As a car owner, you must be aware of the mandatory requirement to have a valid motor insurance policy for your car. Non-compliance of the regulation attracts hefty penalties, which are ₹2,000 for every offense and/or imprisonment for up to three months. To stay away from these stringent fines, it is best to invest in a car insurance cover.
While it is essential to buy a car insurance policy, it is also necessary to ensure its timely renewal to keep the coverage active. It can either be done offline the traditional way, or even via a car insurance online
renewal process. Renewing online is simple and convenient, as you need not worry about setting up an appointment with an insurance agent or visiting the branch office of the insurance company. Instead, all of it can be done from the convenience of your home.
Here are some tips for you to remember at the time of car insurance renewal:
Online is simple
Gone are the days when you are required to set up a meeting with your insurance agent or travel to your insurance company’s office. Now, renewing your car insurance policy is a few clicks away. For that, you need to visit your insurance company’s website and enter your policy details. Once the insurance company has retrieved your previous insurance plan, you can either renew the same coverage or amend it.
When renewing your policy online, you are in a better position to analyse your requirements, know how much coverage you need, and only then make an informed choice of insurance plan. *
Renewing before the expiry date
As mentioned above, driving your car without a valid insurance cover is a punishable offence, and hence, you must ensure that you carry out the renewal before its expiry. In addition to being compliant with the law, you get continuous coverage without any break. Thus, you no longer need to worry about damages even for a few days, until you actually renew your policy. *
Revisiting the insurance coverage
At every car insurance renewal
, revisiting the insurance coverage is essential. Reviewing the policy’s coverage is crucial to check if the coverage is relevant and sufficient. In case the coverage requirements increase, buying additional coverage is possible at the time of renewal. For instance, consider that you first buy a third-party cover and subsequently realise the importance of an own-damage cover. So, for renewal of your third-party plan, you can either purchase a comprehensive car insurance plan or renew your existing third-party plan and buy a standalone own-damage cover. *
Setting the right IDV
All comprehensive policies allow the policyholder to alter the Insured Declared Value (IDV) within a specified range. Since IDV is the maximum compensation that the insurance company pays, it is essential to set the right amount, failing which may lead to a financial loss.
It is important to set the right IDV. If you choose to lower the IDV, it may reduce the premium but may result in a financial loss. On the other hand, increasing the IDV may swell up your premiums. A car insurance calculator
is a nifty tool that comes in handy to help you know how altering the IDV impacts premiums. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.