Driving on public roads poses a threat to the driver's life and the car as mishaps can happen at any time. To ensure financial safety from such mishaps, all car owners must hold a valid car insurance policy with third-party cover under the Indian motor laws. Since all plans come with an expiry, car owners can ensure continuous coverage by renewing their car insurance on time. Read on to know the process and documents required for car insurance renewal.
If you have bought a car insurance policy, it will be up for renewal after one year in the case of old cars and three years in the case of new cars. If you fail to renew your car insurance policy before its expiry, you may have to face legal consequences.
According to the Motor Vehicles Act, 2019, any car driver found to be used on public roads without an insurance policy will be penalized with a ₹2,000 fine and/or jail imprisonment of up to three months. In case they are found driving an uninsured car for the second time, they will be charged with a fine of ₹4,000 and/or with jail imprisonment of a similar duration. So to avoid this penalty, you must get your car insurance policy renewed on time.
It is mandatory to renew your car insurance policy before its expiry date as your coverage will lapse when the policy expires. A lapsed policy will not only defy the motor laws of the country but also lead to the rejection of car insurance claims. This is because your motor insurance company will not be liable to cover any loss or damages to your car once your policy has lapsed. Therefore, if your uninsured car is involved in an accident or any other adverse situation, you will have to pay for all the damages to your car and third party liabilities from your own pockets.
Renewing your car insurance policy on time will ensure that your vehicle is shielded against all financial damages and legal liabilities during an accident. Also, it will offer you the advantage of earning different renewal benefits, including the no claim bonus that car insurance companies give you at the time of renewal.
When your insurance policy expiration date is near, follow these steps for renewal of your car insurance policy-
1. Call the insurance company and speak to them about the situation.
2. Your insurer will intimate you if the car needs to be surveyed for the renewal process.
3. In case the car inspection is compulsory, fix an appointment with your insurer.
4. Coordinate with the inspector and submit any car insurance renewal documents.
5. Once the inspection is completed, pay the renewal premium and renew your car insurance policy.
You May Also Read: Lapsed Car Insurance Policy
If you wish to change your insurer, you can opt for another car insurance policy while retaining your NCB. Even if you have missed the policy due date, your NCB will remain safe as long as you renew your policy within 90 days of the expiry of the insurance policy.
Insurance Regulatory and Development Authority of India (IRDAI) has published a statutory list of car insurance documents for renewals. As a result, this list of car insurance renewal documents remains the same across all motor insurance companies and is to be submitted along with the renewal form.
The list of documents required for car insurance renewal is as follows-
1. Government identity proof like PAN card/ Aadhar card/ passport
2. Address proof of the policyholder (Passport/Driving License/ Bank Passbook)
3. A recent photograph
4. A copy of a driving license
5. Vehicle registration number
6. A copy of the car’s RC or registration certificate
7. Pollution test certificate of the vehicle
8. Existing motor insurance policy number
9. Card details for online payments
Car insurance is not a choice and is legally enforceable. With digitalization, insurance companies have made provisions for online policy renewal, which makes it considerably easier for you. Here are some of the benefits of renewing your car insurance policy online-
1. The online car insurance renewal process is easy and hassle-free.
2. The choices of insurance policies for your car are vast as it is offered by several insurance companies. While renewing the policy online, you can select the best available option for your car by making online comparisons.
3. Most online car insurance renewal plans are 30-40% more affordable as compared to offline renewals.
4. While renewing the car insurance online, you can customize your plan as per your choice of coverage, budget, etc.
All cars owners should keep the following points in mind before the renewal of their car insurance policies:
Ultimately, you are the protector of your vehicle. Renewing your car insurance policy on time is extremely essential for your vehicle as it protects you against financial losses and legal issues in case of adversity involving your car.You can choose the method for car insurance policy renewal i.e. online or offline as per your choice. Your insurance company will have provisions for online policy renewal, making it easy for you to renew your car insurance policy from anywhere. Also, keep all your car insurance renewal documents handy as the date of your policy renewal approaches.
06 Dec 2022No, any damage to the nut bolt or any other consumable of your
05 Dec 2022Third-party car insurance is a mandatory cover as per the motor
28 Nov 2022You usually don’t need car insurance while shopping for cars
23 Nov 2022With everything going online, buying new car insurance in India
18 Nov 2022If you are new to the motor insurance world, you must have