Car Insurance Renewal

Oftentimes when we do not use a subscription, we stop paying for it since we feel it is a waste of our money. Sometimes, we do the same with our insurance. While unsubscribing from a paid OTT channel or app might be the right move, it isn’t right when you apply the same logic to your insurance. While it is a great thing that you did not require your car insurance claim in the previous year, it is advisable that you have complete insurance for your car along with the mandatory third-party car insurance.

Car insurance renewal is the process of renewing your policy right before it is about to get expired. It is advised to relook at the insurer and compare plans every year before you renew your policy. This is because as your needs change, the policy should adapt to it. If your needs are not met by the current insurer, you should port your car insurance to another insurer with a plan that fits your requirement.

Factors Affecting Car Insurance Renewal Premium

There are various factors that impact the premium of your car insurance at the time of renewal. Some of the key factors are listed below:

• Age of the Car: The age of the car has a huge impact on the premium you will pay. If your car’s age is below 5 years, the premium will be lower and if your car’s age is above 5 years, the premium will be high.
• Make, Model, Variant: Your car’s make, model and variant details also affects the premium price Higher the model and variant, higher will be the premium.
• Insured Declared Value (IDV): A vehicle’s insured declared value signifies its current market value. This is the maximum value that you will get in case your car gets stolen or damaged. IDV also impacts the premium of your policy.

• No Claim Bonus (NCB): When you don’t avail any claim benefits in your previous policy year, you get a benefit that is accumulated as no claim bonus. This no-claim bonus can be adjusted with your next premium payment at the time of renewal and lessen your premium price.

• Car Registration Location: The geographical location of your car registration also impacts the price of your car insurance premium. Cars bought and registered in tier 2 and 3 cities tend to have lower premiums than the ones registered and bought in metro cities.

• Add-ons: The number of add-on covers you have selected can affect the premium price of your car since each add-on has a specific additional cost attached to it.

Steps to Check Renewal Dates & Reminders

How to check the renewal date

Here’s a simple and easy way to check your car insurance renewal date:

Check Your Policy Document: Your policy document contains the policy expiration date. Your policy expiration date is also the date by which you should renew your policy.

Login to InsuranceDekho Website: When you login to your InsuranceDekho account by clicking on the “login” tab on the extreme top right of the car insurance home page, you will be able to see all your policies that you have bought from us. Once you select a policy, you will be able to see its renewal date.

Customer Support: You can reach out to an InsuranceDekho advisor at our number +91-7551196989 or email us at support@insurancedekho.com to get assistance in renewing your car insurance.

Reminder Options

InsuranceDekho Reminder: InsuranceDekho will send you a policy renewal reminder a week before your policy is about to expire. This will be communicated to you on your registered mobile number and email ID.

Email or SMS by Insurer: You will also receive an email or phone call/message on your registered number or email address from your insurer.

Benefits of Renewing Your Car Insurance Policy?

It is important to look at the benefits of renewing your car insurance since you may lose onto these benefits if you choose otherwise. Please do have a look at the benefits mentioned below for better understanding:

• No Claim Bonus (NCB): When you renew your car insurance policy, you get to reap the benefits of your no claim bonus amount or discount. This helps in decreasing the price of your premium at the time of renewal.
• Coverage: The moment your insurance expires, you are out of coverage. Even if you have an issue that was previously covered, you will now have to pay from your pocket after the loss of coverage.

• Cashless Claim Service: When you renew your policy you also get to keep the benefit of getting your car repaired at one of the network garages of your insurer. You also get to avail the cashless repair and claim service at these network garages.

• Emergency Roadside Assistance: Renewing your car insurance policy also means that you get to seek help during a roadside emergency from your insurer. Whether you need to get a part of your car repaired or replaced, or any other help mentioned in your policy document under roadside assistance - you are bound to receive that.
• Add-ons: When you renew your insurance policy, you get to choose from a list of add-ons based on your needs. This facility helps in keeping specific parts of your car get extra cover based on the add-on you take like no claim bonus protect, zero depreciation cover, consumables cover, etc.

