Once your car insurance has expired, it is absolutely essential to renew it as soon as possible to ensure you are protected from incurring a financial loss in the event of a mishap. Ideally, you should take note of your insurance’s expiry date and begin working on the renewal process around it. This is because driving your car without an active insurance policy can be construed as a legal violation.
Fortunately, as most insurance companies allow their customers to renew their policies (and even select add-ons) online, doing so should be easy and convenient! Here’s everything you need to know about renewing your expired car insurance.
A Step by Step Guide Detailing the Renewal Process!
In order to renew your car insurance policy online, you must:
1. Compare different policies and get a quote
In order to stay ahead of the competition, most insurance companies update their offerings to suit the evolving needs of their customers. This is why it is important to not renew the old policy without checking what else is available in the market.
Once you have narrowed down a few policies, compare their offerings as well as premiums online to receive a quote. This way, you can make sure that you have the best possible coverage.
2. Choose the type of coverage you want
Car insurance policies offer different types of coverage, and you must choose the right one based on your needs. For example:
- Liability Coverage: This type of coverage protects you if an accident is caused due to your actions. A liability coverage insurance can cover the cost of repairing your damaged car, medical bills incurred by the third party due to injuries, and even damage to the third party’s vehicle or other property by your car. Note that as per the Motor Vehicles Act of 1988, getting liability coverage is mandatory. However, while the law requires you to get minimum coverage, you should consider getting a higher one to prevent paying for extensive damage out of your pocket.
- Collision Coverage: There is absolutely no way to predict when a car accident may take place, which is why having collision coverage can be highly beneficial. It ensures that your car insurance company pays for the cost of repairing your car after an accident. Note that insurance companies do consider the market value of the car and if the cost of repairing the same exceeds the market value, then they only give you enough funds to cover the market value. If you have an old car, you may get lower collision coverage.
- Personal Injury Coverage: With the cost of healthcare skyrocketing each year, it is essential to get personal injury coverage so that you can handle medical bills due to the injuries incurred during an accident.
- Comprehensive Coverage: As the name suggests, such a policy covers multiple risk factors such as those associated with third-party persons, property or vehicle damages, bodily injury to the owner-driver, and more. It also protects your car if the damage is caused by rain, flood, fire, or theft.
- Uninsured Motorist Protection: This type of coverage protects you in the event that the third-party’s insurance cover is not enough to meet your needs. It minimizes the amount of money you must pay for repairs from your own pocket.
3. Choose the add-ons you want
As is the case with most insurance policies, there are certain add-ons that you can select to boost your car insurance coverage. Some of these include:
- Engine replacement: This add-on protects you from incurring a financial loss while repairing or replacing the engine due to accidental damage.
- Roadside assistance: This add-on ensures that your insurance company sends you roadside assistance if your vehicle has stopped working while driving. The tow truck will take your car to the nearest garage to have it fixed.
- Nil Depreciation Cover: This add-on ensures that your car is insured as per the amount in the repair invoice, including the coverage for repairing and replacing depreciable parts. This should minimise losses by making sure that you get the maximum possible claim pay-out.
4. Fill in the required information
When renewing your car insurance policy online, you must fill out an e-form with your correct information. Depending on the insurance company’s website, the form may be simple – that is, it may only require your name and contact information before you proceed to the next steps – or maybe comprehensive, asking you to select specific policy details right then and there.
5. Make the payment
Finally, you must make the required payment for the insurance company to consider your policy as an active one. You can do so via net banking, or can use a popular payment gateway, depending on the options available on the website.
What are the documents required for renewing a car insurance policy online?
The final list of documents may vary from one insurance company to another; however, you will need:
- Identify proof (such as a copy of your Aadhar card or passport)
- A copy of your driver’s license
- NCB certificate (if applicable)
- Address proof (such as a copy of your rent agreement or electricity bill)
- Old policy details
Benefits of Renewing Your Car Insurance Policy Online
Now, you’re probably wondering why you should renew your car insurance policy online when you can always call your insurance company’s 24x7 hotline and get it done through an agent. The simple answer is this –digitisation has made the process far easier for consumers. However, if you don’t believe that’s the case, keep reading!
It lets you save time
Often, the process of renewing or purchasing anything online is rather quick. Think about the last e-commerce purchase you made – it probably did not take you more than a few minutes to head to your cart, and make the payment.
Renewing your car insurance policy online is just as easy. Just follow the steps detailed above and you’ll be able to get it done in no time. Just like Radhika, who renewed her car insurance policy online in a few simple and quick steps during her office lunch break. She only had a few minutes in hand to complete the process and with the help of an online facility, she renewed her car insurance in just a few minutes.
The process is secure and transparent
When you renew your car insurance online, you can bank on it being a secure and transparent process. You do not have to worry about your personal information falling into the wrong hands.
The policies are easily customisable
With a range of add-ons available to you, you can alter your coverage, tenure, insurer, and premium to suit your needs. Creating comprehensive coverage for yourself is the best way to make sure you don’t feel a financial crunch during a mishap.
It is easy to switch between companies
As is the case with any business, an insurance company will always do its best to retain you as a customer. As a result, the process of switching car insurance from one company to another can be filled with tedious phone calls and sales pitches that eat up your time. Why bother with the same when you’re already sure you need a change?
While renewing your policy online, all you need to do is select the desired policy, choose your add-ons, and make your payments. That’s it!
The NCB is transferred easily
An NCB or No-claims Bonus lets you enjoy discounts on your premiums for not filing for an insurance claim during a policy year. By submitting your NCB certificate, you can easily transfer your good credit even when switching between policies. However, do read the fine print to ensure whether your chosen policy allows the same.
As you’ve probably gathered by now, renewing your car insurance online is incredibly simple. However, before you go ahead and do the same, have a look at all the ways that you can save money while renewing your expired car insurance policy!
