Initially, buying and renewing car insurance policy involved making phone calls, meeting up with the vehicle insurance agent or visiting the insurance office personally. And let’s not forget the most time consuming part: curating a bunch of hard copies required for the renewal. Now, car insurance renewal has become a cake walk. You can get it done in a few clicks. In this article, we will explain simple steps for online car insurance renewal.
- Details Required for Car Insurance Policy Renewal
- 5 Steps for Online Car Insurance Renewal
- Step I: Research About Car Insurance Policy
- Step II: Finalize Type of Insurance Policy
- Step III: Enter Your Details
- Step IV: Select Add-ons
- Step V: Payment
- News Related to Renewal Car Insurance:
- COVID-19: Renewal of Vehicle, Health Insurance Extended to 21 April 2020
Details Required for Car Insurance Policy Renewal
Before you begin the renewal of car insurance policy, you need to be ready with a few details. Having these details with you will speed up the process. Here is the list of details you’ll need:
- Full Name
- Car make and model details
- Car Registration Number
- Previous Policy Number
- Add-ons to be chosen
- Payment details
5 Steps for Online Car Insurance Renewal
Here are five steps to renew your car insurance quickly:
Step I: Research About Car Insurance Policy
The first step towards buying a car insurance is to choose an insurance company. Ideally, the company which offers excellent pre-sale as well as post-sale services should be chosen. Along with services, the insurer should also offer adequate coverage and fair prices. Reading online reviews will help while selecting an insurer.
Step II: Finalize Type of Insurance Policy
Once you finalize a car insurance company after doing a car insurance comparison, log in to their website and find the relevant car insurance product. Here you need to decide the type of policy you want to purchase.
Car insurance policy can be of two types:
- Third-party Car Insurance policy
- Comprehensive Car Insurance Policy
A Third-party policy is mandatory by law and covers third-party liabilities. Whereas a Comprehensive policy covers third-party liabilities as well as own damage. Plus, you can enhance the coverage with Add-ons.
Step III: Enter Your Details
Select the desired type of policy for online car insurance renewal. Now you will require the details you kept handy. You will come across a simple form where you need to feed the details for car insurance renewal.
Step IV: Select Add-ons
If you have opted for a Comprehensive car insurance policy, you can select Add-ons or covers to extend the scope of your basic car insurance policy. Commonly offered car insurance Add-ons are:
- Zero Depreciation: With this Add-on, your insurer will not consider the depreciation of your car at the time of claim. Sometimes, depreciation can amount up to 50% of the claim value.
- Roadside Assistance: This cover can prove to be a lifesaver if you are stuck in the middle of the road due to a breakdown. You can avail facilities like towing, minor repairs, fuel, battery jump start, etc. under this Add-on.
- Return to Invoice: During theft or natural calamity, if your car is considered as “total loss,” you can claim the ex-showroom price of your car under this cover.
- Engine Protection: You can claim the cost of repairing or replacing the engine of your car if damaged.
- NCB Protect: You will be allowed to make two claims and still retain your No Claim Bonus, with this Add-on.
- Consumable Cover: Usually the repairing/replacing cost of consumables in car insurance is deducted at the time of claim. However, with a Consumable Cover, this cost will not be deducted from the claim amount.
- Loss of Personal Belongings: In case of theft of expensive belongings like smartphone or laptop from the insured car, the cost will be claimable.
Step V: Payment
After you are all set with the type of policy and Add-ons, you can proceed to make the payment. Once you make the payment, your job is done. Thus the process becomes simpler when one opts for car insurance renewal online.
When the insurer receives your payment, he will instantly send your renewed policy through email. Usually, the policy will be in a PDF format, which means no one can make changes in the softcopy of the policy.
Print multiple copies of the policy. Keep one at home and one mandatorily in your car. You can produce this copy when demanded by authorities. An online car insurance policy is a fully valid, legal document.
COVID-19: Renewal of Vehicle, Health Insurance Extended to 21 April 2020
– April 3, 2020
The Finance Ministry of India has issued a directive on 1 April 2020 saying that the renewal dates of vehicle and health insurance coverages extended to 21 April 2020. The policies which are eligible for the extension include those with renewal date which falls between 25 March and 14 April 2020. The extension comes amid the lockdown announced by the centre in the wake of the rising Novel Coronavirus infections in the country. This will bring some relief to policyholders as they have time to renew their policy without the policy being rendered as a lapsed policy. The move will ensure the continuity of the policy coverage despite lapsing the renewal date.