How to Renew Car Insurance Policy Online in India?

Updated on Jan 12, 2024

Paras has a car and he uses it for both within city and out of city long trips. His car insurance was going to expire and the fact that he did not know how to renew the same was making him anxious. As the due date drew close he got worried but on consulting his friends he realized he could renew it online. As suggested, he paid the car Insurance Policy renewal amount online and got it sorted in time.

Insurance is necessary for car owners because it provides ways to get maximum protection against accidents, losses due to man-made mistakes, natural calamities, and other problems. And it is important that policyholders keep a tab on the renewal date to avoid fines and penalties. While one can renew the policy in various ways, he/should consider choosing online services because it offers several advantages.

Read More: Cheap Car Insurance Plans in India

Steps to renew car insurance policy online in India 

1. Selecting an insurer 

Many car owners will consider renewing a policy with the same company after purchasing a policy. However, there are several companies in the market offering insurance plans at very competitive price. And it would be beneficial to do a little bit of research and compare the plans to get an car insurance renewal which offers maximum benefits at a reasonable cost. A policyholder should choose a company that offers excellent pre-sale and post-sale services. Not only that, he/she should consider whether the service offered is worth the money while purchasing a policy.

2. Finalizing the insurance policy 

Anyone who wants to know how to renew car insurance online can get the process idea from various websites. It is always advisable that policyholders compare policies online before spending money on a purchase. Several insurance companies offer third-party insurance and comprehensive insurance plans for car owners that cater to their needs Not only that, the buyer should ideally visit the website of the selected insurance company to find the details of relevant product.

3. Filling the details 

In the 3rd step, policyholders should submit the details of their vehicles such as model, variant, age, make, claims history, and location. They are necessary to proceed further in the car insurance renewal.

4. Choosing add-ons 

Many insurance companies offer add-ons that will help ensure better protection. Those who want to renew insurance online after adding some add-ons can select them. Some of the features offered by add-ons include zero depreciation, roadside assistance, NCB protection, engine protection, return to invoice, consumable cover, and loss of personal belongings.

5. Making payments

Policyholders should make payments after selecting the right plan. They can pick any one of the options such as net banking, online wallet, apps, credit card, debit card, etc. Moreover, it makes the car insurance policy renewal online an easy one. Once the payment is done, the renewal process becomes complete.

6. Reviewing the policy document 

An insurer will send a copy of a policy document to a policyholder’s mail after payment is successful. It is usually in PDF form and no one can make any changes. A policyholder should make sure that the document contains all the details of a policy.  He/she can download the document and save it properly for future reference.

Also Read: What Does a Car Insurance Cover?

Tips to renew car insurance policy online in India

• Doing research: Those interested in online car insurance policy renewal should consider doing research online that will help make the right decision. A majority of car owners will usually go for an insurance policy recommended by a showroom or dealer. Nevertheless, they should know the details of plans offered by the insurance company and spend money accordingly.
• Reviewing coverage: Policyholders should review their coverage to increase or decrease the features based on the choices. Most insurers offer add-on covers for policyholders and they can select them while renewing a policy.
• Reviewing insurer: Car owners should review insurers online when they want to renew a policy. This will help in decision making when going for online motor insurance renewal to get the desired coverage at the best price.
• Picking the right IDV: Insured declared value, shortly known as IDV, will have a direct impact on insurance premium amounts. While renewing a car insurance plan, one should focus more on picking the right IDV. This is because selecting high IDV will increase the premium prices significantly.
• Utilizing discounts: Several insurance companies will offer discounts to customers when they want to renew their car insurance. Therefore, one should speak to the insurance company representative to get a discount.
• Not forgetting the NCB: Car insurance firms will provide a no-claim bonus (NCB) feature to policyholders when they don’t claim within a policy year. A policyholder should make sure that NCB stays intact in quotes.
• Renewing before the expiry date: Policyholders should consider renewing their policy before the expiry date. And car insurance renewal online is the easiest way around it. Besides that, it enables customers to make payments in a quick turnaround time.

Also Read: What is Not Covered by Your Car Insurance Policy?

The bottom line

Car owners should renew their insurance policies in time to avoid fines and other issues. Renewing a policy online is favoured these days as it helps save on both time and money. But yes, do not forget to read the terms and conditions while renewing a policy. PayBima’s team assists policyholders in choosing the right protection & riders to make the car insurance renewal effortless and advantageous.

Also Read:

• Maintenance Tips to Keep Your Car in Good Condition
• Process To Claim Car Insurance After an Accident in India
• Reasons for Purchasing a Long-Term Car Insurance Policy