According to India’s traffic rules, all vehicle owners must buy car insurance. Under the Motor Vehicles Act of 1988, all should have limited liability third party insurance. To get protection for your four-wheeler, you can invest in a comprehensive insurance plan.
You must ensure that your policy is always valid and must therefore do car insurance renewal before it expires. Here is why it is essential to renew your insurance policy and how online medium helps you through the same.
Importance of renewal
Besides the fact that you need to have seamless, uninterrupted coverage, it is essential to do car insurance renewal online.
Protects legal liabilities
As stated, all owners must get a third-party liability policy. Having valid car insurance offers legal coverage when you in a stressful situation such as a road accident that leads to injury or death of a third party. If you do not hold a valid plan when an accident occurs, your legal troubles increase manifold. You might get charged a penalty or sentenced to jail, or both.
Offers financial coverage
Along with your legal troubles, your financial woes increase tremendously. So, timely online car insurance renewal is a must. Insurers are not obliged to offer you coverage for a single day after your policy lapses or expires. You need to bear all the costs associated with you or the third party’s hospitalisation and treatment from your pocket in such scenarios. You also must pay for repairing the damage to your vehicle or the third party’s vehicle in the event of an accident.
You may need to bear huge financial costs and the savings get impacted due to timely non-renewal.
Vehicle gets covered against natural and humanmade calamities
Car policy renewal is necessary if you want to get coverage against natural disasters such as floods, earthquakes, tsunamis, cyclones, storms, tornadoes etc., where your vehicle might get damaged or destroyed. Further, you receive continued coverage against various humanmade incidents such as car theft or damage due to riots, strikes, terrorism activities, and so on. However, this coverage is only applicable to those who have a comprehensive policy.
How to renew online?
Today, you can buy as well as do car insurance online renewal. The process is hassle-free and straightforward, and you can do it with only a few clicks. Following are the steps to follow:
- Visit the insurer’s website
- Enter your name, contact details, and vehicle number, along with the insurance policy number. Your details will pop up in the system
- Modify the existing car insurance policy as needed. Change the type, the IDV of your vehicle, and add/remove add-on covers
- After the modification, you get redirected to another page where you can review the policy, check the no-claim bonus, and the new premium amount
- Pay the premium online and get the renewed policy details via e-mail
With online buying and renewal, you are ensured that you remain covered against road accidents and vehicle damage. Renewal is the only time you can modify your policy and get NCB benefits for not filing claims in the previous year.