Drive with Confidence - Why You Shouldn't Delay Renewing Your Motor Insurance?
Motor insurance is a valuable protection that safeguards you from financial losses and liabilities caused by the use of a motor vehicle. In fact, it is mandatory in India under the Motor Vehicles Act, of 1988. This makes it essential for every vehicle owner to possess a valid third-party liability policy. Let’s discuss renewing your motor insurance in detail here.
Wondering what exactly a third-party liability policy covers?
Well, it steps to handle any damages caused by your insured vehicle to another person, their property, or even their vehicle in case of an unfortunate accident. But keep in mind that this policy doesn't cover damages suffered by your own vehicle. For that level of comprehensive coverage, you need to opt for your own damage policy.
Motor insurance policies usually have a fixed duration of one year. Once this period ends, the policy needs to be renewed for continuous coverage. Thankfully though, renewing your motor insurance is not only important but also incredibly easy whether you choose to do it online or through traditional offline methods.
So why should you bother renewing on time?
Let's go over some key benefits:
- Continuous Protection: You ensure uninterrupted protection for both yourself and your beloved vehicle against unforeseen risks and damages by renewing your motor insurance on time.
- Legal Trouble Avoidance: With timely renewal comes peace of mind knowing that you won't face any penalties or legal trouble for driving without a valid motor insurance policy.
- Discounts & Benefits: One major perk of timely renewal is the opportunity to avail discounts. And, benefits such as no-claim bonus rewards and discounts on anti-theft devices – saving some extra bucks never hurts!
- Policy Review & Customization: Each renewal gives you an invaluable chance to review your current coverages and add-ons. You can make adjustments according to your evolving needs and preferences – ensuring the perfect fit for your current circumstances.
Now, let's dive into the process of renewing your motor insurance online – a fast and convenient method for insuring your vehicle.
- Visit the official website of your current insurer or an online platform that offers motor insurance policies from various insurers.
- Enter details from your previous motor insurance policy. This typically includes information like policy number, vehicle registration number, engine number, and chassis number. You may also be required to provide personal details such as name, email address, and phone number.
- Review the policy details and renewal premium offered. Take this opportunity to assess whether any changes are needed in terms of coverage or add-ons. Comparing different insurers' features and premiums can help you make an informed choice for your vehicle's needs.
- Proceed with payment using a suitable online mode such as credit card, debit card, net banking, or UPI. Once done successfully, expect to receive your renewed policy document either via email or directly on the website itself.
To make sure you have a smooth experience while renewing your motor insurance online – here are some tips:
- Renew before it expires: Avoid any lapse in coverage or penalties by renewing ahead of time.
- Review & Customize: Assess your coverages and add-ons based on current requirements.
- Check Insurer Credentials: Before finalizing a policy change, check claim settlement ratios, network garages, customer service quality, and reputation ratings for prospective insurers.
- Keep Previous Policy Copy Handy: For easy reference during renewal, keep a copy of your previous policy document accessible.
FAQs of Motor Insurance Renewal
Now let’s address some frequently asked questions about motor insurance renewal:
1. What happens if you fail to renew your life insurance policy within the specified timeframe?
If you fail to renew your life insurance policy within the specified timeframe, it will lapse. This means you will lose all coverage and benefits associated with the policy. However, some policies may have grace periods during which you can still pay the premium without facing penalties or losing coverage. If payment isn't made even within this grace period, then, unfortunately, your policy will lapse.
2. How can I check the status of my motor insurance renewal?
To check the status of your motor insurance renewal, simply visit the website of your insurer or online platform and enter either your policy number or vehicle registration number. Alternatively, reaching out to customer support can also provide updates on the progress of your renewal.
3. Can I change my insurer while renewing my motor insurance?
Absolutely! You have full freedom to switch insurers during the renewal process if you're not satisfied with their service or premium offerings. Online platforms enable easy comparison shopping across different insurers. So, you can find a policy that meets both needs and budgetary considerations. Just ensure there's no gap between the expiry date of your old policy and the start date of your new one.
4. Can I transfer my no-claim bonus when changing insurers?
Yes! If you haven't made any claims in the previous year's policy term, transferring your no-claim bonus is possible when switching insurers. Simply obtain a no-claim bonus certificate from your old insurer within 90 days after its expiry and submit it to the new insurer during the renewal process. Your new insurer will then apply this bonus as a discount towards your renewal premium.
5. What add-ons are available while renewing my motor insurance?
When renewing your motor insurance, consider adding these valuable optional features:
- Zero Depreciation: It covers depreciation costs for vehicle parts, resulting in receiving full claim amounts without deductions.
- Engine Protect: It covers damages to your engine and gearbox from issues like water ingress or lubricant leakage.
- Roadside Assistance: It offers 24x7 emergency assistance for breakdowns, flat tires, battery jumpstarts, towing, and more.
- Return to Invoice: It covers the gap between the invoice value and the insured declared value of your vehicle in cases of total loss or theft.
