It is critical to practise car insurance policy renewal timely, or your policy will lapse. Driving your car with an inactive insurance policy can also have serious legal consequences. As a result, one should never forget to renew their car insurance. 

You can switch to another company if you do not want to keep your current car insurance provider. Remember that having basic third-party car insurance is mandatory in India, so you have no choice but to renew your policy on time. If you are unfamiliar with the process, here are a few things to consider when renewing your car insurance online or offline. 

  1. Choose the ideal auto insurance policy: 

Third-party car insurance is mandatory in India. However, it is entirely dependent on your needs. It would help if you understood whether a basic plan is sufficient for you or whether you require a comprehensive car insurance plan. Take note of your needs and budget, and then decide based on the type of plan you want to pursue. 

  1. Learn about the market value of your vehicle: 

The depreciation of your car’s value is considered when calculating your car insurance premium during renewal. To get a wiser deal from your insurer, you should be familiar with the market and your vehicle’s depreciated value.

  1. Select only the necessary add-ons: 

When you purchase a comprehensive policy, you can add additional coverage to customise your existing plan. You could do so during renewal if you did not buy any add-ons when you purchased the policy. Examine your list of requirements and purchase the appropriate add-ons. If you buy unnecessary add-ons, you will pay a high premium, and your car insurance policy will almost certainly exceed your budget. 

  1. Understand the No-Claim Bonus: 

Your insurance company will give you a reward on your premium each year if you do not file a single claim. This reduces the total premium you must pay to the insurance company. Even if you switch insurers, the accumulated no-claim bonus* can be transferred to your new insurer. 


  1. During renewal, choose voluntary excess: 

You can choose voluntary excess as a policyholder when renewing your car insurance. When you select this option, you will pay a predetermined amount or a percentage of the claim when you file a future claim. Choosing a voluntary excess lowers your premium and car insurance renewal costs. 

  1. Choose a simple claim settlement: 

Look for an insurer known for completing the process quickly and easily. 


  1. Renew your insurance policy before it expires: 

It is essential to remember and renew car insurance before the expiration date. In addition, driving a car with a lapsed insurance policy is illegal. You may also lose your accumulated no-claim bonus if you do not renew the lapsed policy on time. 


  1. Check to see if a cashless payment option is available: 

Always double-check to see if your insurer provides a cashless option. This feature comes in handy when you need more money to cover repair costs. In such cases, you can have the insurer take your vehicle to a network garage, and the latter will directly settle the bill for you. You would still have to pay the deductible amount. 

  1. Look for car insurance rewards online: 

Before choosing a car insurance online or offline plan or even renewing an existing one, do your homework. You can find a wiser deal online rather than offline with some research. You also save money because there are no middlemen involved. 


* Standard T&C Apply

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale. 

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