5 Reasons To Renew Your Car Insurance Policy Online

by Kanika Shelatkar Insurance Consultant

Car insurance is one of the most important requirements for a car owner. Under the Motor Vehicles Act, 1988, it is essential for a car to have insurance papers. With a digital revolution in insurance, getting car insurance online is extremely simple and can be done in a few clicks. Even online car insurance renewal is extremely simple and can be done either through the company’s website or through an insurance aggregator.

There are a few advantages to renewing your car insurance online as compared to doing it through an agent. But be sure to renew your car insurance online in time so that the policy does not lapse. If the policy lapses, you lose any No Claim Bonus (NCB) that you have accumulated. Your NCB gives you a discount in the premium amount as well. So, it is very important to renew your car insurance policy in time.

Here are 5 reasons to renew your car insurance online:

Quote comparison: One of the biggest advantages of car insurance renewal online is that it allows you to compare quotes. Insurance aggregators collect quotes from different insurers. You can also check your own insurer and see the different policies that they’re offering. As per IRDA, it is possible for you to invest in a long term insurance policy and unbundle personal accident coverage. It is possible for you to find out quotes for different aspects of car insurance when you look for it online.

Compare policy benefits: You can compare the policy benefits for different insurance plans and different insurers online. This can help you find out whether your policy is providing you with adequate coverage or not. If you’re not happy with your insurer, you can consider porting your insurance request to a different insurer and also get your no claim bonus transferred. You can also opt for additional coverage with more benefits once you renew your policy since that customization is available.

Discounts and offers: You can opt for online car insurance renewal because of the discounts on the premium. Buying car insurance online is cheaper than buying it offline through an agent since the company saves on agent commission. Insurance aggregators also tie up with banks and credit cards to provide offers on payments. Insurance aggregator companies may also offer special prices on their insurance premiums. One important thing to remember is your No Claim Bonus. This is a reward given by insurance companies to people who do not make any claims in the previous year. The NCB percentage translates into a discount on the car insurance premium as well.

Instant policy renewal: Once you pay the premium, the car insurance renewal is instantly done. You will get a copy of the insurance policy through email instantly.

Policy add ons: Car insurance add ons are additional items of coverage that provide benefits over and above the car insurance policy. These cover different aspects such as zero depreciation, return to invoice, emergency roadside assistance, consumables cover, engine protection etc. The premium amount for these add ons is very small and yet, they can end up providing excellent coverage and protection. You can opt for additional add ons at the time of online car insurance renewal.