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5 Easy Steps To Renew Your Car Insurance Policy

By Finserv MARKETS - Oct 23,2019
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Steps To Renew Car Insurance.

As per the Indian Road Safety Act and Indian Motor Vehicles Act, it is mandatory for car owners to purchase a car insurance policy. It essentially protects the car owner from heavy medical expenses and losses due to damage to the car that may arise in case of an unfortunate accident. However, many car owners often overlook the importance of having a comprehensive car insurance policy and settle for a policy with a low premium cost. This could easily turn out to be a drawback in the long term, as most insurance policies with low premium do not provide adequate protection cover. Therefore, if you are looking forward to purchasing a policy, it is advisable to choose one with wider coverage.

Another important aspect related to car insurance is to ensure its timely renewal. Nowadays, with leading insurance companies, you can renew your four wheeler insurance online in a matter of minutes. You must renew your policy before its expiry date. If you apply to renew your policy days after its expiry date, it will be considered as a break-in policy. Insurance companies may inspect your vehicle in case of a break-in policy. Consequently, this can lead to an increase in car insurance premium.

Now that you are well aware of the importance of timely renewal of your policy, let’s have a look at the steps to follow for renewing the car insurance policy:

Step 1 – Select Your Insurer

  • While renewing your policy, you can continue with your existing insurance company or choose a different one. You should review your existing insurance company based on the premium and coverage of your car insurance policy. Consider whether the service offered by your existing insurer was worth the money. If you aren’t satisfied with the service offered, you may consider switching to a different insurer.
  • Once you select your insurer and the type of policy, you just have to follow the user-journey on their website to renew your car’s insurance policy.

Step 2 – Fill the Details

  • The premium of your car insurance is determined by the model of your vehicle, age, claim history, and your location. Fill in the details to continue with the renewal process.
  • If you wish to continue with your existing insurance company, these details will be automatically retrieved by the website after you login.

Step 3 – Choose Your Plan

In order to ensure better coverage, it is advisable to opt for a comprehensive car insurance policy. A comprehensive policy includes the mandatory third-party liability as well as provides coverage against car accidents, calamities, and theft. Moreover, you can also opt for add-on covers such as zero depreciation car insurance or engine protection to strengthen your policy.

Step 4 – Make the Payment

  • You can make the payment for car insurance renewal via different options such as Net Banking, Debit Card, Credit Card, Online Wallets, etc.
  • You will receive your policy on your registered Email ID within minutes after making the payment.

Step 5 – Review the Policy Document

The soft copy of your car insurance policy that you would receive over your registered Email is a valid document. You must verify its contents to ensure that all the details are in place. In case of any discrepancy with regards to your car’s details or the car insurance policy coverage, you can get it changed easily.

To ensure a smooth claim settlement and renewal process, you can opt for a Car Insurance available on Finserv MARKETS. It comes with key features such as round-the-clock assistance, hassle-free claim settlement and special add-on covers. Additionally, you can initiate your Car Insurance Renewal from the comfort of your home.

To know more on car insurance in depth, you can check out these blogs:

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522