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✓4000+ Network Garages ✓24x7 Spot Assistance ✓Quick Claim Processing | Buy a Acko or Bajaj Allianz Car Insurance Cover Starting at ₹2072/year*

What is Car Insurance Renewal?

Today, an increasing number of people are purchasing cars for the convenience of travelling in their personal vehicles. Apart from the aspect of comfort and ease of owning a car, it is important to secure your prized possession with the right coverage.

While a car insurance policy acts as a safety net during unfortunate mishaps, driving without a valid insurance plan or even an expired one, is punishable by law under the Motor Vehicles Act, 1988. In the event of an accident, you may have to bear the financial burden of compensating the third party as well as covering the loss incurred by your own vehicle.

Hence, it is vital to renew your car insurance policy on time to avoid losing out on the coverage benefits. Now, you can simply complete the car insurance renewal process online. So, let us understand how to renew car insurance online without any hitches. Before that, allow us to give you an overview of the types of insurance policies you can avail.

Types of Car Insurance Plans

There are two types of car insurance policies that you can avail to safeguard your vehicle:

  • Third-Party Car Insurance Plan

A third-party car insurance policy is mandatory under the Motor Vehicles Act, 1988 and thus, you cannot opt out of purchasing this plan. Upon securing your car with third-party insurance, you gain coverage against third-party liabilities. In case of damage to any incurred by the third party, your insurance provider shall cover the expenses.

  • Comprehensive Car Insurance Plan

A comprehensive car insurance policy covers third-party liability as well as damage to one's own vehicle. This plan also offers extensive coverage against perils like theft, fire, natural and man-made calamities, etc. Though comprehensive car insurance has a higher premium cost when compared to third-party insurance, you get increased protection from various risks. Furthermore, you can maximise your insurance cover with the help of add-on benefits.

It is highly recommended to opt for a comprehensive car insurance policy as it helps reduce any financial burdens arising from unfortunate road mishaps. So, let’s move on to understand more about 4 wheeler insurance renewal.

Benefits of Car Insurance Renewal Online

Learn the benefits of opting for online car insurance renewal:

  • Convenient and Time-Saving

The advancements in technology have clearly made everything much simpler. Similarly, it has also enabled us to buy almost anything on the internet without having to leave our homes. So, when it comes to renewing your car insurance policy, the same can be completed with just a few clicks.

Most insurance companies have online portals and insurance apps for ease of buying or renewing car insurance plans. The process is straightforward and helps you save up on time as you can access these avenues from anywhere.

  • Secure Option

The rise in online fraudulent activities has left people concerned about such facilities available on the internet. Likewise, completing a car insurance renewal policy online has led policyholders to question the security of making premium payments and the authenticity of websites.

Motor insurance companies promise complete transparency to customers when it comes to car insurance purchases or renewals, making it easier for you to make an informed decision. Moreover, the premium payment process is secure and you do not have to worry about being exposed to any fraudulent risks.

  • Hassle-Free Transfer of Policy and NCB

As vehicle insurance renewal is the time when most policyholders consider changing their insurer and transferring their plan, you would prefer a simple process. With motor insurance companies, you can easily switch from your existing insurance provider to a new one. Along with your car insurance policy, they also help you with transferring your No Claim Bonus to get a cost-effective premium quote.

How to Renew Car Insurance

If your car insurance renewal is due soon and you are considering switching to a better insurance provider, then you don’t have to look too far. Many car insurance plans with lucrative features and benefits are available online to safeguard your prized possession.

Follow this step-by-step guide to renew your car insurance policy online:

 

Step 1: Go to the ‘Car Insurance’ section on the insurer’s website.

 

Step 2: Opt to renew the policy and provide the requested details such as the existing policy details, personal details, vehicle information, etc.

 

Step 3: Confirm the desired type of coverage.

 

Step 4: Select the add-on covers (if you have chosen a comprehensive car insurance plan).

 

Step 5: Review the policy details before paying the premium amount.

 

Step 6: Pay the car insurance premium online.

 

Step 7: Once the insurer assesses your documents, the renewed policy will be issued shortly.

Car Insurance Add-On Covers

Something you should consider while renewing your comprehensive car insurance plan is that you can opt for add-on covers. These add-on benefits help maximise your insurance coverage and safeguard your vehicle. Check out the car insurance add-ons that you can choose:

  • Zero Depreciation

With a zero depreciation car insurance add-on cover, depreciation is not factored in during claim settlement. Without this cover, the compensation paid is as per the depreciated value of the parts.

Zero depreciation cover enables you to get the full claim amount without any deductions for depreciated car parts. You can read more about zero depreciation car insurance at Bajaj MARKETS online.

  • Return to Invoice

The return to invoice add-on cover ensures that you receive the invoice value of your car in case it is lost or stolen. The invoice value of your vehicle is nothing but the amount you paid at the time of purchasing the car. The insurer will compensate you for the actual value of the car along with the registration charges and road tax.

