For a car owner having an insurance policy is the way to safeguard from being financially off foot at the time of an uncertain event of car theft or an accident.
Thanks to Insurance Regulatory and Development Authority of India (IRDAI), for approving insurance companies, and web aggregators for making the process of – comparing, buying, and renewing insurance policies easier online.
Before proceeding further how to get car insurance renewal online, I am going to share, why you should renew in the first place.
Why you should renew your car insurance policy online
A. It’s cheaper: Buying and renewing car insurance online is cheaper as compared to offline. Online process lowers the operational costs and is transferred directly to the customer, eventually making online cheaper.
B. Paperless work: With less documentation involves less paperwork. Additionally, you receive a soft copy of policy in your inbox, thereby, making it less paperwork.
C. Comparing multiple options: In life, we don’t have many options when it comes to making a decision, but fortunately with a number of companies being online and so the web aggregators, buying and renewing an insurance policy comes with multiple options to choose from. You can simply compare and buy the one which you find most appealing as per your needs.
D. Instant policy: Once you select the company to buy from, with just one click you will receive the policy, instantly and much faster than buying offline.
Steps to get car insurance renewal online
Provided you are buying or renewing Comprehensive or Package policy and not just third-party liability policy, these are the steps to follow while renewing your car insurance online:
1. Compare plans: Compare plans offered by the different insurers online.
a. Check Insured Declared Value (IDV) of your car suggested by different insurers, as it differs from insurer to insurer.
b. Check Premium break ups. How much is the IDV and what is the premium charged.
c. Compare NCB discounts available. If you have not made any claims.
2. Adding Add-on covers: Different add-on covers are provided by the insurer to add more value to your policy. Check how the premium of each insurer changes when you additionally buy add-on covers.
3. Checklist of cashless garage: Check the list of cashless garage, see if any of the insurer has a nearby cashless garage to your location.
4. Before Finalizing: Read carefully about the cashless garage network. Additionally, you must read reviews, if available, of each insurer, and only then make a final decision. If you have made any claims with your current insurer and you are happy with the claim process and support, it would be better to continue with your current insurer.
5. Payment: Fill up the renewal form. If you are already a customer of the site, login into your account and click on the renewal option form, fill up the details. Recheck all the data filled up in the form, and proceed for payment.