Having an insurance policy for your vehicle is mandatory as per the laws of the country. It is surely not mandatory to have a comprehensive policy, but at least your vehicle must have third-party insurance. In most cases, this policy remains valid for one year and after the lapse of this period, you have to renew the policy to abide by the necessary law while going out.
Hence, if your vehicle insurance is close to expiring or has already expired, it is time for you to renew it. In this blog, we will cover the key steps for vehicle insurance renewal and how to make the process easy.
Steps for Renewing Vehicle Insurance
Here are the major steps you have to follow to renew your vehicle insurance policy:
Step 1: Visit the website or download the app of the company from whom you want to renew your vehicle insurance.
Step 2: Enter details related to your vehicle and previous insurance policy.
Step 3: Select the insurance plan and add-ons, if any.
Step 4: Pay the premium online to renew your insurance.
Upon payment, you will receive the insurance document in your email.
Please note that the steps mentioned above are generic and can vary from one insurance company to the other.
Ways to Smoothen Insurance Renewal Process
You must consider several factors before renewing your insurance plan. Follow these steps to ensure a hasslefree renewal process:
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Do Not Allow Your Policy to Lapse
It is essential to renew your vehicle insurance before it expires. If you renew it after it expires, the company could deem you to be irresponsible and raise the premium and you may even lose any bonuses you have earned. So be mindful of the expiry date of your policy and renew it on time.
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Upgrade Plan if Necessary
The scope of coverage of insurance plans is not the same. Suppose you have third-party insurance but want to enhance its coverage, you can opt for comprehensive vehicle insurance during the renewal. It will cover your vehicle’s damages as well as losses suffered by a third party.
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No-Claim Bonus
You can get a no-claim bonus if you don’t make any claims during the policy period. It means you can get a discount on the renewal premium for not making any claims. It is highly recommended to not make any claims for small repairs which you can easily afford. This will help in keeping the no-claim bonus intact.
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Compare Policies
One way to get the best deals is to compare the policies offered by companies such as ACKO General Insurance. You can check the premium charged and coverage offered by your current policy with that of other policies to judge if there are better options in the market.
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Check the Claim Settlement Ratio
The claim settlement ratio shows the ratio of total claims settled to the number of claims made. A higher ratio indicates that the insurer is highly reliable and efficiently settles the claims made by its customers.
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Insured Declared Value (IDV)
The IDV is the current market value of your vehicle. It is calculated by subtracting the depreciation of the car from its original retail cost. The IDV is the maximum amount the insurer will pay if your vehicle is lost or damaged beyond repair.
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Evaluate How Much Deductible You Want to Pay
The deductible is an amount you pay out of your pocket towards a claim before an insurance company settles it. A higher deductible will reduce your premium. But the flip side is that you will pay a higher amount while settling your claim. So you have to evaluate your needs and budget to decide how much deductible you are willing to pay.
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History of Your Claims
It is important to have a record of all the claims you have made till the time of renewal. You may be required to submit any details regarding it while renewing your policy.
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Network Garage
Every insurance company maintains a network of garages where its customers can avail of cashless facilities. If you have garages near you which are part of your insurer’s network garage, you can easily get cashless facilities there under your insurance policy.
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Personal and Policy Details
You could be required to share your personal and policy details during a renewal of your insurance. If required, you can also update details such as a new address or a new vehicle that you have bought.
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Add-Ons
Add-ons help to increase coverage provided by a policy. You can buy add-ons such as roadside assistance to deal with situations not covered by your policy.
Bottom Line
Thus, as we understood from this discussion, the coverage provided by vehicle insurance is vital for your financial security. You must compare the policies offered by companies like ACKO Insurance and decide which policy suits you the best. If required, you can upgrade your plan and buy add-ons as well.
Disclaimer: This article contains sponsored marketing content. It is intended for promotional purposes and should not be considered as an endorsement or recommendation by our website. Readers are encouraged to conduct their own research and exercise their own judgment before making any decisions based on the information provided in this article.
