By | December 7, 2022
Car Insurance Renewal

Car Insurance Renewal

Each car insurance policy can be valid for 1 year, 3 years etc. In order to continue availing the services of car insurance, policyholders have to renew their policy within the stipulated time, otherwise, their plan may lapse. Let them lose all their accrued benefits and policy coverage.

Car Insurance Renewal

Car Insurance Renewal

What is car insurance renewal?

Each car insurance policy is valid only for a fixed term which may be 1 year, 3 years or 5 years after which it needs to be renewed. Car insurance renewal is essential to continue enjoying the benefits of policy cover for your car.

You can renew your car insurance policy through any car insurance provider – whether it’s the one you bought a policy from earlier or a new insurance company.


Benefits of Car Insurance Renewal

Car insurance policy renewal is not just a matter of process to continue availing the policy, but it also brings with it various benefits. Car insurance policy renewal offers the following benefits:

1. Help you stay insured: Car insurance renewal helps the policyholder stay insured continuously. If the policyholder meets with an accident a day after the expiry of the policy and the insurance company is unable to help him, such risks can be avoided through car insurance renewal.

2. Helps you to keep No Claim Bonus (NCB) intact: Car insurance renewal helps policyholders to keep their No Claim Bonus intact. NCB is provided when the policyholder renews the car insurance policy without making any claims during the period. NCB ranges between 20% to 50% depending on the number of claim-free years.

3. Gives you the option to change your insurance company: Car insurance renewal helps the policyholder to change their insurance provider as most first time car insurance policies are bought from the car dealer. Later, policyholders can conveniently change the insurance company and policy features as they have the option and opportunity at that time.

4. To select or change add-on cover: If you want to increase the coverage of your car insurance policy, you can select add-on cover or riders or change the existing ones during your policy renewal process. your needs. Availability of add-on cover may vary depending on add-on cover like zero depreciation cover, roadside assistance, engine cover etc.

5. Saves you from fines: Driving a car without valid insurance cover is a punishable offense as per the Indian Motor Tariff. Therefore, it is very important to keep your car insurance policy active by renewing it on time. It will surely help you drive your car Insurance Renewal freely on the road without worrying about fines. Driving a car without valid insurance cover is a punishable offense as per the Indian Motor Tariff. Therefore, it is very important to keep your car insurance policy active by renewing it on time. It will surely help you drive your car freely on the road without worrying about fines.

Read also: Best Car Insurance Dos and Donts for College Drivers 2022

Car insurance renewal process – through the insurance company’s website

Here is the procedure to renew your car insurance through the official website of the insurance company:

renewal process

renewal process

Step 1: Visit the official website of the insurer. Go to the car insurance renewal section available on the website.

Step 2: Enter your previous car insurance policy details – previous policy number and your car’s registration number/engine number/chassis number.

Step 3: Check policy details and policy renewal premium and proceed with renewal fee payment. Common online payment methods are available – credit card, debit card and net banking.

Factors to consider while renewing car insurance policy online

Below are some of the factors that you should consider while renewing your car insurance plan online:

Claim Settlement Ratio of Insurers. The ratio shows the percentage of total claims settled by an insurer out of the total claims received in a financial year.
If the insurer offers the right IDV for your car.

Ease of renewal process – if it is instant, user friendly and paperless.
Availability of after sales and customer support services offered by the insurer.

Online Car Insurance Renewal Process Through Insurance

It is quite simple to renew a car insurance policy with the Insurance platform. Here is the process to renew car insurance online through the Insurance portal:

Online Car Insurance

Online Car Insurance

Step 1: Visit and click on the tab for ‘car’.

Step 2: Enter your car’s Registration Number and click ‘Proceed’. Now, select your car’s fuel type and variant to proceed. If you do not remember your car’s registration number, click on the ‘Don’t know your car number?’ option and select your car’s brand name, model, fuel type, variant, registration year, registration city and RTO.

Step 3: Provide the expiry date of your previous car insurance policy and the name of your previous car insurer. Tell us if you had made any claim during the previous policy and click on ‘Continue’.

Step 4: Fill in your personal details – name and mobile number and the number of days by when do you want the car to be insured. Click on ‘Submit and Get Quotes’.

Step 5: All available premium quotes from different insurers will be displayed to you. Compare and select the quote which best suits your requirements. At this stage, you can also opt for different add-ons, accessories and passenger cover.

Step 6: Click on the ‘Buy Now’ button, confirm your details, and proceed with the payment. You can make payment using your credit/debit card or other net banking facilities. The policy will be issued instantly to you and you will receive the policy document at your registered email address.

Benefits of renewing car insurance policy online

When it comes to car insurance policy renewal, it is recommended to do it online. However, option to renew policy through offline method is also available but opting for online mode is always recommended. Following are some of the benefits of renewing your car insurance plan online:

1. Easy and Swift Process – Online method is fast and convenient which makes car Insurance Renewal plan easy and fast. With an internet connection, you can get your plan from the comfort of your home anytime without visiting your insurance company branch or calling your agent. Since the online renewal process is paperless, it helps you avoid tedious paperwork and helps you keep records handy.

2. Customization is easy – While renewing a car insurance policy online, you can easily customize your coverage and enhance it by adding add-on covers to your plan. You just have to go through the list of add-on covers or better plans and can choose it according to your needs and budget at a click.

3. Process is safe and clear – The online renewal process is safe and secure. Also, the transparency of the process enables you to make an informed decision. The online process also offers you a secure payment gateway for premium payments that keeps your personal and critical information safe, minimizing any fraudulent risks.

4. Easy to Swift Insurer – With online renewal process, you can easily change your insurance company as information about different types of insurance providers is easily available online. You have to compare several insurance companies on different basis and choose the most suitable policy according to your budget and needs.

5. Transfer No Claim Bonus – You can always transfer your No Claim Bonus (NCB) at the time of car insurance policy renewal. As for the online renewal process, it is easier and faster as compared to offline renewal.

6. Transparent Process Method – The car insurance policy renewal process is transparent, which means that nothing will be hidden or anything like an agent is hiding something related to the car Insurance Renewal policy.



4 Replies to “Best Car Insurance Renewal 2022-2023”

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