Car Insurance Renewal Online
It’s time to renew a car insurance policy online, it is preferred to look at car-renewal plans online to grab low quotes. Advised to renew your plan to claim any damages. Never be over-confident of your driving skills, unexpected incidents might happen, car insurance renewal will protect your car from abrupt vehicle damages. Be secure by choosing Car Insurance Renewal online, grab a cheap car renewal policy with the best features.
Compare car insurance quotes online on PolicyBachat and opt for the best plan with added benefits. Note, you can’t avail of a claim after the expiry of your insurance premium, so do car insurance renewal in time.
Car insurance is basically a contract between two parties; the insurance company and the customer in which the customer is the first party to the contract and the insurance company is the second party to the contract. The insurance company settles the claims of the customer in case of an accident or loss in return for a definite amount from the customer in the form of Premium.
Third party is any other person other than the first and second party involved in an accident with the customer’s car. Under third party liabilities, a car insurance policy covers bodily damage, death, and property damage of third parties are covered by the insurance company. Car insurance is generally taken for a period of one year and is renewed on or before the expiry date. A long-term car insurance policy can be renewed after 2 or 3 years.
Online Car insurance renewal is the better option in the market as it saves both time and money for the customer. Renew your car insurance online from our portal where there are many options to select from the list. We at PolicyBachat have tied up with all the major general insurance companies offering car insurance, the process of online insurance renewal is made simple with our portal. We offer car insurance quotes from the top general insurance companies to enable our customers to renew their car insurance online. Our portal acts as a comparison platform where a customer can compare the car insurance quotes from different car insurance providers and select the best insurance policy for renewal.
We also offer “Pay As you drive” or “Usage-based” car insurance quotes where the customer is charged only for the kilometers driven by the insurance company. This model helps the customer save a good chunk of money as there would be more than one vehicle with the customer and the car would be used rarely. Usage-based car insurance can be taken at the time of your car insurance renewal and save a few bucks on the insurance premium. Usage-based insurance is gaining traction these days and is proving to be beneficial to both the insurance companies and the customers. Due to the lockdowns at various parts of India due to the Coronavirus pandemic, there was not much usage of cars as there are restrictions placed on the movement of people.
There are many options to do car insurance renewal but online car insurance renewal is considered the best option by many people due to the convenience it offers for the customers. Online car insurance renewal can be done from your place of convenience and there would be no physical paperwork involved in the car insurance renewal process. Online car policy renewal can be done from our portal and the policy copy can be obtained immediately after the payment. Car insurance renewal online provides the customer with many options which would otherwise not be available offline. For cheap car insurance renewal and best car insurance renewal quotes please visit Car Insurance where you can compare the car insurance quotes from different insurance companies and decide the best online renewal insurance policy at your convenience. We also have a dedicated team of agents to help our customers with their car insurance renewal process in selecting the best car insurance as per their requirements.
What are the things to consider while Renewing Car Insurance?
There are certain things that should be considered before renewing a car insurance policy which is discussed below:-
- Insured Declared Value:
Insured Declared Value (IDV) is the value of the car which is considered for the purpose of insurance. In case of total loss or theft claims the insured declared value of the car plays an important role in deciding the claim amount. From an insurance company’s point of view, IDV is the maximum liability in case of an accident or loss. The insured declared value for the first year is considered to be 95% of the invoice value of the car and for each renewal, a 10% reduction is applied while calculating the IDV.
General insurance companies offer almost similar IDV for the same make and model. The higher the IDV, the higher would be the premium to be paid by the customer. It is important to strike a balance between the IDV and the premium to be paid. At the time of renewal, it is important to consider the IDV offered by the insurance company and the premium charged for it. PolicyBachat offers car insurance renewal quotes from different insurance companies and the IDV can be adjusted depending on the affordability.
Insured declared value is the sum insured agreed by the customer before taking the policy and later at any stage, the IDV cannot be increased. In case of an accident, the maximum claim amount that can be paid would not exceed the IDV mentioned in the policy. In simple words, if the claim amount is more than the IDV mentioned in the policy, the difference amount has to be borne by the customer. If the claim amount is less than the IDV, then the claim amount would be settled to the customer.
- Cashless Garages:
There are two types of claim settlement options as Cashless and Reimbursement. In the cashless claim settlement option, the claim amount up to the IDV would be paid by the insurance company to the garage directly. In case of reimbursement, the customer has to settle the repair bill and later claim from the insurance company. Cashless garages are the list of network garages that are tied up with the insurance company to provide cashless service to their customers. Every insurance company has tied up with garages to offer cashless service to their customers in case of a claim.
