Your car could be one of your most treasured assets. However, to keep your car financially protected from any mishaps, you need to have active car insurance all the time. Many people make this mistake – they think car insurance is a one-time thing and forget to renew their car insurance in time. You need to renew it on time to make sure that it doesn’t lapse. It is not advisable to drive a car whose insurance has expired. You could end up with substantial financial losses and bearing those losses can burn a hole in your pocket, if you are not covered under a car insurance policy. According to traffic laws, your car must be insured at all times. If caught driving a car with lapsed insurance, you will be charged a penalty by the traffic police during checks and nakabuntis.
But you are not sure how to renew car insurance? Fret not, we got you!
How to Renew Car Insurance?
Before you head to get your car insurance renewed, you will have to book an appointment for the survey of your car. Most insurance agencies conduct surveys to check for existing damages and the overall working condition of your vehicle. Your insurance policy will only be approved for renewal once the surveyor approves your car. You can renew your car insurance quickly in clicks if you go for car insurance renewal online.
You can contact your insurance agency offline or online. The insurance agency will then guide you on how to raise a renewal request and also give you a list of required documents. You can now go ahead and book an appointment with the help of the agent of your chosen insurance agency. It should be noted that you can easily
How to Renew Car Insurance Online
It is much easier to renew your car insurance policy through the online process. Follow the below-mentioned steps for online renewal.
- All you have to do for car insurance renewal online is to visit the website of your car insurance agency. You will find answers to all concerns on the website.
- Opt for insurance renewal on the website.
- Log in if you’re an existing customer or if you already have an online account on the website. If you are a new customer, you will have to register to create an account by filling in your details.
- You will get an appointment for the survey of your car.
- Go through the mentioned documents list beforehand and prepare it before the surveyor’s visit.
- You can choose the time and date for the surveyor’s visit from the insurance agency.
- Once your appointment is booked, you can pay the insurance premium through Credit Card, Debit Card, or Net banking.
- The surveyor will arrive at the given time and date to survey your car for existing damages and overall working conditions.
- The insurance agency will then verify all the information and details provided by you and send an acknowledgment of your request to your registered email ID.
- Once you receive approval from your surveyor, you should get an update on your renewal request within 24 hours.
If you want to change the insurance agency for your car insurance renewal, follow the steps below.
- Once your policy expires, your insurance agency will grant you a cooling-off period of around two weeks. This is for customers to cancel their policy renewals. Make sure that you process your renewal cancellation within the cooling-off period, or you may be penalized.
- Cancel your policy renewal at your existing agency within the cooling-off period. You can do this by writing to your insurance agency or by sending an email about the cancellation of your policy renewal.
- You can look for alternate insurance agencies for your policy renewal.
Why You Need to Renew Your Car Insurance on Time
Still not convinced? Here are some reasons why renewing your car insurance on time is critical:
- Avoid legal hassles: You can be held legally responsible for driving a car that is not insured or has expired insurance. Since the law demands a bare minimum of third-party liability-only policy from car owners, you will be penalized for not having one. Moreover, if your car gets damaged, you and the third party get injured, and then you will have to prepare yourself for a protracted legal battle. This will add to your expenses. Not only will you have to take care of expenses for the damage to your car, but you will also have to deal with the expenses of hiring a lawyer. If you have car insurance, then your insurance agency will assist you in such situations.
- Save money on premiums: When you approach an insurance agency for renewal, they will ask you whether your previous policy has expired or not. This is done to determine your premium. You can get lower premiums if you renew your policies in time before the policy expires. Although, if your existing policy has expired, you might be charged a much higher premium.
- Save on expenses: Most people in this country do not seem to understand the importance of a car insurance policy renewal. You can avert having a financial headache by buying car insurance and renewing it on time. If you buy your car insurance policy online, then you can keep track of the expiry date. You can even process your car insurance renewal online.
- Protect your vehicle, yourself, and a third party: Along with providing coverage for your vehicle, car insurance also covers you against any financial liability that arises from an accident. This means any financial liability where your car has caused bodily injury to a third party or caused damage to the third party’s property. It also covers you and your vehicle if the damage is caused by a third-party vehicle. Your coverage ceases if your car insurance expires and you become financially vulnerable.
The bottom line is that it is crucial to get your policy renewal on time. You can conduct policy renewal through offline or online methods. However, the online process is much easier. Secure the renewal of your car insurance policy before it expires to save on premiums. Since the government has made it mandatory to have active car insurance. You can also save money and time on penalties and on any legal hassles by renewing your car insurance on time.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.