Renewing insurance is a cyclical affair. With strict rules as per the latest Motor Vehicles Act, any individual driving an uninsured vehicle is liable for huge penalties – upto Rs 10,000. Renewing your insurance is just not to avoid penalties from traffic authorities it is for your own good – with a valid car insurance – any unforeseen incident can be handled in most efficient way without a hole in your pocket.
Do’s – Car Insurance Renewal
Protecting your car from any untoward incident is easy as it is convenient to renew car insurance online. Before you renew your car insurance make sure you check the below points
- Always check the IDV value –
IDV stands for Insurer Declared Value which is one of the fundamental thing for your insurance policy. It is the amount of money which you are eligible to get from your insurer if something goes wrong. If your car is relatively new, make all efforts to keep the IDV as closer to original price possible.
- Renew your insurance prior to expiry date
Always set reminders on your phone or write down the expiry date of your existing insurance policy – timely renewing the insurance is very important. Even a one day lapse will make you ineligible for claiming the insurance.
- Choose a trusted insurance policy brand
In the market there are so many insurance players – some new, some old and some advertise heavily. Do your research and find out if your insurance company is trust worthy. Ultimately, the claims which you make shall flow from these insurance companies – so do your due homework in choosing a trusted insurance brand. Once you have finalized on the insurer brand, spend a moment in choosing the insurance policy that suits your need. Example: Royal Sundaram offers a comparison tool – Car Insurance Comparison It should help you choose the insurance plan as per your requirement.
- Awareness about Third party and Own Damage
There are so many jargons in insurance industry that could confuse you. At the basic, be fully aware – the Third party insurance is mandatory and it protects you from any liability that comes from damaging any other’s vehicle(third party). The own damage cover is optional and the premium which you pay towards own damage protects you from damages that has been directly done to your vehicle – you can claim any damages if you have opted for Own damage. Often it is called as “Comprehensive insurance” meaning it has both Third party damage and own damage covered.
Dont’s – Car Insurance Renewal
- Do not enter wrong vehicle data
Always make sure you enter the accurate information of your vehicle while renewing the insurance. Provide extra attention while entering the Engine no. , Chassis no. , cubic capacity of your vehicle etc. These vehicle details will be present on your RC (Registration Certificate).
Having a low IDV can significantly lower your yearly premium which you pay for your insurance. Just to lower your premium value do not enter unrealistic lowered IDV. Remember the amount which you have mentioned in the IDV is what you get when you claim for insurance.
- Transferring owner’s name during used car purchase
In case you purchased a vehicle from someone else – ( Used car) ensure that you have transferred the name of the original owner to yours both in the RC and Insurance policy copy. Non-matching details of owner names in insurance policy and RC makes you ineligible for any claims.
Do you have more tips on car insurance renewals? Let us know by commenting below.