It is important to check for the cashless garages in your location or in your area of operation before purchasing the policy from insurance companies. The higher the number of garages, the higher would be the feasibility to get the repairs done in case of a claim. The number of cashless garages would be high in metro/urban areas compared to semi-urban and rural areas. There would be multi-brand garages in a few locations which would cater to almost all the major brands of cars.
The major purpose of taking insurance is to get financial assistance at the time of claim and if the assistance is upfront then it would benefit the customer very much. Hence the cashless claim settlement option should be considered by the customer before taking the policy online. There are many links available online where you can check the cashless garages available in your area from different insurance companies, one such link is that of ICICI LOMBARD.
The list of cashless garages can be checked based on pin code or the city and the list would be displayed. It is possible to check the list of cashless garages manufacturer-wise for your car and decide on the renewal of your motor insurance online.
Riders or add-ons are the extra coverage offered by the insurance companies on payment of additional premium. Riders such as Bumper to bumper, consumables, Personal accident cover, Engine protection cover, Roadside assistance cover are provided by the insurance company at the time of car insurance renewal on payment of extra premium. The extra premium to be paid is under the own damage section of your car insurance policy.
It is important to understand the type of rider to be purchased at the time of car insurance renewal. Every rider would not be beneficial at every location. For instance, an engine protection riders would be useful for customers residing in flood-prone areas such as Mumbai, Himachal where there are heavy chances of roads getting flooded in monsoon season and thereby damaging the car engine.
Cities like Delhi NCR and other northern states are notorious for car theft where the Return to invoice cover should be purchased by the customer. This cover provides the invoice price of the car in case of total loss or theft of the car. Riders such as Bumper to bumper and consumables which provide the depreciation cost and consumables cost should be included by all the customers to prevent paying a part of the claim at the time of accident or loss. Roadside assistance riders can be purchased by customers who wish to get assistance at the time of breakdown of cars on highways.
Riders are available on payment of extra premium; hence including every rider blindly would increase the premium to be paid by the customer. It is important to exercise caution at the time of deciding the riders for your car insurance renewal.
- Compare and Buy:
The first and foremost thing to consider before renewing your car insurance is to compare the premium from different insurance companies. We at PolicyBachat assist you with a comparison of premiums from the top general insurance companies. The best car insurance renewal quotes can be compared online at Car Insurance by entering the basic details such as Make, model, date of registration, RTO location, etc. The premium would be displayed by almost all the general insurance companies with the Insured declared value offered by each company.
PolicyBachat enables customers to have an apple to apple comparison when it comes to car insurance renewal. Comparison helps the customer identify the best car insurance for renewal and the process of comparison is done after considering all the factors. We at PolicyBachat have a dedicated team of agents to help customers with their car insurance renewal. Once you decide on the renewal insurance then you can proceed to the payment section and get the policy instantly. For every car insurance renewal, it is important to compare and buy to get the best car insurance policy at the time of renewal.
Another important thing to consider while renewing car insurance is the premium charged by the insurance company. Too high premium and too low premiums should be examined cautiously by the customer before making any payment. High premium results in customers paying an extra premium for the same coverage available in the market and fewer premiums may be the result of some kind of hidden clause in the insurance contract.
The premium should be compared only after finalizing the above-mentioned factors such as IDV, riders, cashless garages. These factors should be considered and the list should be made with the insurance companies offering these. Among them, the best one with the less premium should be selected by the customer. Premium once paid cannot be returned in full to the customer after the cool-off period. Cool off period is the period where if the customer is not satisfied with the services or the coverage provided by the insurance company, he/she can cancel the policy and get a 100% refund.
If the policy is canceled after the cool-off period then the pro-rata premium would be refunded by the insurance company i.e. premium for the days covered would be deducted and the remaining premium would be refunded to the customer.
- Claim Settlement time:
Claim settlement time is the time taken by the insurance company from the receipt of the claim intimation to the repair and handover of the car to the customer. Normally the claim settlement time would be calculated from the time of arrival of the vehicle in the garage as the customer would be towing the car to the garage. Insurance companies usually allow a surveyor within 24 hours of reporting the claim; the surveyor reaches the garage or the accident spot to ascertain the loss.
