Did you forget to renew your car insurance? That’s a situation that a lot of policyholders find themselves in. It could be due to your own negligence or being overburdened with your job. In any case, it is critical to renew insurance coverage as soon as possible so that you are not exposed to financial risks and other penalties.
If you want to do your car insurance renewal online, it is a simple process. However, understanding a few components of a car insurance policy will assist you in selecting a policy that better meets your needs or budget. Here is a 14-point checklist to examine before your car insurance policy renewal.
1. Do It Yourself
Car insurance isn’t too difficult to understand. Indeed, new-age insurers have simplified their offers so that vehicle owner may quickly obtain and renew auto insurance.
Car buyers typically choose the car insurance coverage recommended by the dealership or dealer where they acquired the vehicle. You do, however, have the option of insuring the vehicle without the use of an agency by picking an insurer and purchasing or renewing it directly from their website. You are in a better position to examine your needs, determine the scope of your coverage, and make an informed selection.
2. Type of Plan
During the policy renewal process, you can purchase either a third-party liability policy or a comprehensive car insurance renewal plans Each of them caters to a particular set of requirements. While a third party car insurance policy is less expensive, it provides limited coverage. A clear approach, on the other hand, provides you with more coverage, including your own automobile damage coverage, but at slightly higher prices. You must pick which policy will best meet your needs and then select it.
3. Review Your Coverage
You are not required to remain with the same insurance coverage you chose a year ago. Depending on your current demands, you can expand or decrease the coverage.
If you were unaware of Add-on covers when you purchased your Comprehensive car insurance policy, you can improve your coverage by selecting a relevant rider such as Zero Depreciation during auto insurance renewal. This will slightly raise your car insurance cost, but it will come in handy during claim settlement.
While it is not required to purchase an add-on for your insurance, it is worthwhile to investigate the various options available. With add-ons, you can secure significantly greater and wider coverage for your car by paying a little fee. Zero Depreciation cover, NCB cover, Invoice Protection cover, and Engine Protect cover are among the most popular.
5. Review Your Insurer
Once you’ve settled on your coverage, you can evaluate the service given by your current insurer and determine whether or not to stay with them. You might also hunt for an insurance company that offers the appropriate coverage at a lower rate than your present insurer.
Consider using a digital-first insurance company since they offer a simple purchase process, low-cost policies, and a simple claims process. Because they are an online-only insurer, they spend less on operating costs and can afford to sell plans at a cheaper rate than competitors while maintaining the same level of coverage. Such online insurers allow you to renew your coverage in a matter of minutes. However, ensure that the insurance company is registered with the Insurance Regulatory and Development Authority of India (IRDAI).
6. Grab the Discount
Did you know that if you put an anti-theft device in your car, you might earn a discount on your car insurance premium? Insurance companies will give you a discount if your anti-theft system is certified by the Automotive Research Association of India. This is a win-win situation for both you and your insurance carrier because it reduces the likelihood of car theft.
7. Check the network of cashless garages
Before purchasing the coverage, you can contact the insurer to obtain a list of network garages. If you visit these garages, you may be able to obtain cashless benefits, in which the insurer will pay the repair bill straight to the garage.
8. Don’t forget the NCB
Car insurance providers reward policyholders who do not file a claim throughout the policy period with a No Claim Bonus (NCB). NCB is an incremental benefit that can increase to 50% if you do not file a claim for five years in a row.
If you file a claim, NCB will be reset to zero and the accumulation will begin again. Check to see if your insurance company has included the NCB component in your auto insurance quote. It is important to note that NCB remains in effect even if you change insurance companies.
9. Adequate IDV
The insured stated value (IDV) of the car is most likely the most important factor that could affect your coverage. In order to reap the benefits of the coverage, later on, it is necessary to purchase insurance with the right IDV.
10. Claim History
The claims history of an insurer might help you decide whether or not to purchase a policy from them. What you should be searching for is a simple and quick procedure. You can conduct a short web search to determine how simple or difficult it is to interact with an insurer when it comes to claims or other concerns in general.
11. Enhanced Security
Installing a security system on your vehicle not only increases its security but also has the potential to lower premium pricing. The only thing you need to be cautious of is the type of devices you install. A list of devices is recommended by the ARAI or Automotive Research Association of India. These savings are available if you install any of them.
12. Avoid lapses
Failure to renew your policy on time may be costly because your NCB will lapse and a survey will be required, in addition to the fact that it is needed to have a current auto insurance policy in order to drive your vehicle on Indian roads.
13. Compare Online Quotes
You may renew your auto insurance online, which is not only faster but also less expensive. You can obtain policy quotations from insurers before selecting whether or not to purchase the coverage. Individuals looking for a more affordable policy will benefit greatly from this approach.
14. Renew Before Expiry
According to the Motor Vehicles Act of 1988, driving an automobile without active car insurance coverage is a serious infraction. If you do not renew your automobile insurance before it expires, the insurance provider may want to inspect your vehicle before renewing its coverage. This may result in a higher premium. Furthermore, if you do not renew your insurance within 90 days of its expiry date, your accrued NCB will be lost since it will be reset.
In the event of an occurrence, not having coverage can severely harm your money. It is usually advisable to have a policy and to renew it on time. When you renew your vehicle insurance online, you may acquire a solid policy by following the advice provided above.