How to Renew Car Insurance Online?

The Motor Vehicles Act, 1988, mandates third-party insurance for all car owners. It means you are not allowed to drive a car on Indian roads without car insurance. The mandatory third-party insurance covers third-party liabilities in case of an accident with the insured car. However, it does not cover own damage or personal injury or loss.

Therefore, to make car insurance more beneficial for you, choose comprehensive plans that go a step further and provide coverage for own damages and losses. You may get car insurance online as it’s the most convenient option. You can also renew your motor vehicle coverage online, which is easier than the offline mode. Below is a detailed guide on how to renew your car insurance policy online.

Steps to complete car insurance policy renewal online with an existing insurer

You only need to complete a few simple steps to renew car insurance policy online:

Step 1: Visit the official website of your existing insurance provider and go to the renewal section. 

Step 2: Enter your policy no. and registered contact details to check the renewal plan and the premium for it. 

Step 3: You can edit the plan coverage benefits according to your needs – add the essential benefits and remove the non-essential or redundant ones. 

Step 4: Complete the renewal of your car insurance plan by making the premium payment.

You can either choose the same tenure for coverage benefits as the existing policy or opt for an extended tenure for long-lasting coverage and eliminate the need for frequent renewal. Also, car policies with extended tenures turn out less costly than those with shorter tenures.

Also, you must note that renewing your motor vehicle insurance plan well before the expiry of your existing plan is the easiest way to proceed. It makes the process hassle-free by eliminating any additional steps needed in new policy purchase and ensures perpetual benefits for the vehicle, ensuring financial coverage at all times. Not to mention, timely renewal also comes with additional benefits such as a No Claim Bonus, or NCB that is awarded to customers for a claim-free year. NCB is lost if renewal isn’t completed within the grace period.

Steps to switch insurer at renewal

Step 1: Visit the website of the insurer you’d like to switch to. 

Step 2: Share a few details about your car, like registration no. and year of purchase, to get a quote personalised for you. 

Step 3: If you like the quote, make online payment and get your policy delivered to your email instantly.

Things to remember before renewing a car insurance policy

Online renewal of car insurance policies, if done on time, is a hassle-free task. However, you must not miss out on considering a few factors that might affect the benefits of the policy. Some of these factors are:

1. Coverage type: Even when renewing your car insurance coverage, you can choose between third-party and comprehensive plans to suit your needs. Consider the benefits associated and match them with your needs before making a decision.
2. Your car’s IDV: IDV or Insured Declared Value of a car can change from one year to another or one policy period to another as reflects the vehicle’s current market value. However, you must check the renewal IDV for your vehicle to ensure optimum coverage and premium.
3. Additional facilities provided by the insurer: During policy renewal, you must also consider other facilities provided by the insurer and compare them with market competitors to decide on the right provider. Some examples are network garages for repair and replacements, support for on-road assistance, and cashless claims.
4. Necessary add-ons: You may also want to choose essential add-ons for your car insurance policy to help enhance its coverage. Compare available options and match them with your needs before deciding.
5. Applicable discounts: Some insurance providers also extend remarkable discounts when you renew car insurance online. All you need is to check and hunt the market for such offers. But check the coverage carefully before choosing the cheapest option.
6. Claim settlement ratio of insurance provider: Make sure to check the claim settlement ratio of your insurance provider with every renewal as it provides crucial insights into the performance metrics of the concerned company. It also helps understand the ease of claim settlement you would encounter with them when needed.

With all these details in place, you can renew your car insurance policy online in a few simple steps. Make sure to compare insurance providers to find the best fit for your car’s coverage needs and ensure financial freedom in the face of car emergencies.