Until a few years ago, renewing a car insurance policy meant having to make multiple phone calls to set up a meeting with the insurance agent. Once the agent agreed, some more hours went into understanding the new products that hit the market since your last renewal. And finally the most time-consuming part - filling out the hard copies and collecting photocopies of the documents required for the renewal. Thankfully, this complex procedure is a thing of the past. Buying a car insurance policy today is only a few steps now. In fact, you can get it done in just a few clicks using your smartphone.
No More Boring Paperwork While Renewing Your Car Insurance
1. Go paperless - Buy Online
Generally, a part of the premium you pay for your car insurance is pocketed by the insurance agent in the form of commission. To avoid these middlemen, you can directly buy your car insurance from the insurance provider online. Since the market is competitive, you can get the same plan for cheaper. In fact, most insurers offer premium discounts which can help you save more. You don’t even need to worry about the complex documentation process. The online process is simple and the scope for error is almost nil. You need to provide some basic details and upload photographs / scanned copies of the necessary documents. There is no complex jargon and therefore no need for an agent.
Just like what Akash did when he purchased his car insurance policy online without the involvement of any agent. He simply compared multiple policies of various insurers and finally selected the right one, meeting his needs.
*PRO-TIP: IRDAI (Insurance Regulatory and Development Authority) regulated all online insurers and policies issues are 100% genuine.
2. Use the Free Car Insurance Premium Calculator
A car insurance premium calculator is a free online tool available for car owners. This helps you estimate the cost of your car insurance premium based on some basic details. The following steps will help you understand how to use the Car Insurance Premium Calculator.
Step 01: Enter your Car’s Basic Details like Make-Model-Variant, Registration date, and the City of registration.
Step 02: Select ‘Get Quote’ and choose the plan best suited for you.
Step 03: Select Third-Party Liability Only or a Comprehensive Package.
*PRO-TIP: Third-Party Liability is mandatory, however, its coverage is limited.
Step 04: Enter the necessary details about your last insurance policy. This will include the Expiry date of your last policy, Claims Made (if any) & No Claim Bonus Earned (if any).
Step 05: In case you have opted for a Comprehensive Cover, you can set your IDV and customize your plan by selecting specific add-ons like Zero Depreciation, Engine Protection, Return to Invoice, etc more.
Finally, you will be able to see the final car insurance premium calculated based on the details you have entered.
3. Compare Plans and Choose the Best as per Your Needs
While buying car insurance online, it is very important to compare quotes from different insurers. This will help you evaluate the average price you should be paying. You can even compare the premium rates for a long-term multi-year policy with a single-year policy. Use the filters available on the website to compare the type of coverage and other benefits. These filters will help you shortlist the best plan and even set a budget.
Once you have selected the car insurance plan, fill in the required details. It is also a good practice to include a nominee. A nominee will gain the benefits of your insurance policy in the unfortunate event of your death. Double-check the details of the nominee you select. Once all your documents are submitted, you can pay the premium amount online through net banking or your credit or debit card. Within a few minutes, a copy of your policy will be sent to your registered email address.
Summary:
Today, you can buy or renew your car insurance policy online within minutes. Most online insurance providers even provide free consultation services to help you make an informed decision. Since the online process is quick and transparent, you will know exactly what you are paying for. This means you no longer have to depend on your insurance agent and therefore you can save the extra commission amount.
