9 Factors You Must Know Before Online Renewal of Car Insurance

car insurance renewal

Most people tend to forget to renew their car insurance policy. Consequences of this directly affect their pockets. For example, they won’t get any coverage or damage cost in case of an accident if the car insurance has expired. In the internet era, it is very easy to renew car insurance policy online. Online car insurance renewal offers a lot of advantages. Before making the decision of car renewal, one needs to compare different car insurance quotes. With some research work online, people can find out the best car insurance policy.

Let us know about the factors which play a vital role in the renewal of car insurance online.

Know your plan

It’s very important to know your requirements before deciding on a plan. Whether you want to get a comprehensive plan or a third party liability plan. Comprehensive plan covers the damages for self-car while third-party car insurance plan just covers the injuries caused to the other people. The plan should be made subject to your needs and budget.

Compare the quotes

The best advantage one gets by the online car insurance renewal is the freedom of comparing the insurance quotes with ease. Just by putting your vehicle details, you can compare the quotes from different insurance companies. In the end, you can shortlist the best quotes and go ahead with the car insurance policy which will suit your budget.

No claim bonus

In India, people receive a bonus for having a claim free year. This amount gets deducted from the total premium to be paid. Thus the premium amount gets decreased to a larger extent. Even if you wish to change your insurance provider, you can transfer the amount to your new insurance provider.

Avoid policy lapsing

Always keep an eye on the renewal date of your car insurance policy. If the policy is expired for more than 90 days, the NCB accrued is lost.

Cashless garage

Find out the garages which have a tie-up with your insurance company. Also, check whether they have cashless claims. As cashless claims can be easily settled instead of running around for reimbursement.

Value of your car

Every year your car value gets depreciated. It is imperative to know the current market value of your car as it helps you to avoid paying additional premium.

Add-on features

There are some additional benefits that are available with the standard car policy. These options are known as add-on covers.

24×7 Spot Assistance

This includes providing service for emergencies such as repair of flat tyre, jump start for car battery, legal advice in case of an accident and more.

Lock and key replacement cover

In the event of an irrecoverable loss of keys you will be indemnified for the cost incurred in fitting or purchasing new locks or replacement of keys of the insured vehicle.

Accident Shield 

Compensations will be made for total permanent disability or death of occupants (other than a paid driver), which arises out of bodily injury due to an accident that takes place while they are traveling in the insured car.

Insured Declared Value

It is the amount which is set by the insurer for the current year market value of the vehicle. IDV is the amount that you receive in case your vehicle is stolen or suffers total loss. 

Voluntary Deductibles

It is the option given to the policyholder during the renewal of the car insurance policy. Under this option, the policyholder agrees to pay a fixed amount at the time of claim settlement in the future. This helps to reduce your premium amount and car insurance policy renewal costs.

Sound research is very important before insurance renewal online.


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