Car insurance should always be renewed in time. If your policy lapse and after that, there is any damage to the car or if the car is stolen then you may have to face a lot of financial loss.
Insurance companies usually give a grace period of 15 to 30 days from the due date. You can pay your premium during this time. If you do not do this even during the grace period, then you have to buy a new car insurance policy.
How to get car insurance renewed online
- Log in to the insurance agency website.
- Choose the option to renew an existing policy.
- Fill in the online form by entering the existing policy number and email id.
- Quotation of premium for the new policy will be visible.
- If you agree with the quotation, then proceed for renewal. Otherwise, switch to another insurance agency and see better options.
- Premiums can be paid immediately upon acceptance of the quotation.
- Payments can be made with a debit card, credit card, net banking or other online wallets.
- After payment, an acknowledgement will come on your email.
- You will receive the policy documents renewed on the email id.
Keep these things in mind during a renewal
Compare all the options available online at the time of renewal. Do check if the other insurance company is offering better offers? Check policy features, premium, Insured Declared Value (IDV), etc.
Type of plan
It is compulsory to buy third party motor insurance. It covers the loss of life and property from your car to another person. If someone has a third party insurance plan, then one should look for alternative plans. There are both covers on third damage with a third party. In this way, the double benefit is available in the same plan.
While renewing the add-on feature car insurance plan, make sure to review the add-on cover. During this time the policyholder should make all the necessary adjustments and make his plan favourable. This will help them to increase the existing add-on cover as per their need.
Terms of cover
Many times insurance companies change the terms or conditions. If you are not satisfied with these new changes then you can choose a different plan.