  • NCB Protection Cover

You can avail the No Claim Bonus (NCB) on your insurance policy if you do not raise an insurance claim. However, even a single claim can lead you to lose out on the NCB earned on your car insurance policy. But on purchasing the NCB protection cover, the bonus accumulated during the policy term stays applicable even after making a claim.

  • Consumable Cover

Consumables include items that require frequent replacements to keep your car functioning smoothly. These include engine oil, gearbox oil, nuts and bolts, screws, distilled water, grease, brake oil, oil filter, bearings, washers, AC gas, etc.

But the expenses of repairing or replacing consumables isn’t covered under your car insurance policy. With a consumables add-on cover, you can ensure these items are included in your plan.

  • Engine and Tyre Secure

The engine and tyres of your car are the most crucial parts of the vehicle that often bear the brunt. With such a cover, you can include these parts of your vehicle in your insurance coverage and secure any future expenses arising from them.

So, in case of replacement or repair, the insurer will compensate for the expenses incurred. Also, any damage to the internal parts, such as the engine, gearbox, and transmission is covered.

  • Lock & Key Replacement Cover

It is common to lose your car keys or misplace them without ever being able to find them again! In this case, you will have to bear the cost of getting new car keys and having your locks changed if the key is stolen. However, this expense can easily be covered under your four-wheeler insurance plan if you opt for the lock and key replacement cover!

  • Passenger Cover

Although a personal accident cover is mandatory for the owner-driver of the car, it may not cover the paid driver or the passengers inside your vehicle. This makes passenger cover quite an important add-on to your car insurance plan. It offers financial backup for the accidental injuries sustained by the passengers or your paid driver with ease!

Factors That Affect Car Insurance Renewal Premium

Allow us to take you through some key factors that impact your car insurance renewal premium price:

  • No Claim Bonus

No Claim Bonus, or NCB, is a discount that you can avail on your car insurance premium for making zero claims during the policy term. You can get a 20% discount on renewing your car insurance plan without making any claims during the first policy year.

By continuing to not raise a claim, you can accumulate the NCB reward to avail up to a 50% discount on your car insurance renewal premium price, enabling you to make great savings on your car insurance premium. Hence, it is recommended to drive safely and cautiously to keep your vehicle from harm’s way and avail the NCB reward.

  • Car Insurance Claim

Another factor that plays a role in determining your renewal premium is the history of your car insurance claim. By filing an accident claim, the insurance provider might consider you a risky driver. Furthermore, a record of repeated claims can also make your vehicle insurance renewal premium dearer. However, it is advised to avoid paying for major damages that you cannot afford to cover.

  • Transfer of Car Ownership

Transferring the ownership of your car can also lead to an increased car insurance premium. As the NCB belongs to the policyholder and not the car, it will not be transferred along with the ownership of the vehicle. Thus, the car insurance policy renewal premium quote will be calculated without considering the No Claim Bonus.

In Conclusion

With this, you know everything about online car insurance policy renewal and why it is an important step towards safeguarding your vehicle. Opt for car insurance renewal online to enjoy the various benefits of having insurance. Through a simple, hassle-free process, you gain access to lucrative add-on covers, 24x7 assistance, maximum insurance coverage, and much more!

FAQs on Car Insurance Renewal

  • ✔️What happens if my car insurance policy expires?

    If your car insurance plan expires, you will lose out on the benefits and bonuses accumulated over the policy tenor. To restore the benefits of your expired car insurance plan, you have to submit a request to your insurance provider for policy revival. In case it is denied, you will have to purchase a new car insurance policy altogether. It will likely involve a car inspection and a higher insurance premium rate.

  • ✔️Is the online car insurance renewal process valid?

    Yes, online car insurance renewal is completely valid. After you renew your car insurance online, a soft copy of the policy documents will be sent to your registered email id.

  • ✔️What are some tips to help reduce car insurance premiums?

    You can follow these tips to lower your car insurance premium:

    • Buy car insurance online

    • Maintain a clean driving record

    • Accumulate No Claim Bonus (NCB)

    • Renew insurance policy with your existing insurer

    • Avoid making claims for small damages as it can increase your premium and you may lose the NCB

  • ✔️What happens if I do not renew my car insurance policy?

    Driving your vehicle without renewing your car insurance policy can attract hefty penalties apart from the lack of financial security available in case of any damage. The e-challan for driving without a valid car insurance plan is ₹2,000 and/or imprisonment of three months for the first offence. For consecutive offences, the penalty is ₹4,000 and/or imprisonment of three months. 

  • ✔️What Documents Are Required for Renewing my Car Insurance Policy?

    You can keep the following documents ready while renewing your car insurance plan:

    Documents for renewal with existing insurance provider:

    • Policyholder’s personal details such as name, age, address, etc.

    • Registration Certificate (RC)

    • Driving licence

    • Old car insurance policy number

    Documents for renewal with new insurance provider:

    • Proof of identity

    • Proof of address

    • Passport-size photo

    • PUC (Pollution Under Control) certificate

    • Driving licence

    • Registration Certificate (RC)

    • Old car insurance policy number

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