You have a car, great! You have the most affordable car insurance policy, amazing! But now what? Just being insured of a nice and pocket-friendly policy is not enough; you have got to renew your Car insurance renewal policy in order to make sure that your car and you, both are safe and secured in the long run. We often buy a car, get it insured and then that’s it! The importance of Car Insurance Renewal Policy must never be undermined as it is the re-establishment of your insurance policy.
To understand what Car Insurance Renewal Policy is, we first need to know what an insurance renewal policy means:
The standard time length for which an insurance policy is in effect without insurance company adjusting your rate is what we call insurance renewal policy. Your insurance policy’s renewal date depends upon the date your policy came into effect. You can also consider the length of your policy period for the same. Most commonly, policies renew annually.
There are several ways of renewing the policy of your car insurance. Whichever way you choose, the process is usually straightforward.
- As we are living in a digital world, online Car Insurance Renewal Policy is no big deal. It saves us from the hefty paperwork and makes our work more efficient and less tedious.
- The quickest and most easy way is to call your insurance agent if you have any. Even if there is not an insurance agent in the picture, you must have a contact number for an insurance company. They will tell you about the renewing policy and other car insurance information you need.
Renewing your car insurance policy would not only extend your vehicle’s life from unpredictability but also makes you more aware of all the changes and modifications in the policy. It is the most thoughtful and responsible decision to take for ensuring the safety of yourself, your family and your most cherished set of wheels.
There are certain points to keep in mind to choose the right policy as there are numerous platforms out there offering the same service. Keep these factors in your mind to choose the best policy according to your needs and suitability-
- First of all, you have to decide whether you need standalone third-party liability insurance or a comprehensive car insurance policy. The former one covers injuries caused to another person and property in an accident, but no damage cover to your own vehicle and you, while the latter one also covers the self and self-vehicle damage.
- Consider the additional benefits related to the standard comprehensive insurance policy. Such as the Hydrostatic cover, for the coverage of consequential loss due to waterlogging, or the Zero depreciation cover where depreciation amount would be higher than the additional premium payable.
- Another important factor to keep in mind is NCB i.e., No Claim Bonus which is an additional coverage provided to the policies which do not claim for an entire year. It needs to be checked on renewal for its accurate calculation.
- Renewal quote can also vary due to some variable quotations based on:
Insured declared value i.e., (IDV): the basic value of car depends on this.
Compulsory or voluntary deductibles depending upon the type of plan
We also consider additional riders as selected or omitted
- Other benefits
Although there are several ways available to renew your car insurance policy, having an online car insurance renewal policy is, by far, the option to go for. It gives us the ease and instant reach afforded by the online portal of car insurance. Some other advantages are-
- Online renewal of your car insurance policy means saving your time and won’t test your patience as well.
- It is a simpler and quicker way to check out the best renewal policy for your car insurance and provides you with a hassle-free process. There is no immediacy for the submission of documents which makes it a more preferable option.
- It is at your service 24×7. You don’t have to worry the office timings in this case and can easily go through the policies at any time of the day.
- Renewing the policy of your car insurance online is quite an enjoyable experience now as there is absolute safety and security maintained as far as the collection of your personal information is concerned.
Renewing the policy of car insurance is necessary for our vehicle and for us as well in order to stay updated and secured for a long time.
You can also compare various car insurance renewal policies on Coverfox.