The need for car insurance renewal should be taken seriously as this policy guarantees the safety of your car in the unanticipated event of theft or accident. Therefore, when the term of your motor policy ends, you need to continue your comprehensive car insurance or third-party policy coupled with an own-damage policy to continue receiving coverage from your policy. This process is called policy renewal.
This article will guide you through this policy renewal process so that you know how to proceed with renewing your policy.
A Step-by-step Guide to Renew Car Insurance
Step 1: Select an Insurer
For policy renewal, you will first need to select an insurance company. Look for an insurer who is known for good post-sale and pre-sale services. Also, you should find an insurer who provides enough coverage at a reasonable cost.
To learn about the insurer, you can read the customer reviews posted online. Again, don’t miss out on the opportunity to use the free car insurance calculator that insurers provide to know how much premium each insurer is quoting for the policy you are looking to buy.
Step 2: Determine Which Policy You Want to Invest in
After you have decided which insurance company you want to invest in based on their car insurance renewal price, you have to go to their official website and then select the insurance type you want to purchase. You can opt for either a third-party insurance or a comprehensive plan.
While the former is mandatory by law and protects you financially from third-party liabilities, the latter, along with this protection, also provides protection to your car, also known as own-damage.
Step 3: Provide Your Details
To get the car insurance renewal quote, you will have to provide details as required, for which you will be provided with a form in which you have to feed the information.
Step 4: Select Add-ons
To broaden the scope of your automobile policy, you can choose add-ons and include them in it. The best car insurance renewal policy will offer you these add-on options:
- Return to Invoice Cover – This add-on allows you to get the on-road price of your car if it is totally damaged or in case of theft instead of the Insured Declared Value amount.
- Nil Depreciation Cover – This cover again protects you from the depreciating value of your vehicle at the time of filing a claim.
- Engine Protection Cover – This add-on protects the most expensive part of your car – its engine. In case of oil spillage, water ingress, or any other issue related to the car’s engine, this cover will ensure that you are financially protected.
Other add-ons that may prove beneficial to you include pay-as-you-drive, 24×7 roadside assistance, NCB retention cover and EMI protection cover among others.
Step 5: Payment
This is the last step to take after you are sure about the insurer, the type of insurance you want and the add-ons you want to be included in your policy. Make a secured payment to get your policy documents.
Conclusion
Remember, add-ons cannot be included in third-party insurance policies, and make sure to review and go through your policy wording before you renew your car insurance plan. Also, don’t forget to check if NCB can be applied to your new policy so that you can get some discount on the premium.