Car insurance policies are purchased for a certain tenure. Once that time period has lapsed, the insurance will not be valid anymore. It is, therefore, necessary to renew your car insurance periodically.

If you drive your car around with a lapsed policy and end up in an accident, your damages will not be covered by the insurance agency. Moreover, since it is mandatory to have an updated third-party insurance policy under the Motor Vehicles Act, 1988, you may face legal action for not having a valid insurance policy.

It is advisable to keep your insurance policy up to date. At the time of renewal, you will have to pay for the survey of your vehicle. You can renew your policy online or offline.

How to Renew Car Insurance

You must renew your car insurance at the earliest. To do so you need to get in touch with your insurance company. The sooner, the better.

The insurance agency will help you through the process of getting a renewal. The agency will schedule a survey of your vehicle. This is could be the most time consuming part of the process. Get your survey scheduled at the earliest.

There will be some documentation that will be needed at the time of the renewal such as registration certificate etc. So keep your registration certificate and your policy number handy. Thereafter you can pay the premium and get your renewed insurance policy within 24 hours of the surveyor’s approval.

It is advisable to not drive the car until you have renewed your insurance policy or you risk the chance of facing penalties and legal action.

Now at the time of renewal, you need not necessarily stick to the same policy. You can seek an upgrade and purchase a new policy that suits your needs.

For a faster renewal, you can go the online way. You can visit the insurance agency’s website and click on the renewal button. You can then pay the premium and renew the insurance policy at the click of a button.

How to Renew Car Insurance Online

Rather than getting in touch with the insurance agency to get a policy renewed, it is easier to apply for a renewal online. The insurance policy is renewed within a matter of hours. It is fast, reliable and hassle-free.

Start the process by logging on to the website of the insurance agency of your choice. Ince you are an existing customer, you can directly go to the vehicle insurance page.

Next, choose the option to renew your insurance policy. An application form will appear on the screen. Fill it up with details such as personal details, registration details and details of your policy.

Once you have completely filled the application form, you can submit the same by clicking on the option. Thereafter, you need to pay for the renewal. You can use your debit or credit card or netbanking to pay for the renewal. Once the payment has been made, the insurance company will verify the information you have submitted in the form.

You will receive an acknowledgement of the renewal request in your email. You will also get an intimation via email when the insurance policy is renewed. Alternatively, you can visit a third party aggregator website, compare the policies on offer and then apply through the aggregator website.

Can a cancel the renewal of my car insurance?

If you do not want to continue with the same insurance policy, you can cancel the renewal of your insurance policy. Once the insurance. Has lapsed, insurance agencies allow car owners to cancel their policy within the first two weeks. Within this period, you can cancel your current policy and buy a new policy. After the cooling off period, insurers charge a penalty for cancelling insurance. You cancel your insurance renewal online or by calling the customer service desk of the insurance agency.

How long does it take to get a renewed insurance policy?

If you have applied for renewal of insurance policy online, the policy is renewed within hours. However, if you have applied for renewal of policy offline, it could take a few weeks before the insurance is renewed.

In the offline process, once you raise a request for renewal, a surveyor has to visit you to check the conditions of your vehicle. You can make a payment only after the surveyor has assessed your vehicle and passed the policy. Within 24 hours of the surveyor’s approval, you can pay the premium. You policy will be renewed.

What happens if I don’t claim anything throughout my policy tenure?

Car insurance policy works on the principle of use it or lose it. So if you are paying premium every year but you don’t make a claim for a serious accident that year, your premium is lapsed. However, if you make zero claims during your policy period, you can enjoy some rewards.

Some insurance agencies offer bonuses and special discounts on premiums at the time of renewal if you have not made a single claim throughout the tenure of the policy. While the loss of premium is a sore point, these offers and discounts make up for the loss. Insurance agencies offer up to 50 per cent discount on premiums for making zero claims in the tenure.

If you have applied for renewal of insurance policy online, the policy is renewed within hours. However, if you have applied for renewal of policy offline, it could take a few weeks before the insurance is renewed.

In the offline process, once you raise a request for renewal, a surveyor has to visit you to check the conditions of your vehicle. You can make a payment only after the surveyor has assessed your vehicle and passed the policy. Within 24 hours of the surveyor’s approval, you can pay the premium. You policy will be renewed.

[“source=moneycontrol”]