Did you know that you can renew your car insurance online from the comfort of your home?
Car insurance providers in India have been introducing various features that make managing car insurance simple. Customers can easily buy and renew their car insurance policies online. Not only that, customers can access different car insurance plans, compare the benefits, and decide on the best-suited policy.
You can also use a tool called a car insurance calculator to know about your car insurance premium, before you decide to renew your car insurance online.
So, here is important advice on factors you can consider for car insurance policy renewal online.
7 Important Things To Consider For Car Insurance Renewal Online
- Decide on the type of cover
While a third-party four-wheeler insurance policy is mandatory by law, it is important to note that it does not cover damages incurred to your car. A comprehensive car insurance plan can help you cover third-party liabilities and own damages. Therefore, if you have purchased a third-party car insurance policy, you can enhance the coverage by opting for comprehensive coverage when you renew your car policy.
You can analyse the features and needs to determine the affordable premium using a car insurance calculator and decide on a suitable coverage.
- Choose the appropriate add-ons
Add-on covers further enhance the coverage and provide added financial benefits in a specific scenario. For instance, roadside assistance assists you and your insured car if there is a breakdown in a remote location with the help of a team to refuel, tow or provide mechanical services. Therefore, if you become a frequent traveller going long distances over the previous year due to work or personal reasons, you can choose this add-on on your online renewal of car insurance.
- Ensure to utilise the No Claim Bonus (NCB)
No Claim Bonus is a benefit that reduces the premium by a certain percentage if you have not made any claims in the preceding year. Therefore, when you buy car insurance, avoid initiating a claim request for minor issues to benefit from the NCB and ensure to avail of the benefit during car policy renewal.
- Provide the right Insured Declared Value (IDV)
When you buy four-wheeler insurance, you will have to provide the right Insured Declared Value. IDV is the maximum possible sum assured you can receive from your insurer in the case of a complete loss. Furthermore, it depends on the prevailing market value considering the depreciation.
A lower IDV means you pay a lesser premium, but the coverage may not be sufficient. On the other hand, a higher IDV refers to a higher premium and increased sum assured. Therefore, choosing the right IDV during car insurance policy renewal online is crucial.
- Decide on the deductibles
A deductible is the portion of the amount you pay for a car insurance claim before the insurer bears the remaining expenses.
Some insurance providers have mandatory deductibles applicable to the insurance policy. On the other hand, some insurers offer voluntary deductibles to let you choose the amount you can contribute.
If you choose a higher deductible during the car policy renewal, you can benefit from paying a lesser premium while ensuring the coverage.
- Do the car insurance renewal yourself
When you are approaching car insurance renewal, you might seek the help of an insurance agent. However, it is highly advisable to get it done yourself so that you can access the different options. You can also analyse the features of different car insurance policies without paying the commission charges.
In addition, as insurers have been providing user-friendly online features, you can understand and get the online renewal of car insurance in simple and easy steps.
- Timely renewal
Renewing car insurance on time can help you benefit from the loss of coverage due to a policy lapse, receiving the applicable No Claim Bonus, and reduced premiums. Therefore, note your renewal time or use the notification provided by your insurer and renew it timely to keep the benefits intact.
Conclusion
Car insurance renewal is a simple online process. You can do it yourself with the aid of online applications offered by your insurance provider. However, it would help if you considered certain factors, such as choosing the right IDV, car insurance type, add-on covers, etc., during the renewal process to ensure adequate coverage. While car policy renewal extends the coverage, it can also maximise the benefits if you get it right!