Why Car Insurance Renewal Online is the Best Option in 2024, India?

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Updated on Dec 22, 2023

Every vehicle must have insurance, which can be procured online or offline. Do you know why the online car insurance renewal process is regarded as the best one? Learn about it here.

Insurance for your car is a must have if you want to drive your vehicle without hassle. Though buying a policy is an easy task with the online process, you also need to renew it regularly before the policy expires. For policy renewal again you have the option to get it online or offline. But if you go for car insurance renewal online, it is far more convenient as compared to the offline process.

In this blog below we are discussing the reasons why you must opt for the online car renewal process as compared to the offline method.

Why is the Car Insurance Renewal Online Process Beneficial?

The online car insurance process is beneficial because it is a very convenient process that can be done sitting at the comfort of your home. So, you do not have to step out of your house to renew your policy and can get it done by means of an online procedure.

Online car insurance renewal process also allows the insured to save enough time as well as the hassles related to the offline or traditional ways of renewal. Here, you do not need to pay a visit to the insurer’s office personally. You can avoid the waiting time for your appointment. Moreover, the process can be done in an easy contactless way, which is the need of the hour, especially at the pandemic times.

Further, you can make use of the easy online car insurance renewal calculator to compare costs and buy the most effective policy for your car.

Know How to Renew Car Insurance Policy Online

Car insurance policy renewal online is a hassle-free process that can be done by visiting the website of your insurer or via their mobile app. The process can be completed in simple steps as mentioned below:

  • Submit the registration number of your car.
  • Submit the details of your vehicle and that of the previous insurance policy.
  • Make the payment for the renewal
  • Your policy is renewed online instantly

Benefits of Renewing Car Insurance Online

Below are the benefits of renewing car insurance online.

1. It is a safe process:

The fact that the online car insurance renewal process is safe and secure makes it the most significant aspect of car insurance policy renewal. Since all genuine insurance providers are regulated by IRDAI, you can be sure of the authenticity of the policy. So, getting your policy renewed from an authentic insurance company approved by IRDAI ensures the safety of your policy renewal.

2. Reasonable budget policies:

Another benefit of buying or renewing your policy online is that you get to buy a policy at a reasonable budget that doesn’t make a hole in your pocket. Since insurers can save cost of operation in case of selling policies online, they offer online policies at a reasonable price. Moreover, the charges paid to the middlemen can also be avoided in online policies, which is why you get the advantage of reduced charges and premiums in online buying as compared to offline ways. In addition, the festive offers and discounts also allow insurers to allow reduced price for their policies while selling them to the insured.

3. Easy to compare policy

Another benefit of buying/renewing car insurance online is that it allows you to compare different policies and buy the one that suits you best. This way you can search for numerous alternatives and compare them before buying the most suitable option as per your need.

4. Can renew policy instantly:

With online purchase, you can simply renew your car insurance policy instantly by comparing quotes and selecting the one policy that you want for your car.  You just need to submit the necessary details of your vehicle and details of the previous insurance policy after choosing a policy. Now you can simply make the payment and purchase the policy at an instant.

5. Paperless experience:

Also, unlike earlier reputed insurance companies these days have limited the option of clumsy paperwork that was required for buying insurance policies. Thus, it makes buying car insurance a smooth and hassle-free process at almost zero paperwork. All you need is to submit a few car details and choose the policy you want to purchase.

6. Renewal reminders:

Also, if you buy your car insurance online you will receive timely reminders from your insurer before the expiry of your policy. This way you can renew your insurance without missing the deadline of policy expiration.

7. Add-on coverage:

Add-on coverage is an option that you can receive with many insurers beyond the basic cover. These are known as add-on covers and an insured can buy them by paying an extra amount of payment.  You can buy any number of add-on covers as per your requirement, policy terms and conditions and your insurance provider. Roadside Assistance, Zero Depreciation, Engine Protection etc. are some such covers.

8. No Claim Bonus (NCB) discount:

If you do not make a claim during a policy year, you get an NCB discount for such claim-less years. This discount can be transferred even if you change insurer during the time of renewal.

Read More: How to Renew Car Insurance Policy Online in India – A Complete Guide

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To Conclude

It is a known fact that you cannot drive a vehicle if you do not have an insurance or if your insurance has lapsed. At the same time, timely renewal also saves you from any likely financial liabilities in case of accidents.  So, with an online car insurance, you can renew your car insurance anytime before it expires. Further, you can also get expired car insurance renewal online from the comfort of your home. And while doing so, you can save on a premium amount and can make the entire process quick and hassle-free.

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FAQs: Why Car Insurance Renewal Online is the Best Option in 2024, India?

Which is the best car insurance type available in India?

When it comes to your car – your prized possession – you cannot compromise on securing it from dents and damages. Hence, the only consideration should be the comprehensive car insurance policy. This policy is a complete plan to protect your vehicle against damages caused by accidents, natural calamities, man-made mutilations, riots, and so on. Further, it also covers the third-party liabilities of the policyholder.

However, if you are buying car insurance for an old car, you can consider the third-party liability policy that is mandatory for every car owner.

Why is car insurance bought at the time of your car purchase always expensive?

Car insurance for a new car is expensive as compared to car insurance for an old car. This is because the IDV of the new car is the highest when it is purchased from the showroom. However, with time when the value of the car goes down, the IDV also goes down and the corresponding insurance rate also lowers.

Is there any way to lower car insurance premiums?

There are some tips to lower the insurance premium of your car as mentioned below:

# To lower your car insurance premium, you can increase the deductible amount
# You can install anti-theft devices in your car, which also brings down the premium considerably
# Accumulating NCB or no claim bonus is another way to lower your premium rate. NCB can be accumulated if you do not raise an insurance claim for your car in a policy year
# Also, limit your purchase of unwanted and irreverent add-ons with your car policy
# Finally, compare plans while buying your car insurance policy to buy the best and most cost-effective policy for your vehicle

Is it a must to buy a PA or personal accident cover in India with my new car insurance?

If you are buying car insurance for your new car and you already have a PA cover that is active with your old car insurance policy, you may skip buying another PA cover. However, if you are buying your car insurance for the first time and don’t have a PA cover, you have to buy a PA cover as it is compulsory with car insurance in India.

How fast is the car insurance buying or renewing process in India?

It takes just a few minutes to buy and renew car insurance online in India. You may visit the website of the car insurance company or Paybima.com to buy and renew a car insurance policy.

Is there any difference between online and offline car insurance policies?

No, the offline and online car insurance policies are the same. However, you may avail of a discount on your car insurance premium if you buy it online. Also, in case of online buying, the policy documents are sent to you via email, while it is sent via post/courier in case of offline buying.

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Jun 09, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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