You have multiple goals to achieve as a family member and employeeSome of them include buying a house, a car, and becoming financially independentAll these goals require financial planning and sustainabilityWhile 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 lawIt has a validity of a year and requires you to pay the premium at the time of renewalYou 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 optionsOwn damage protection covers you against damage caused to your vehicle due to fire, theft, road accidents, etcThe cover also compensates you for expenses to repair or replace the damaged parts of your four-wheelerOther 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 customersFor example, the cover you have for personal damage is different from an add-onChoose 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 trendingWhether you continue with the existing policy provider or switch it, the hassle of visiting their branch reducesAll their plans are available on the websites for reference and comparisonIn 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 activeYou must visit the website from your PC or smartphone or download the app for uninterrupted assistanceThis 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 saferWhen 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 calamityBy renewing your policy annually, you enjoy these benefits and make life hassle-freeIt would help if you bought a new policy for an expired oneThe company inspects your vehicle before issuing the new planRemember the plan expiry date and renew it on time.
Price Variations
As your car gets older, its insured declared value or IDV increasesAs a result, the premium you pay for car policy renewal reducesHowever, there are cases of rising premium costs during renewalAs 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 yearYou compare several providers online and choose an affordable one with identical featuresThen, approach your agent to understand whether you qualify for discountsCustomer loyalty and buying multiple policies from one insurer makes you eligible for a discount in premium.