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How soon can I renew car insurance?

By Finserv MARKETS - Jul 25,2019
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When To Renew Car Insurance Online.

Generally, a car insurance plan lasts for 6-12 months. If you do not insure your car after the end of your policy tenure, you miss out on the benefits offered under your insurance policy. Not only that, but the expiration of your insurance policy means, your car is vulnerable to several risks and damages arising out of accidents, collisions, natural disasters, theft, vandalism, etc. To avoid any financial losses, it is better that you renew your car insurance on time.

Car Insurance Renewal

Even if you do not remember the upcoming date of your policy renewal, your policy provider will send you reminders a few weeks before the renewal date. Generally, you receive a reminder 21 days prior to your policy’s expiry. If you do not get a reminder or want to check your renewal date sooner, you can log on the insurance provider’s web portal or contact their customer care service. Even if after several attempts you are not able to get a hold of your insurance provider, you can log into the IRDA (Insurance Development and Regulatory Authority) website. The IRDA holds a repository of all the vehicle insurance policies. At the time of buying a four wheeler insurance policy or its renewal, the insurance providers have to notify the IRDA. By logging in to IRDA website and submitting some basic details, you can check your car insurance status.

Is early renewal of my car insurance possible?

Technically, you do not need to renew your policy until the date of expiry. However, the laws of early renewal of an insurance policy are not in favor of the insurance provider. You, as a policyholder, cannot request for early car insurance renewal. Those rights lie with the insurance provider, as he may wish to revise the premium insurance rates. When your policy is about to expire, the insurance provider will notify you about these revised rates and then it is up to you to decide whether you want to continue with the same insurance provider or switch to a new one.

Process of Car Insurance Renewal

Step 1: Select your insurance provider

As your car insurance policy is about to expire, you have to decide whether you want to continue with your existing car insurance provider or look around for a new one. If you feel you are happy with the existing premium rates provided by your insurance provider, you can choose to continue with his service. However, if you feel you can get better car insurance deals with other insurance providers, you can apply with a new insurer.

Step 2: Submit your details

Once you have chosen your insurance provider, you need to fill details such as your car model, your age, claim history, location, credit history, previous policy number, add-ons to be chosen, etc. If you are renewing with the same insurance providers, these details get auto-updated.

Step 3: Choose your Car Insurance Plan

Insurance providers generally offer two types of four-wheeler insurance plans-

  1. Comprehensive four-wheeler Insurance
  2. Third-Party Car four-wheeler Insurance

While third-party four-wheeler insurance only offers coverage against third-party liabilities, a comprehensive plan offers third party as well as own vehicle insurance benefits. When you renew car insurance online, you can choose between any of these two insurance plans.

Step 4: Review the terms and Conditions

Before signing on the dotted line, make sure you review the terms and conditions of the new insurance provider. Even if you are continuing with your existing insurer, you need to be aware of any updated provisions in the insurance plan or change in premium rates

Step 5: Make Payment

Once you are clear about your insurance plan and are thorough with the terms and conditions, make payment to renew your car insurance online.

To explore car insurance plans online, visit Finserv MARKETS today! You can apply for Bajaj Allianz car insurance renewal with five simple steps and enjoy added benefits such as cash-free serving and instant claim settlement via Motor OTS wallet on your insurance plans. To know more about your eligibility and the procedure to apply online for the Bajaj four wheeler insurance, contact now!

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