Vehicle insurance acts as a protective shield against any damages to your respective vehicle be it a bike, car, or commercial vehicle. The damage can be caused by natural calamities such as floods, third-party liabilities, road accidents, theft, and other man-made calamities. Thus, your vehicle is secured financially in any unfortunate event. According to the Indian Motor Vehicle Act of 1988, third-party insurance is mandatory whereas a comprehensive insurance policy is your choice.
However, remember that every vehicle insurance policy comes with tenure of 1 year, 3 years, etc. Before the expiration, you need to renew your policy to continue to avail of the services and benefits. If you fail, your plan will get lapsed and that can make you lose all your accumulated benefits and coverage. Thanks to the online policy renewal service offered by insurance companies and insurance aggregators that enable you to renew your motor insurance policy online in an efficient manner and maintain physical distance when Omicron (a new variant of coronavirus) is spreading.
Let’s explore how you can renew your vehicle insurance online
Through An Aggregator Platform
Vehicle insurance renewal is quite simple with a third-party aggregator platform such as Cover360. Let’s unfold the process to renew your motor insurance online.
Visit cover360.in and click on the tab for ‘car insurance.’
Select ‘RENEWAL’ followed by selecting your vehicle brand and car model. Then, select fuel types such as Diesel or Petrol and then your car variant, registration year, registration city and RTO to proceed.
Provide the name of your previous insurer as well as the expiry date of your previous motor insurance policy. Then, tell the portal whether you have made any claim during the previous policy and click on ‘Continue’.
Fill in your contact details, such as your name, mobile number and the number of days by when you want the vehicle insurance to be insured. Once done, click on ‘CONTINUE.’ Enter the OTP sent on your registered mobile number.
You will happen to see all available premium codes from different insurance companies on your screen. Compare quotes of different insurers and select one that best meets your requirements. At this stage, you can also choose different add-ons, passenger and accessories cover.
Click on the ‘Buy Now’ button. Confirm your details displayed on the screen and proceed by making payment. A vehicle insurance aggregator allows you to make payment using your debit/credit card, UPI, Net Banking or any other net banking facilities. On successful payment, the renewed insurance policy will be issued instantly and you will receive the policy document at your registered email address.
Through An Aggregator Platform
To renew your vehicle insurance policy online directly at the insurer’s portal, you need to follow the below instructions.
Visit the website of your insurance provider ((in case of existing insurance) or the website of the new insurer (if you want to switch from an existing insurer to another) and choose to renew the policy.
Select ‘RENEWAL’ followed by selecting your vehicle brand and car model. Then, select fuel types such as Diesel or Petrol and then your car variant, registration year, registration city, and RTO to proceed.
Enter the details, include/ exclude, expiry date of your previous car insurance policy and the name of your previous car insurer, the add-on covers.
Tell whether you have made any claim in the previous year, followed by providing details, such as your name, mobile number and the number of days by when you want the vehicle insurance to be insured. Once done, click on ‘CONTINUE.’ Enter the OTP sent on your registered mobile number.
Pay the premium online to complete the journey. Once the payment is successful, the renewed policy will be sent to your registered email id.
Why Choose an Online Aggregator to Renew Vehicle Insurance
When you renew your vehicle insurance through a third-party insurance aggregator, you will happen to find premium rates of all the insurance companies available in India. So, you will have an option to compare these policies based on their premium costs, coverage and exclusions. An insurance aggregator gives you unbiased results. In contrast, buying directly from the insurance website will not allow you to compare policies of other insurance companies. Whatever premium the insurer will charge and coverage it will provide, you will have to choose.
So, always purchase or renew your insurance policy with the help of an aggregator. They are very quick and offer post-sale support service by being available 24×7.
Checklist to Consider When Renewing Vehicle Insurance Online
Point insurance renewal checklist before renewing your vehicle policy.
- Type of Plan to decide whether you should buy a third-party liability policy or a comprehensive plan
- Add-Ons to secure much better and wider coverage for your car
- Network of cashless garages to get cashless benefits where the insurance company will directly pay the repair bill to the garage
- Adequate IDV to enjoy the benefits of the policy later on
- Deductibles to avoid any claim issue in future
- No Claim Bonus or NCB to enjoy discounts
- Claims history of an insurer can be helpful to decide whether you should buy the policy from them
- Enhanced Security to lower your insurance premium rates
- Avoid lapses to avoid expensive premiums
- Compare Online Quotes to pick the most suitable plan at reduced premium rates
Renewing a vehicle insurance policy online is not time-consuming. Make sure to renew your policy a week before the expiry date to avoid any issues.