The surveyor prepares the report and shares it with the insurance company where the insurance company will come into contact with the customer for the claim settlement amount. If both the parties agree to the claim settlement amount, the insurance company will process the claim after the repairs are done and the car would be handed over to the customer. This process takes anywhere between 2-7 days depending on the type of loss and the spare parts availability.
Few insurance companies offer claim amounts upfront with a video-based survey of the damaged car if the losses are minimal. In this case, the repairs can be done by the customer as per convenience and the claim settlement time is less.
Tips to Car Insurance Renewal Online:
How to Renew Car Insurance? Car owners think that purchasing or buying car insurance online is a tedious job and hence resort back to the traditional methods of purchasing insurance.
But the truth is that if certain rules are followed and purchased carefully, you can save a handful of money on the premium and if lucky, may also land up getting some additional benefits at the same price. Given below are some important tips for getting your vehicle insurance renewal online in a profitable manner.
- Shop for different online car insurance policies
Often, car owners avoid looking around for other plans before the expiry of the current policy to avoid the hassles involved. But comparing various plans from different insurance companies before car insurance renewal online often helps you find better options than your existing policy and you may land up getting a much better deal. The best practice is to get quotes from various car insurance providers using car insurance calculators and compare them online. Policybachat is very useful to compare car insurance renewal online. You can log onto PolicyBachat to avail the car insurance calculator facility.
- Be aware of policy features and hidden clauses
You should always be well aware of the features of the online car insurance policy before purchasing it or before car insurance renewal online. It is advisable to read the fine print and all the clauses thoroughly. Go through each detail and understand their implications to avoid any kind of hassles in the long run.
- Calculate your car's value before purchasing online car insurance.
Car owners are always advised how to calculate the depreciated value of the car before car insurance renewal so that you can easily coordinate with your insurance provider about the premium and in turn save money on your car insurance in India. Knowing the market value of your car before purchasing or renewing car insurance online is always a wise move.
- Go for higher deductibles
Voluntary Deductible is the amount an online car insurance policyholder needs to pay from the pocket at the time of a claim. Insurance companies always encourage you to take up higher deductibles so that you do not have to pay high premiums. But this depends on a lot of factors. If you feel that you are a brilliant driver and your commute and the place where you park your car are safe, then it is wise to take higher deductibles as the chances of claims are less. However, if the conditions are the reverse and the chances of making claims are more, then it is wise to balance the deductible with the premium accordingly while car insurance renewal is online or purchased.
Factors that Impact your Car Insurance Renewal Premium:
- Driving: If you drive more, you need to compare car insurance quotes because more driving causes more risk, in turn, there will be a chance of an increase in premium.
- Credit rating: Premium will be higher if you have an adverse credit score, make sure to increase your credit score to avail of the low premium cost.
- Marital Status: Insurers might consider your marital status which impacts your insurance premium, married couples are careful while driving.
- Age: If you are a middle-aged policy-holder your policy depends on your age, if you are in the 40-50 slab, then your premium will be low because of the age factor.
There are a few factors that can affect your car insurance renewal premium and each of them are discussed below:-
- No claim bonus:
No claim bonus ncb is the discount offered by the insurance companies for not making any claim in the previous year. This is an incentive from the insurance company to the customers not to make any claims. The no-claim bonus ranges from 0% to 50% and increases each claim-free year. If there is a claim in any year, then the no claim bonus will be reduced to zero, and the cycle repeats. No claim bonus is calculated on the own damage section of the car insurance as the third-party premium is decided by the IRDA. Higher the no claim bonus lower would be the premium paid by the customer. Hence, no claim bonus is the major factor that affects your car insurance renewal premium.
NCB cannot be transferred in case of sale of the car, as the no claim bonus is given to the owner/driver of the car as a reward for good driving behavior. No claim bonus can be transferred from one insurance company to the other at the time of renewal. Car insurance renewal premium can be decreased by accumulating a higher no claim bonus.
Having a claim can increase the premium of your car at the time of renewal. This happens due to two things; one is the no claim bonus would become zero thereby increasing the premium and the other is a reduction in the discount. Few insurance companies offer fewer discounts for cars having claimed in the previous year while few other insurance companies offer the same discount for cars with and without discount.
Also, the frequency of claims would be taken into consideration at the time of car insurance renewal by the insurance companies. If there is more than 1 claim reported by the customer in a policy period, then the existing insurance company would not be willing to renew the car insurance policy.
- Transfer of ownership:
One of the important factors which affect the renewal premium is the transfer of ownership of the vehicle. If the vehicle is sold and there is a transfer of ownership then the renewal premium would be high or at par when compared to the previous year. This is due to the fact that the NCB would not be transferred if the ownership is transferred. So the renewal quote will be calculated without the NCB, and the discounts would also differ if the no claim bonus is zero at the time of renewal.
