A step-by-step guide like this one makes it easier to renew your online car insurance. Having all of the process information in one place saves time and makes it more convenient for you.
When to Renew Your Online Car Insurance?
Online car insurance renewal is a time-sensitive process if you want to obtain the best offers. Therefore, swift action can help in smooth processing and diminishes the insurance risk.
- 45 days before the expiry of your policy is when you can start to enquire about car insurance, get quotations, and make some changes.
- Renewal sites for car insurance will alert all customers at least 15 to 30 days prior. This also allows you to discuss any additional coverage or make changes to your insured declared value without sending out cheques.
- For anyone busy, these seven days are a cushion before the computer becomes very busy on the last day; any transaction fails.
- You can still make claims on the expiry date, but they will not be processed until the new e-policy is downloaded, and you may end up paying fines on the road.
Documents Required For Car Insurance Renewal
If you buy car insurance online, then you must have the following documents to ensure a hassle-free renewal:
- Registration Certificate (RC)
- No claim bonus certificate.
- Proof of identity (either a passport, Aadhaar, or voter ID)
- Mode of payment (UPI ID, credit or debit card or net banking details)
- Existing policy details
- Pollution Under Control (PUC) Certificate
- Driving Licence
Steps To Renew Your Car Insurance Online
Follow these steps while renewing your car insurance online:
- Sign In: Log into the website or app of your insurer using your registered phone number/email ID.
- Fetch Policy Details: Enter the policy number or car registration number due for expiration, and the site automatically pulls up prior coverage information.
- Verify Personal Details: See if the name, location, chassis number, or engine number has changed, and make adjustments accordingly.
- Set Insured Declared Value: Move the IDV slider to reflect the current market price. It will align loss possibility with payout.
- Check No Claim Bonus: In checking the box against the NCB percentage you earned in the last year, the screen will recalculate the premium automatically.
- Choose Add-Ons: Review the proposed zero depreciation cover, engine guards, consumables, and roadside assistance, adding only those that suit your driving style.
- Review Proposal: Scan the declarations, exclusions, and premium breakup. Accept only after comparing them with other papers.
- Pay and Download: Pay with a credit/debit card, UPI, or net banking option.
Things To Check Before Renewal Process
Verify the car insurance status on the below before hitting “pay”:
- Insured Declared Value (IDV):
Compare the insurer’s recommended IDV with current listings for second-hand cars and prices by dealers. As the IDV rises, so do the premiums, but the payout in the event of a total loss also rises. Reducing it will cost less, but you will receive less in return, so target 5-10% of the market price.
- No Claim Bonus (NCB):
Ensure that the value of the NCB you earned is sufficient for the renewal quote. One wrong step and you could lose up to 50% of the cost. If you parted with your old vehicle, you have 90 days to transfer the NCB using the transfer certificate to the new insurance.
- Add-ons:
Review zero-depreciation, engine guard, return-to-invoice, consumables, and roadside assistance three to four times. Exclude riders that cover potential expenses and remove those offering the same warranty or services independently. Ensure the age restriction, as some add-ons expire after five years, and compare the overall cost to the overall benefit.
Conclusion
With these steps illustrated simply to you, you will be able to renew your online car insurance in minutes on Chola MS website. This step by step guide ensures that you have all the documents and data ready, and you will be good to go.
Also Read: Comprehensive vs Third-Party Car Insurance: Which One Should You Choose?
