Renew Your Car Insurance Policy on Time to Avoid Financial Losses

Try not to delay your car insurance renewal. You should always renew it before the due date of your insurance expiry date. As if the car insurance policy lapses and there are damages in your car (or your car gets stolen during this period) after that, you have to bear the financial losses.

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Above-mentioned prices are for a 7-year-old Maruti WAGON R AVANCE LXI (998 CC) registered in Gurgaon and 15 days before expiry of previous policy

How to Renew Car Insurance Policy?

Generally, all car insurance companies provide a grace period of 15 days to one month from the policy’s due date. You can pay the premium of your insurance policy during this period and get your policy renewed. However, if you do not renew your insurance policy during the grace period, you have to purchase a new car insurance policy for your car.

Here are the steps to renew your car insurance policy online:

  • Go to the car insurance renewal section.
  • Enter the details mentioned on the page, like your policy number, date of birth, mobile number, etc., and submit all this.
  • Select the car insurance policy that you want to renew.
  • Select the add-ons or rider benefits that you want to buy or drop (if there are any).
  • The amount of premium that you have to pay will be shown on this page.
  • Pay the premium of your insurance policy online with the help of a debit card, credit card, or net banking.
  • As soon as the payment transaction completes, your car insurance policy gets renewed.

You will get the documents of your renewed car insurance policy on your registered email id. If you wish, you can download a copy of your policy’s document and get its printout anytime you want.

Things to Remember While Renewing a Car Insurance Policy:

Here are a few points that you must remember at the time of renewing a car insurance policy:

  • Compare Different Options: When you are renewing your car insurance policy, you should not forget to compare all the available options online. This gives you an idea of whether some other insurance company is offering better features, insured declared value (IDV), premiums, etc. in its car insurance policy or not. If you find a better comprehensive car insurance policy with some other insurer, you can switch the insurer at the time of renewal.
  • Type of Car Insurance Plan: Buying a third-party liability insurance policy for your car is mandated by law. It covers the damages and losses incurred to a third-party person or property caused by your insured car. If you have a third-party car insurance policy, you must look for a comprehensive car insurance plan. In this type of insurance, damages to the insured vehicle as well as third-party both are covered. In this way, a comprehensive vehicle insurance plan offers double benefits.
  • Rider Benefits or Add-On Covers: At the time of renewal of your car insurance policy, you must review all the available add-on covers. As a policyholder, you must make all the required adjustments and you can as well tailor your car insurance policy as per your necessities. In which, add-on covers or rider benefits do the needful. You can add a rider benefit to your existing car insurance policy or remove an unwanted rider from it at the time of its renewal. Some of the add-on covers that are offered by most car insurance providers are – key and lock replacement, zero depreciation cover, conveyance benefit, etc.
  • You Can Change the Insurer: Some insurance companies keep on changing their terms and conditions with time. Moreover, while your comparison of different car insurance plans, if you find a better plan than your existing one, you can change the insurer. You can do this at the time of renewal of your car insurance policy.

What Does Happen When You Do Not Renew Your Car Insurance Policy On-Time?

As we all know that riding a car without a valid driving license in India is a punishable offense. So, you should always renew your car insurance policy on time. Moreover, if you encounter any unfortunate circumstances while your car insurance policy is not renewed, there will not be any help from your insurance company.

Moreover, you also lose your ‘No Claim Bonus’ or NCB if you do not renew your car insurance policy before it expires. Therefore, it is always recommended to renew your car insurance policy on time to avoid any type of legal or financial issues.

What Should You Do If Your Car Insurance Policy Expires?

As soon as your car insurance policy expires, the first and foremost thing that you should do is to inform your insurance provider. When you inform the insurance company, it will fix a survey of your uninsured vehicle. The surveyor inspects your car and finds if any pre-existing damages could be charged to the insurer in case of any future claim. After completion of the inspection process, you can also buy a new car insurance policy because this inspection is not valid for a longer duration.

Wrapping It Up!

Having said all the aforementioned points, the car-renewal process can also be termed as a period wherein you can easily switch your insurance provider, in case you are not happy with your existing insurer. In case of an insurer switch, you should look for an insurance provider that offers better services and enhanced coverage for your car. As a car insurance policyholder, you can as well buy add-ons for enhancing the coverage of your car insurance policy. Therefore, compare different quotes online and opt for an insurance provider that can provide you better car insurance plans at a reasonable premium.

Written By: PolicyBazaar - Updated: 03 September 2021
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