Car Insurance Policy Has Lapsed? Keep These Things in Mind Before Renewing

Car insurance renewal is very important. After the lapse of the policy, if the car is stolen or damaged, then you can be heavily burdened. In such a situation, the motor insurance policy should be renewed in time.

Generally, insurance companies give a grace period of 15 to 30 days from the due date. You can pay the premium before the cover lapses. If you do not do this even in the grace period, then you have to buy a new car insurance policy.

How to renew car insurance policy online?

  1. Log in to the website of the insurance agency and select the option that says to renew the existing policy.
  2. Fill the online form by entering existing policy number and email id.
  3. Quotation of premium of new policy will appear. If you agree with this then proceed for renewal. If not, then switch to another insurance agency and look for better options.
  4. If you accept the quotation, you can pay the premium immediately. You can pay through Debit Card, Credit Card, Net Banking or any other online wallet.
  5. An acknowledgment will be sent to your email after payment.
  6. You will receive the renewed policy documents on your email id.

If you feel that an insurance company is offering better features at an affordable premium, then you can switch.

What are the things to keep in mind while doing a car insurance renewal?

Compare the

Available Options All the options available online should be evaluated at the time of renewal. This is an important parameter. Obviously features, premium, Insured Declarers Value (IDV) etc. should be checked. It should be found out whether the other insurance company is not offering a better option.

Type of plan

Third party motor insurance covers the loss of life and property caused by your car to another person. It is mandatory to buy it. Suppose someone has a third party insurance plan. So, in that case, one should always look for the option of a comprehensive plan. In this, both the own damages are covered with the third party. In this way, double benefit is available in the same plan.

Add -on feature

Review of add-on cover is essential while renewing a car insurance plan. During this, the policyholder should make all the necessary adjustments and make his plan favorable. This will help them to enhance the existing add-on cover as per their requirement.

Conditions of Cover

Many times insurance companies change the terms and conditions or features. If you’re not satisfied with these new changes, you can choose a different plan.

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