What is Car Insurance Renewal?
Every car insurance policy is valid only for a fixed tenure which may be 1 year, 3 years or 5 years after which it needs to be renewed. A car insurance renewal is essential to continue enjoying the benefits of the policy cover for your car.
You can get your car insurance policy renewed by any car insurance provider - be it the one from which you previously purchased a policy or a new insurer.
Car Insurance Renewal Process - Through InsuranceDekho
Step 1: Visit insuracedekho.com and click on the tab for ‘car’.
Step 2: Enter your car’s Registration Number and click ‘Proceed’. Now, select your car’s fuel type and variant to proceed.
If you do not remember your car’s registration number, click on the ‘Don't know your car number?’ option and select your car’s brand name, model, fuel type, variant, registration year, registration city and RTO.
Step 3: Provide the expiry date of your previous car insurance policy and the name of your previous car insurer. Tell us if you had made any claim during the previous policy and click on ‘Continue’.
Step 4: Fill in your personal details - name and mobile number and the number of days by when do you want the car to be insured. Click on ‘Submit and Get Quotes’.
Step 5: All available premium quotes from different insurers will be displayed to you. Compare and select the quote which best suits your requirements. At this stage, you can also opt for different add-ons, accessories and passenger cover.
Step 6: Click on ‘Buy Now’ button, confirm your details, and proceed with the payment. You can make payment using your credit/debit card or other net banking facilities. The policy will be issued instantly to you and you will receive the policy document at your registered email address.
What is your car's brand?
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Car Insurance Renewal Process - Through Insurer Company's Website
Step 1: Visit the official website of the insurer. Go to the car insurance renewal section available on the website.
Step 2: Enter your previous car insurance policy details - previous policy number and your car’s registration number/engine number/chassis number.
Step 3: Check the policy details and the policy renewal premium and proceed with the payment of the renewal fee. Generally available modes of online payments are - credit card, debit card and Net banking.
Factors To Consider While Renewing A Car Insurance Policy
- Claim settlement ratio of insurers. The ratio tells the percentage of total claims settled by an insurer out of the total claims received in a financial year.
- If the insurer is offering the correct IDV for your car.
- Easy of renewal process - if it is instant, user-friendly and paperless.
- Availability of after-sales and customer assistance services offered by insurer.
Renew Your Car Insurance With
Add-ons For Your Car Insurance Policy
A car's value depreciates constantly with time. Thus, at the time of a claim settlement, the depreciated value of a car is deducted from the claim amount. However, by opting for a zero depreciation add-on you can shift the liability of the depreciation cost to the insurer and get the entire claim amount without any deduction of the depreciation sum. This add-on is generally available till the age of 5 years of car, however, the car age limit varies from insurer to insurer.
A No Claim Bonus (NCB) is a discount given by the insurer in the premium amount to a car insurance policy holder for not making a claim in the entire tenure of the four wheeler insurance policy. This discount is not available if the policy holder has made even a single claim. However, with the NCB cover, a policyholder will be entitled to receive an NCB discount despite having made a claim subject terms and conditions of insurance company. The NCB discount keeps on increasing with every claim-free year until it reaches 50%.
A car's engine is by default not covered under either a comprehensive or a standalone own-damage car insurance policy. And therefore, if it gets damaged due water-logging or oil leakage, your insurance company is not liable to pay for its damages. But, if you opt for the add-on known as Engine Cover, you can get your car's engine insured by the insurer for damages incurred due to water ingression as well as leakage of lubricants. Engine Cover is one of the most popular car insurance add-ons and is available against the payment of a nominal premium.
If you have a return to invoice cover added on to your comprehensive car insurance policy, you can claim the total ex-showroom price of your four wheeler, taxes and registration charges, in case of total loss. In case of total constructive loss (more than 70% of damage) or theft of your car, an insurance company pays the Insured Declared Value (IDV) of your car as compensation. However, this IDV is lesser than the actual amount paid by you at the time of purchasing your car. When you opt for the add-on called Return To Invoice Cover with your car insurance policy, the insurance company pays the total ex-showroom price of your car plus the taxes and registration charges incurred at the time of purchase, as the claim amount in case of total loss.
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Car Companies User Reviews
Car Insurance Renewal FAQs
Can I renew my car insurance policy after the expiry date?Yes, it is possible to renew a car insurance policy even after missing the deadline, however, the same is not advisable. The renewal option is open for 90 days from the expiry date but an inspection of the car is mandatory. After the said 90-days window, a car insurance policy cannot be renewed. In such a case, you will have to buy a new insurance policy for your car to keep it insured.
Is it possible to get reminders for renewal before the expiry date?Yes, nowadays most insurers send reminders via text messages, email, etc to the policyholders when their policy is about to expire.
Can I modify my add-on covers while renewing my car insurance policy?Yes. You can opt in/opt out for add-on covers at the time of renewal of their car insurance policy.
How long does it take to renew my car insurance policy online?The duration of the car insurance renewal varies from insurer to insurer. A car insurance policy generally gets renewed instantly when the previous and current insurer is the same. However, in the case of a switch from an existing insurer to a new insurer, the renewal might take a few days time.
What happens to my NCB discount if I renew my policy from a different insurer?Most insurers allow policyholders to retain their No Claim Bonus (NCB) discounts even if they migrate from a different insurance provider. In general practice also, NCB discounts of the previous year for regular policyholders are retained at the time of renewal.
Can I change the IDV of the Car?You can change the IDV of your car at the time of policy renewal. However, there is a maximum cap for the IDV value which varies from insurer to insurer.