You have multiple goals to achieve as a family member and employee. Some of them include buying a house, a car, and becoming financially independent. All these goals require financial planning and sustainability. While the safety of your family members is a priority, never forget to decide while touring.
Car insurance is compulsory to drive on Indian roads according to the Motor Vehicles Act of the Indian law. It has a validity of a year and requires you to pay the premium at the time of renewal. You receive reminders from your insurance company or agent for renewal, allowing you to choose add-on covers for protection.
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Policy Type
When you approach your agent for car insurance renewal, they offer you several options. Own damage protection covers you against damage caused to your vehicle due to fire, theft, road accidents, etc. The cover also compensates you for expenses to repair or replace the damaged parts of your four-wheeler. Other add-on covers include depreciation cover, passenger assistance, consumable, engine safe, GAP value, and key loss covers.
Policy Documents
Each four-wheeler insurance company offers different policies to customers. For example, the cover you have for personal damage is different from an add-on. Choose the policy type that suits your requirements and read the documents carefully before confirming the agreement and buying it.
Digital Communication
With innovations in technology, online car insurance renewal is trending. Whether you continue with the existing policy provider or switch it, the hassle of visiting their branch reduces. All their plans are available on the websites for reference and comparison. In addition, some companies allow you to upload pictures of the accident and damage to the four-wheeler on WhatsApp for claims, making it hassle-free.
Timely Renewal
According to the IRDAI rules, every vehicle owner should pay the premium during car insurance renewal online to retain the No Claim Bonus (NCB) benefits accumulated when the policy was active. You must visit the website from your PC or smartphone or download the app for uninterrupted assistance. This way, you escape paying penalties or visiting the company branch every year for renewal.
How Does It Help?
Car insurance online renewal is faster, smoother, and safer. When you visit the website, you enter the details on the renewal form, including your name, contact number, email address, vehicle registration number, and existing policy number.
The 4-wheeler insurance protects you from theft, accidents, third-party legal liabilities, or any natural calamity. By renewing your policy annually, you enjoy these benefits and make life hassle-free. It would help if you bought a new policy for an expired one. The company inspects your vehicle before issuing the new plan. Remember the plan expiry date and renew it on time.
Price Variations
As your car gets older, its insured declared value or IDV increases. As a result, the premium you pay for car policy renewal reduces. However, there are cases of rising premium costs during renewal. As a result, the insurer posts a hike across the board to cover rising costs, though it is minimal.
Conclusion
Some companies marginally increase the rate of their car policy every year. You compare several providers online and choose an affordable one with identical features. Then, approach your agent to understand whether you qualify for discounts. Customer loyalty and buying multiple policies from one insurer makes you eligible for a discount in premium.