Your vehicle buying process involves more than just the model. You must also get it insured by Four-Wheeler Insurance according to the law. Only then can you drive on Indian roads. Hence, think about loan providers while you look for auto lenders. But unlike your vehicle, insurance is not a one-time purchase.
You need to renew it annually to continue its validity. It is a simple process that you carry out every year by visiting the insurer’s website. You only need to provide the essential details and submit the renewal request. This simple step keeps your Car Insurance active. If it is your first time renewing, here are some tips to make it hassle-free:
Even if you have bought an insurance plan, there is no harm in keeping track of prevailing offers. It is an excellent practice during renewals. This way, you get to review your existing insurer’s service with those of others. While doing so, get acquainted with better offers that help you save on the premium. Make sure to go through this step before doing an online Car Insurance renewal.
Insurers reward you when you raise zero claims during the policy period. This is known as a No Claim Bonus (NCB). It is a percentage of the premium amount that is usually up to 10%. It goes up to 50% if you have five consecutive claim-free years. You get to use this to discount your premium during renewal. You may carry it forward for the following year. It is a reward associated with you and not the insurance. So, it is valid even if you switch the insurer.
You need not stick with the same coverage you opted for. The Car Insurance renewal is a great time to re-evaluate it. Hence, take reviewing your current plan and analyse your previous year experience. If you feel the need for additional protection, opt for riders. Contrarily, you may even remove them if you do not find the use for them. This way, you only pay for what you need and reduce the premium cost.
If you have not had any riders, to begin with, it is a good idea to look them up. Some might appeal to your use and extend the coverage. The common add-ons include Zero Depreciation, Consumables, Gap Value, Engine Safety, Passenger Assistance, Roadside Assistance, etc. Learn about their specific uses and applicable conditions before selection. It is also worth noting that they add up to the premium amount.
Know the technicality
It is helpful to understand the terms before buying the policy. The same applies to Car Insurance renewal online. It lets you know the process better and learn about the changes you can make. For instance, you get to correct any errors in your insurance papers during renewal. You also have the option to modify your coverage to suit your changing needs. Therefore, make sure to check this information before renewal.
Do it yourself
There are insurance agents to assist you. However, the insurance companies have streamlined the process for you. The Car Insurance online renewal is easy to understand and gets done in simplified steps. You only need to provide a few required details and pay the premium. Post which, the renewal gets done. It is ideal to do it yourself to analyse your requirements and make an informed decision.