Easy Steps to Renew your Car Insurance

Did you know that in 2015-16, out of the 19 crore registered vehicles in India, only 8.26 crore were insured, according to an Economic Times report that mentioned the data released by the General Insurance Council (GIC)?

It is also important to reiterate here that third-party insurance cover in India is mandatory, as per Section 146 of the Motor Vehicles Act, 1988, failing which your vehicle can even be impounded, as has started to happen in places like Puducherry, says an article in The Hindu.

So, why is there such an enormous gap between what the law of the land has prescribed and that of the actual compliant vehicles plying on Indian roads?

Well, this gap is primarily due to the fact that such policies come with a one year contract and have to be renewed every year to continue with the applicable benefits. So, if you are an owner of a car, you must inculcate the good practice of marking the calendar every year or setting digital reminders for your car insurance renewal. Do remember that any unexpected accident that happens after the lapse of your policy will not be covered by your insurance service provider.

Gone are the days when you had to ring up an insurance agents and fix up an appointment or visit the insurance office to get an existing policy renewed. Today, it has become a lot easier to go online and get your car insurance renewed in a matter of minutes.

Steps to Renewing your Car Insurance Online

• Visit the online portal of a reputable general insurance provider and visit the 'Motor Insurance' section.
• You can renew an existing policy even if it was taken from any other insurance provider.
• Keep the existing policy documents and Registration Certificate (RC) ready to fill out the necessary details.
• Make the most of the in-built tools and resources (such as a premium calculator) to arrive at the premium amount that you will have to pay during the renewal process.
• Decide if you want to avail the No Claim Bonus (NCB) or let it accumulate further for a higher claim in the coming years.
• Explore the need for any add-on covers such as 'Road Assistance Covers' and add it with your insurance renewal policy.
• Once you are satisfied by the final insurance premium amount, make an online payment to buy the renewal online and get it delivered right to your inbox. 

You can even avail the services of online insurance service aggregators to make an easy comparison amongst a host of insurance service providers and take a policy that best suits your needs. For instance, if you want a high NCB in the subsequent year(s) or want the Insured Declared Value (IDV) to be a higher figure, it is easier to go online, make these comparisons and then arrive at an informed buying decision. So why wait any longer? Check out car insurance renewal and have a hassle-free driving experience on the Indian roads.