Before we proceed any further, be advised that third-party car insurance is mandatory by law in India.
If you forget to renew your car insurance policy on the stipulated date, contact your insurance company at the earliest and fix an appointment for your car to be surveyed. After a satisfactory survey completion, you may proceed to renew the car insurance policy.
If your car insurance policy has just expired, you can renew it without having to pay for any penalties. Be advised to not drive your car until you get the insurance renewed and have the necessary documents in hand.
Do well to ensure that all your previous policy documents and claim-related papers are ready and handy with you. Insurers need these documents to understand your claims' history and assign the No-claim Bonus (NCB) on the renewed policy, accordingly.
Ensure that your car’s vital documents such as car manufacturer’s name, car model and brand details, car’s registration zone/city, RTO Office address, first registration date, etc. are safe and secure.
Online insurance policy renewal (for cars and two-wheelers) is an excellent feature available these days. It helps save time and avoids cumbersome paperwork. Simply log on to your chosen insurer's website with all the necessary documents and details ready, click on the online renewal option, and fill in the details in the appropriate fields.
Ensure that you fill in your car’s policy number, registration details and other information correctly. Before you hit submit, crosscheck the details against the details present on the hard copy of the documents you have. This avoids errors and miscommunication. After you submit the renewal form online, the insurer sends you a quote shortly.
But what if you’re planning to renew your car insurance online with a different insurer? Don’t worry; it isn’t a complex task either.
If you’re looking to renew a lapsed car insurance policy with a different insurance company, you can do that online. Several leading insurers permit such renewals on the basis of your previous car insurance policy details.
Now, that you know how to renew your car insurance, it’s time to check out the payments for online policy renewal.
For online car insurance policy renewal (with the same or different insurance company), you can pay through various convenient online payment channels such as debit card, credit card or Netbanking. After renewing your policy online, you will instantly receive the renewed policy documents via email.
Do well to set reminders on the insurance provider's website to ensure quick and timely future renewal updates. ICICI Lombard, for instance, sends reminders on the policyholder’s registered email address, once he/she submits the car insurance policy details on the company’s website. Apart from this, the company’s mobile app allows quick policy renewal even when you are on the go. You may even click a photograph of your lapsed car insurance policy and upload it on the mobile app.
Apart from renewal, policyholders can also make pending premium payments via the mobile app.
Okay, now it’s time to get acquainted to the best part, the part where we will reveal how you can lower your car insurance renewal costs.
Sounds interesting? So, let’s dive right in…
This is an important way to save money when renewing your car insurance policy. Those who are happy with the renewal quotes offered by their existing car insurers and hence do not compare quotes offered by other insurance companies, often lose out on the chances of bringing down their car insurance renewal costs.
Over the years, there has been a spate of insurance comparison portals launches in order to help insurance seekers compare, purchase and even renew their car insurance policies via a single, use-friendly interface.
If you own a car, you should leverage this facility to check and compare various available car insurance renewal plans. This will help you get a good deal on your car insurance policy renewal at comparatively lower costs.
While comparing various car renewal schemes, you may come across a host of features that insurance companies offer. However, it is wisest if you pick only the specific features you require and eliminate expensive plans with extensive features that may not even be relevant for your car.
Narrowing down available options to suit your specific needs can help you save a good amount of money.
Car owners holding valid insurance policies qualify for a concession/discount on future premiums at the time of policy renewal, if no claims are made during the policy year. The discount is referred to as a No Claim Bonus (NCB), which keeps increasing with every claim-free year.
During car policy renewal, policyholders may opt for voluntary deduction – an amount that policyholders have to pay during claim settlement. If you choose to pay a higher amount towards the voluntary deduction component of your car insurance policy, the premium gets lowered to a certain extent, helping you save your car policy renewal costs.
Car insurance companies may sometimes raise the car insurance renewal price closer to the stipulated renewal date. Car owners, therefore, sometimes notice a sudden price hike on the day of renewing the car insurance policy and then have no choice but to accept the higher price.
It is therefore advisable to start working towards your car’s insurance policy renewal a minimum of two months prior to the scheduled renewal date. If a few weeks are spent on searching, comparing and picking the best car insurance renewal plan, you could get the renewed car insurance policy at a reasonable price at least 1.5 months before your current policy lapses.
It must be noted that early renewal does not take away any value from your existing car insurance policy. All insurance companies allow car insurance renewals a minimum of 45 days before the current policy expires. Therefore, even if you get your car’s insurance policy renewed well before the existing policy’s expiry date, the new car insurance policy will come into effect only after the older policy expires. Therefore, the money you pay towards the earlier premiums will not be wasted.
You Might be interested in Reading: Way to Reduce Car Insurance Premium
Owning a car means upkeep, maintenance and regular insurance renewals. By following the aforementioned guidelines and implementing these money-saving ways, you can ensure timely and hassle-free insurance renewals for your car, while at the same time save a sizable amount of money.
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