Car insurance renewal
Car insurance policies are offered for one year. After the year is over, the policy needs renewal. Since car insurance policies are mandatory as per the Motor Vehicles Act, policyholders are mandated to renew the policy every year without fail. Renewing the policy can be done in either of the following ways –
- Offline renewals – offline renewals are done through insurance agents of through the company. The policyholder can contact insurance agents or the insurance company, fill up the renewal form, pay the renewal premium and renew the policy offline. Offline renewal process is completed within 3-4 days.
- Online renewals –online renewals are the easiest. They can be online through the company’s website, through online brokers or through the website of insurance aggregators. Renewing online is instant and does not take any time.
Which is better – online or offline renewals?
Online renewals are the best as they are –
- Done easily
- Allows comparison when the renewal is done through online brokers or insurance aggregators
Steps to renew policy online
The car insurance renewal process is easy and can be done through the following steps –
- Choose the website of an insurance company, online broker or online insurance aggregator
- Enter the details of the car. The details include the registration number of the car, registration year, the make, model and variant of the car, the expiry date of the current policy, fuel type of the car, etc.
- After the details are entered, the renewal premium is calculated
- If the policyholder has chosen online brokers or aggregators they can also compare other available policies before renewing
- After the policy is selected, the renewal premium is paid online
- Once the premium is paid, the policy is renewed. The insurance document of the policy is sent to the email of the policyholder instantly.
Car insurance renewal process for expired policies
In case of expired car insurance policies, the renewal is done after inspection of the car. When the expired policy is applied for renewal, the insurance company asks for an inspection of the car. The surveyor of the company visits the policyholder and inspects the car. After the inspection report is submitted, the insurance company accepts renewal. Thereafter, the policyholder should pay the renewal premium online and then the policy would be renewed and issued.
Documents required for car insurance renewal
For renewing car insurance policies various documents are required. These documents include the following –
- RC (Registration Certificate) Book of the car
- Driving license of the policyholder
- PUC certificate of the car
- Renewal form which would contain the details of the car
- Renewal premium
Things to check when renewing
When renewing the car insurance policy, the following things should be kept in mind –
- No claim bonus discount – the policyholder might be eligible for a premium discount for not making a claim in the last policy year. This discount starts from 20% and goes as high as 50%
- IDV – ensure that the IDV of the policy is high. Low IDVs depreciate the car’s value and should not be opted
- Discounts – other discounts should be looked at to reduce the premium outgo
- Add-ons– necessary add-ons should be selected to enhance the scope of coverage