What is Car Insurance Renewal?
Car insurance policy is valid only for 5years, 3 years, 1 year after which it needs to be renewed. that is fixed tenure.
You can get your car insurance policy renewed by any car insurance provider – be it the one from which you previously purchased a policy or a new insurer.
For continue enjoying the benefits of the policy cover for your car, it is essential a car insurance renewal.
Benefits of Car Insurance Renewal
This are some of the valuable benefits for Renewal of car insurance policy offers
Helps You Keep No Claim Bonus Intact:
Car Insurance Renewal helps the policyholder keep their NCB. No Claim Bonus intact is provided when the policyholder renews the car insurance policy without raising any claim during the period.
No Claim Bonus Intact ranges between 20% to 50% depending upon the number of claim-free years.
You Can Change Your Insurance Company:
Car Insurance Renewal assists the policyholder to change their insurance provider as essentially the first-time car insurance policy is purchased from the car dealer.
Later on, policyholders can conveniently change the insurance company and features of the insurance policy as they have the option and opportunity at that time to do so.
Help You Stay Insured:
Policyholder can stay insured continue with the help of Car Insurance Renewal
The policy the insurance company will not be able to assist If the policyholder meets with an accident just after one day of expiry that is why Car Insurance Renewal is always necessary to avoid risks.
Car Insurance Renewal Process – Through Insurer Website
#1 Visit the official website of the insurer. Go to the car insurance renewal section available on the website.
#2 Enter your previous car insurance policy details – previous policy number and your car’s engine number/registration number/chassis number.
#3 Check the policy details and the policy renewal premium and proceed with the payment of the renewal fee. Generally available modes of online payments are – debit card, net banking and credit card,
Buy/Renew Car Insurance Online
As per the Motor Vehicle Act, 1988, a four-wheeler insurance policy is necessary for India for all cars.
Vehicle insurance companies compensate for the damage affected to the insured vehicle and a third party from the insured four-wheeler.
These are some of the reasons to buy a new car insurance policy in India.
The car insurance policy pays for the car damages as a result of a collision, natural calamities, or accidental death, which otherwise would need to be paid by the insured
- Car Insurance Policy pays for hospitalization expenses in case of an accident
- With rider advantages like roadside assistance zero depreciation, the expenses are further reduced
- It reduces the financial and legal damages that can arise from a third-party liability or damage
Besides, the premium amount of your car insurance is determined based on the Insured Declared Value of the vehicle.
If you increase the IDV, the premium rises and if you lower it, the premium reduces. It is important for any policyholder to compare car insurance plans before going for 4-wheeler insurance renewal.
You can compare various car insurance plans online on Policybazaar and buy the one that fulfills your expectations hassle-free:
- Get the best car insurance policy from top car insurers company easily
- Comprehensive coverage for four-wheeler vehicle
- Easy and Instant online car insurance renewal process
- A wide range of Add-on covers for improved protection
Factors To Consider While Renewing Car Insurance Policy Online
Claim compensation proportion of insurers: The rate shows that the percentage of total claims settled by an insurer out of the total claims received in a financial year.
If the insurer is offering the correct IDV for your car. Easy of renewal process – if it is instant, user-friendly, and paperless.
Availability of after-sales and customer assistance services offered by the insurer