they purchased the vehicle. However, you actually have the option to directly insure your vehicle without intermediaries by selecting an insurer and completing the purchase or renewal process through their website. This allows you to assess your specific requirements, evaluate the extent of coverage you need, and make an informed decision.

Survey Your Coverage

You are not obligated to stick with the same insurance coverage you selected a year ago. You have the flexibility to adjust the coverage based on your current needs, whether that means increasing or decreasing it.

If you were unaware of Add-on covers when you purchased your Comprehensive policy, you have the option to enhance your coverage during your vehicle insurance renewal. You can opt for a suitable rider such as Zero Depreciation, which may slightly increase your vehicle insurance premium but will prove beneficial during claim settlement.

Survey Your Insurer

Once you have made your decision, you can evaluate the assistance provided by your current insurer and decide whether you want to continue with the same insurance company or explore other options. It is worth considering an insurance company that offers the desired coverage at a lower cost compared to your current provider.

Choosing a digital-first insurance company can be advantageous as they offer a convenient purchasing process, affordable policies, and a hassle-free claims procedure. Being exclusively online, they can reduce operational expenses and afford to offer policies at a competitive price without compromising on coverage. Renewing your policy can be done within minutes through these web-based insurers.

However, it is important to ensure that the insurance company is authorized and regulated by the Insurance Regulatory and Development Authority of India (IRDAI).

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Pick the Right IDV

The insurance payment you receive is directly influenced by Guaranteed Declared Value (GDV) or IDV. It represents the current market value of your vehicle and should not be confused with its resale value.

IDV is the maximum amount your insurance company will reimburse you in the event of a total loss, such as irreparable damage or vehicle theft. Selecting the appropriate IDV is crucial, as opting for a higher IDV will increase your premium, while choosing a lower IDV will leave you inadequately insured in the event of a total loss.

Snatch the Discount

Were you aware that you could receive a discount on your vehicle insurance premium by installing an anti-theft device in your car? Insurance companies offer such a discount, provided that the anti-theft device is certified by the Automotive Research Association of India. This arrangement benefits both you and your insurance provider, as it reduces the risk of vehicle theft.

Remember the NCB

The vehicle insurance agency provides a No Claim Bonus (NCB) to policyholders who refrain from filing any claims throughout the policy period. This NCB is a valuable incentive that can gradually increase by up to 50% if you maintain a claim-free record for a consecutive period of five years.

However, it’s important to be aware that if you do file a claim, the NCB will reset to zero, and you’ll have to start building it again from scratch. Before finalizing your vehicle insurance quote, make sure to verify whether your insurance provider has included the NCB component. It’s worth noting that the NCB remains intact even if you choose to switch to a different insurance company.

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Reestablish Before Expiry

According to The Motor Vehicles Act, 1988, driving a vehicle without a valid vehicle insurance policy is considered a punishable offense. If you fail to renew your vehicle insurance before it expires, the insurance company will inspect your vehicle before renewing the coverage. This may result in an increased premium. Furthermore, if you fail to renew your policy within 90 days after its expiry, you will lose your accumulated No Claim Bonus (NCB) as it will reset.

Renewing vehicle insurance is not a time-consuming task. Make sure to renew your vehicle insurance one week prior to the expiry date to avoid any complications.

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