Why is Online Car Insurance Renewal the Best Option?

When you renew your car insurance policy, you can either go with the offline or the online renewal method. However, renewing your car policy online can be a lot more beneficial than the offline approach. Read further to know why online car insurance renewal is beneficial and better than doing offline.Read more

Key Benefits of Online Car Insurance Renewal

Here are some benefits when you renew your car insurance online:

1. Easy Comparison

   When you renew your car insurance online, you can compare and choose a policy from different insurers from the comfort of your home. This is not the case with offline purchases as it is practically difficult to visit every insurer separately and compare their plans.

2. Low-Cost Plans

   With the online renewal process, you can secure a policy at a cost lower than what you usually get offline. The reason behind this is the operational costs that online insurers save as they do not have to invest in middlemen. Contrary to this, when you renew your car policy offline, you mostly do it via a middleman, which leads to an increased premium cost. Moreover, almost every online insurance company offers multiple discounts to their policyholders, which can further reduce the cost of your motor insurance policy.

3. Zero Paperwork

   In a world where everything is paperless, carrying multiple documents to renew your motor insurance offline can be pretty cumbersome. However, when you opt for online four-wheeler insurance renewal from Policybazaar.com, you can buy or renew a car policy with zero paperwork. All you need to do is fill in a few details of your car and last car policy, choose the desired renewal plan, and pay the premium instantly via online payment mode.

4. Transfer of No Claim Bonus

   NCB or No Claim Bonus in car insurance is a reward you get for not raising a claim during a policy tenure. This NCB can be transferred from one insurer to another. By renewing your car insurance policy online, you can easily transfer your No Claim Bonus discount in no time. Almost every online insurer allows you to transfer your NCB without any hassle. However, under the offline four-wheeler insurance renewal method, it may take longer to transfer your NCB from one insurer to the other.

5. Easy Timely Renewal

   By renewing car insurance online, you can also save your car policy from getting lapsed. Most online insurance companies send regular updates and reminders to their policyholders to renew their policy before time. This can help you in the timely renewal of your existing four-wheeler insurance policy.

   However, this is not possible in an offline approach as you are yourself required to keep track of your policy expiry date and sometimes, you may forget to renew your car insurance policy on time.

Offline vs Online Car Insurance Renewal: Comparison

Here is how renewing car insurance online differs from the offline process:

How to Renew Car Insurance Online?

If you are wondering how you can renew your car insurance policy online without much effort and in just a few minutes, you can do so from Policybazaar.com. Here are the easy steps:

• Visit the 'Car Insurance' page, and enter your car number & details of your existing insurance.
• Compare plans from multiple insurers and select a plan that fits your coverage requirements.Pay the premium amount via secure payment modes like UPI, cards, or netbanking.
• After the successful payment, your car insurance will be renewed and you will receive your policy instantly via email.

What is the Importance of Renewing Car Insurance on Time?

The most important aspect of motor insurance is to renew car insurance on time as an expired car policy may not be beneficial for you in many ways. Firstly, it is illegal to drive a car with a lapsed car insurance policy in India. It will be counted as a traffic rule violation and you may end up paying heavy fines.

Secondly, any claim you raise on an expired car insurance policy will get rejected by the insurer. Thus, to successfully raise a claim and further protect your car from damages, you should renew your car policy on time.

Is Online Car Insurance Renewal Safe?

Yes, it is both reliable and safe to renew your car insurance online, provided you use trusted digital platforms and choose IRDAI-registered insurers. This is because these platforms have secure payment gateways, and all the data is encrypted. Nevertheless, here are some safety tips you should follow:

• First, verify if the insurance provider is registered with IRDAI
• Avoid using public Wi-Fi at the time of premium payment
• Always review policy coverage, add-ons, exclusions, and other terms before purchase

Common Mistakes to Avoid During Online Car Insurance Renewal

Here are some mistakes that you should avoid when renewing your car insurance online:

• Missing the Renewal Deadline: If you let your policy lapse, even for a day, it can result in penalties, mandatory vehicle inspection, and the loss of accumulated NCB.
• Setting an Incorrect IDV: Setting the Insured Declared Value (IDV) too low reduces your claim payout in case of a total loss (theft or damage beyond repair). On the other hand, if you set it too high, it increases your premium cost.
• Ignoring the NCB: If you fail to check and apply your earned No Claim Bonus (NCB) percentage, you could end up paying significant premiums.
• Not Comparing Plans Online: Sticking with the same car insurance company without comparing quotes online from other insurers implies that you are missing out on lower premiums or better coverage options.
• Choosing the Cheapest Coverage: Opting for only the mandatory third-party insurance to save money means that your own car is unprotected against accidental damage or theft.
• Buying Unnecessary Add-Ons: Selecting unnecessary add-on covers or skipping important ones like Zero Depreciation or Return to Invoice (especially for newer cars) can make your car insurance expensive or inadequate.
• Providing Inaccurate Details: Any errors in your car registration details, engine number, or personal information can result in claim rejections.
• Not Checking Network Garages: If you fail to check for the insurer's network of cashless garages near your location, it may result in unnecessarily out-of-pocket payment scenarios.
• Neglecting Voluntary Deductibles: Choosing a higher voluntary deductible when renewing car insurance to reduce premiums may leave you with a high repair bill at the time of a claim.

Wrapping Up!

While renewing your car insurance policy online, you can choose the best car plan by easily comparing policy features and benefits. Moreover, the online process is less cumbersome and can be done with just a few clicks. You also get the benefit of 24*7 online customer service, which you can avail of without physically visiting the insurer.