How To Renew Expired Car Insurance Policy?
Published On Jun 07, 2021 10:00 AM By InsuranceDekho
Read this article to get simple steps on how you can renew your car insurance policy.
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Your car insurance policy is valid for only a specified term. It could be for a year, 3 years or 5 years depending on the plan you have chosen. Renewing your car insurance policy regularly is vital to get the facilities in case of any unforeseen accident. If you claim your car insurance after your policy has expired, it could be rejected by your car insurance company. Read this article to find out how you can renew your insurance policy on time.
How To Renew Your Car Insurance Policy?
Having a valid car insurance is mandatory according to the Indian Motor Vehicle Act. Thus, it is important to make sure that your insurance policy is valid. It is difficult to go all the way to your insurance company during your busy day to renew your insurance policy. Thus, you can renew your car insurance online without any hassle at your convenience from the comfort of your residence. Different companies have different procedures to renew insurance policies online, but the following are the basic guidelines you can follow to renew your car insurance policy- Here is how-
- Visit your insurance provider’s official website and check for the car insurance tab.
- Click on the option for car insurance policies or renewal.
- This will take you to a page where you will be required to fill in details of your car like the registration number and the existing policy number. Some company websites may also ask you to provide the car’s model, fuel type, and your contact details.
- Fill in the required details and click on the ‘continue’ or ‘proceed’ option.
- Provide the expiry date of the previous car insurance policy.
- Some websites may ask if you have made a claim before. Select the right option and proceed.
- After filling the necessary details, select the type of policy you want along with the additional insurance covers. Make sure you compare different policies before finalizing on one car insurance plan.
- You can then proceed to click on the buy now option and confirm your details.
- You will then be required to make the premium payment through internet banking or using your credit/debit card.
- The policy will be issued to you and you will receive your insurance policy instantly on your mail ID.
Why Should You Renew Your Car Insurance Policy?
The unpredictability of accidents is the main reason why you need to renew your car insurance policy regularly. The following are the benefits you get for renewing your car insurance-
You may also like to read:- What is the Process of Self Inspection For Car Insurance Renewal?
No Claim Bonus
No claim bonus is a discount on the premium that the insurance companies offer their customers when they do not raise a claim during the term of the policy year. If you renew your policy after the completion of the term and you haven’t raised any claim, you will be receiving a no claim bonus which will cut down the cost of your car insurance premium.
Insurance companies offer extra facilities which can be added to your standard car insurance in the form of add ons or riders. These can be added to your insurance policy at the time of purchase or renewal. Renewing your car insurance policy gives you an opportunity to select new add ons that suit the requirements of your car.
Saves You From Penalty
Having at least a third-party car insurance policy is mandatory according to the Indian Motor Vehicle Act. Driving your car without a valid insurance policy is a punishable offense. Renewing your insurance policy on time will save you from having to pay heavy fines when pulled over by the police.
Common Mistakes To Avoid During Purchase And Renewal Of Car Insurance
Having a car insurance policy is not just mandatory but it is a major necessity. If you happen to be involved in an accident after your policy has expired, you will not be able to claim your insurance thus leading to huge financial loss. Thus, make sure you renew your car insurance regularly and drive safely.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.