Consequences of Not Renewing the Car Insurance Policy

It is important that you look at the consequences of not renewing your car insurance policy. While the major demerit of not renewing your insurance is the legal and financial loss of protection, mentioned below are specific demerits for each policy type:

Documents Required For Renewing Your Car Insurance Policy

Here’s a list of document that are required to renew your car insurance policy from your car insurance provider:

1. Previous year policy document
2. KYC Details
3. Car Registration Certificate
4. Car Mileage Details

There may be some additional information needed as mentioned below, and it is advisable to keep them handy too:

1. Claim history of the car
2. Maintenance history of the car
3. Vehicle ownership information

How To Renew Car Insurance?

Renewing your car insurance with InsuranceDekho is simple. Follow the steps mentioned below to renew your car insurance choosing from the option of online or offline.

Online Process of Renewing Your Car Insurance with InsuranceDekho

• Step 1: On InsuranceDekho’s website, click "Support" from the extreme top right bar
• Step 2: From the drop down, go to the "Renew Policy" section
• Step 3: Enter your mobile number and click on “Send OTP”
• Step 4: You can now access your car insurance policy
• Step 5: Click the "Renew" button to renew your policy
• Step 6: Make payment and download your policy document

Payment Options:

You can choose from the different payment methods listed below for making a payment:

• EMI (Equated Monthly Instalments) or yearly payment
• Credit or Debit Card
• Digital Payment Applications, if applicable
• Net banking

Offline Process of Renewing Your Car Insurance with InsuranceDekho

Call or Home Assistance by InsuranceDekho: In case you face any problem or simply like to renew your policy offline, you can connect with an InsuranceDekho advisor on call +91-7551196989 and seek assistance. You can also inform your advisor in case you need at home assistance.

Before you consider to renew your car insurance policy, keep the following things in mind:

• Age of Car: Since the risk factor increases with the increasing age of your car, it is important to be reviewed as the premium price increases too.

• Inflation Impact: The impact of inflation in the insurance industry also must be looked upon since that also will indirectly impact your renewal cost.

• Policy Changes: Any specific changes in the policy terms and conditions from your insurer’s end should also be considered while renewing your policy. It is recommended that you are updated with recent industry updates before renewing to make an informed decision on which insurer to go forward with.

• Claim History: Your insurance claim history will also impact the cost of renewal. Make sure you have this detail handy.

• Grace Period: You can also renew your policy during the grace period in case you have missed to renew it on time. The grace period depends insurer-to-insurer but is usually at least 15 days.

How To Renew Expired Car Insurance Policy?

To renew your expired car insurance policy, firstly it is important to note that insurers also offer a grace period. If you renew within this grace period, you don’t face major consequences. However, if you do not renew within the grace period, you will have to go through your car inspection again which will also increase your car insurance premium.

Here’s a step-by-step guide in renewing your expired car insurance policy through InsuranceDekho within and after grace period:

Renewal within Grace Period

Your grace period should be treated as a bonus time that your insurer offers you to renew your car insurance policy. Usually this period is anywhere between 15 to 45 days depending on your insurer.

To renew your car insurance policy within the grace period, follow the same steps mentioned above in the section of “how to renew car insurance.”

Renewal after Grace Period

When you renew your policy after the grace period is over, your policy mostly gets terminated. Your policy in this case is considered void and hereafter no claim process works neither is the insurer liable to support you legally or financially. In this case, you will have to then apply for a new policy.

You can check this link to learn more about buying a new car insurance policy.

Customer Support and Assistance

We abide by our promise of being there for our customers throughout their insurance journey. Our customer support team is always happy to assist you whenever you are in need. You can connect with an InsuranceDekho advisor by:

• Calling on +91-7551196989
• Emailing us at support@insurancedekho.com

In case you have any unresolved issues and you would like to reach out to our grievance redressal team, you can contact Mr. Rohit Khurana by emailing at grievance@insurancedekho.com.

If you need any further assistance, you can reach out to the Principal Officer at PO_GIBPL@girnarinsurance.com.