How to Save Money on Car Insurance Renewal Online?
One of the most researched questions on Google and the most asked question would be how to reduce the car insurance renewal premium. This is due to the thinking of people that they have spent a hefty amount on the car insurance premium and have not availed any claim, so there is no point in spending the same amount of premium at the time of renewal. This may be true from the customer’s point of view, but there are a few things that need to be considered by the customer before deciding on the renewal premium to be paid.
- Accumulate NCB:
No claim bonus is given to the insured customer for each claim-free year and the bonus increases from 0% to 50% in 5 claim-free years. Accumulating a higher no claim bonus can reduce the premium to be paid by the customer as a higher discount in own damage premium would be given by the insurance company for customers having higher NCB. There would be a huge difference in premium for customers having nil NCB and customers having 50% NCB.
- Reduce IDV: Insured declared value or IDV can be reduced by the customer to reduce the overall premium to be paid. Lower IDV results in fewer premiums to be paid by the customer. But it is important to maintain a balance between the IDV and the premium to be paid. Too less IDV can reduce the number of claims at the time of total loss or theft. Car insurance renewal premium can be reduced by reducing the IDV to the lowest available value.
- Voluntary excess: Excess or deductible is the amount of claim to be borne by the insured customer at the time of claim settlement. This is the way of making the customer responsible at the time of claim settlement. The higher the deductible amount, the higher would be the responsibility of the customer at the time of claim. Car insurance renewal premium can be reduced by opting for higher voluntary excess. A small portion of liability at the time of claim settlement is transferred to the insured customer by opting for higher voluntary deductible or excess. Every car insurance policy carries compulsory excess of up to Rs.2000 per claim and the voluntary excess opted would be over and above the compulsory excess. For instance, if the voluntary excess opts for Rs.5000 and the compulsory excess is Rs.2000 then in case of a claim where the claim amount is Rs.10000, a total of Rs.7000 would be deducted and Rs.3000 would be paid to the insured customer. The premium amount of Rs.7000 has to be borne by the customer in return for the reduction in premium.
- Riders as per necessity: Riders or add-ons should be purchased by the customer as per the necessity to reduce the premium to be paid at the time of car insurance renewal. The customer should spend some time and do research before deciding on what kind of riders are suitable for the geography in which the customer operated the car. Riders play an important role in deciding the renewal premium and therefore should be selected as per necessity.
For best car insurance renewal quotes please visit Car Insurance and get the online renewal quotes from top car insurance companies.
Key Features of Car Insurance Renewal Online:
- 24*7 assistance, recent claim updates
- Avail up to 50% No claim bonus, transfer NCB to your new car
- Cashless claim over preferred garages
- Get 24*7 Roadside Assistance
- Add-On Packages For Your Car Insurance Renewal
- Accident Cover: Compensation will be paid to permanently disabled or the death of occupants if the occupants are traveling in the insured car.
- Key replacement cover: In case, you lost your key or were locked, you will be assisted with a new key or replacement of your old ones.
- Personal luggage: The insurer will indemnify you for the loss of your personal baggage in the insured car, the add on covers will help you to claim for baggage loss.
- 24*7 support: A policyholder who needs assistance while on the road anywhere in India, support assistance will be at your place for providing emergency services such as flat tires and any other emergency cases to repair your car. How to renew insurance online? Your car Insurance policy can be checked online by visiting the insurance company’s website and entering the car details or sending a mail to their customer care.
Benefits of Getting Online Car Insurance Policy Renewal:
Simple & Convenient: This is the simple way to get a car insurance policy at your fingertips, it's a hassle-free process. It requires only a few details to grab your policy online. You can also skip a specific insurance provider, if you are not satisfied with the quote and opt for another insurer. Interface and ease of information help you to choose the right policy online and makes the time-saving process.
Economical: Buying an online car insurance policy is cheaper than an offline policy, as the company operates online reduction in paperwork, low operational costs help to benefit the ultimate customer in terms of cheap car insurance quotes.
Instant Process: Comparatively, the online claim process helps you to provide instant policy by seeking all the required information online itself. A soft copy of the auto insurance policy will be e-mailed to you instantly.
Read Customer Reviews: You can take a wise decision on the specific policy by reading “customer review”, this way helps you to buy the policy. Check the features and brand name of the insurance company to crack the right policy.
Time-Saving: There is no need to go insurance company which saves time and fuel cost, no waiting in long queues, and filling the registration form manually. The online car insurance policy helps you to save precious time.
Renewal Reminders: At the time of renewal, no need to fill in your details once again. Database stores your information and PolicyBachat.com send you timely update for renewals. So that you can proceed to car insurance renewal on time.
How to renew your car insurance online? Your car Insurance policy can be checked online by visiting the insurance company’s website and entering the card details or sending a mail to their customer care.
While choosing an online policy for car insurance, there are several aspects you need to check. Don't just go for the company you got the first quote, get the different companies' quotes and check the level of the corner you require.
Invalidate Your Car Insurance Policy:
You may be wondered why your car insurance gets thrown out? The fact relies on honesty in acquisition information at the time of acquiring information. To state simply, dishonesty is the insurer's last factor in dropping your insurance claim.
Common factors where policyholders unintentionally invalidate their car insurance claim :
Misplace in the neighboring state: The policyholder intentionally claims that he’s residing in a neighboring state to claim a lower car insurance premium of that particular state. In this case, an insurance company can invalidate your policy and is void on grounds of distortion.
Misrepresentation: Misrepresenting yourself that you reside in the rural areas where actually you live in a metro city. Rural areas draw less insurance premium compared to metro cities due to risk factors involved in cities. Here, the policy is void.
Restricted acts: In abrupt economic fluctuations, people try to evade their car loans by hitting fire on their own car. If you are proven guilty, you may also be sentenced to jail, and your claim lapses.
Fictitious act: Another way to dodge from car loan is creating fake theft of your vehicle. When you file the insurance claim, the insurer prosecutes the case to conclude the fact. If a policy-holder finds culpable, he should face severe offense by an insurer.
Factual claims: Policyholders need to file accurate claims for the specific damages, should not include other repairs to avoid your additional expenses. This attitude makes your whole claim to be invalidated, ensuring the rightful claim for damages.
Modified Cars: Are you dipping your inspection to get saving on premium ignoring your modifications? Ensure to check with your insurance company before “spring-up” your car engine for extra performance. Altering your engine speed, mac-wheels, bodywork without intimating the insurer will result in a void policy.
False declaration: Your daily driving capability from office to home is 30kms and disclosing 500 km's per annum is a false representation to reduce the car insurance premium. This false declaration will affect your ability to claim a car insurance policy online.
Car insurance policy may be expensive, but making false representation leads to invalidation of policy. Get assistance from PolicyBachat.com for hassle-free claim settlement for car insurance renewal online.
Add-on Covers for Car Insurance Renewal Online:
- Lock and Key Replacement Cover:
Are you worried about the high cost involved in making duplicate keys for your car in the event of their loss? Not anymore. With our Lock and Key Replacement Cover, we will compensate you for the charges incurred on buying new locks and keys for your vehicle.
- Accident Shield:
Shield yourself and the occupants of your insured car from the financial implications of permanent disability or death due to an accident with our Accident Shield add-on cover.
- Consumable Expenses:
Common consumables include brake oil, engine oil, gearbox oil, AC gas oil, and power brake oil. Replenishing them post-accident can pinch your pocket hard. At the same time, you can’t do without them. Our Consumable Expenses add-on covers the cost incurred for all these expenses.
- Conveyance Benefit:
We understand that commuting without your favorite car can be a drag. Our Conveyance Benefit add-on provides you with a ‘per day’ cash benefit for the number of days, your car, the insured vehicle, is in a workshop following accidental damage. The benefit is as per the plan chosen.
- Personal Baggage:
Worried about loss of personal baggage? We understand that loss of personal baggage can be a huge cause of concern after a mishap. Keep your worries at bay as our Personal Baggage add-on indemnifies you from any loss or damage suffered by your personal baggage kept in your insured vehicle.
- Zero Depreciation Cover:
As harsh as it may sound, the value of your car depreciates the moment you drive it out of the showroom. With each passing year, the value of your insured vehicle goes down further. Does that mean a lower claim amount? Not really! Our Zero Depreciation Cover ensures that you get the full sum insured, without depreciation, on your claim. This cover helps you nullify the effects of depreciation on your vehicle and prevent heartburn during claim settlement.
Get the best car insurance renewal quotes online on PolicyBachat.com, this is the effortless way to compare the car insurance renewal online. If you are traveling without a valid insurance policy, you may end up paying huge damage costs in the forcible future.