Insuring your vehicle is for its own good. In fact, a car insurance policy secures you against any unforeseen loss that you might suffer with respect to your car. Adding to it, it is statutorily mandated to insure your car so as to be able to drive your car on Indian roads, failing which you are liable to pay a hefty fine and face seizure of the vehicle. In this article, we tell you all about car insurance as well as the documents needed for renewal of car insurance online.
What is the Need for Car Insurance?
An insurance policy for your car is your basic defence against any contingency or risk that could adversely affect your machine. It compensates you for the loss incurred for whatever reason with respect to your car helping you eliminate any unnecessary expenditure on your end. It is also mandatory requirement as per the Indian Motor Vehicles Act, 1988.
Reasons to Renew Car Insurance on Time
There are a variety of cogent reasons which can convince you to renew your car insurance on time. Some of these are:
1. Legal necessity
A third party insurance of your car is legally necessary. No car can be driven on the road without such insurance policy. The Motor Vehicles Act, 1988 makes it compulsory to at least have a third party insurance in the name of your vehicle so as to compensate such affected party in case of loss.
2. No claim settlement on lapsed policy
It should well be understood that your right to claim damage from the insurer is valid only till the date your policy is valid. As soon as your policy lapses, you cannot compel the insurance company to compensate you for any loss, even on paying additional charges.
3. Hassle Free Procedure
Renewing a policy on time is quite easy when done online. Aggregators like Coverfox.com make it quite expeditious for users to simply log in and renew the policy by paying necessary charges without having to undergo any troublesome documentation.
4. Nominal Premium
If you do not renew your car insurance policy before it lapses, the premium you pay on the renewed policy is significantly higher than what you paid previously. Most insurers follow this kind of strict policy. Therefore, it is advisable that you keep track on the expiry date of your car insurance plan.
Documents Needed for Renewal of Car Insurance Online
Let us tell you more about what all is required when you renew your car insurance online.
The following documents are required:
- Your name as on official papers and other relevant details such as contact no., etc.
- Vehicle registration number.
- The existing insurance policy details of your car.
- Insurance claims, if settled previously with the insurer. In such a case, the premium is usually higher than what was paid previously.
Process of Renewal of Car Insurance Online
1. Log in previous details
Buying a car insurance online surely does not entail filling bulky documents. As soon as your insurance is about to expire, log in to the insurance company’s website and go to ‘Policy Renewal’.
2. Fill out the details
You only need to fill details you haven’t entered previously such as previous claims or any faults on your part.
Make the necessary payment using netbanking, credit card or a debit card. The payment is encrypted on all insurance websites so as to ensure a safe and secure transaction. Ensure that you review the terms and conditions before make the payment.
Your car insurance is renewed instantly!
Benefits of Insuring your Car Online
Insuring your car online is surely an easier and quicker way as compared to the conventional offline methods. Here are some inherent benefits of renewing your car insurance online:
1. Saves time
You don’t need to visit insurance offices to get renewals. This certainly does not erode your tolerance and work is expedited to a great extent. All you have to do is simply log in as an existing user at the time of renewal and make a few clicks before you are done with the process.
2. Trouble free process
Renewing car insurance online saves you from several verifications and documentation, such as insurance companies making rounds to check on the condition of your vehicle and verifying the make and model of the car. All you have to do initially is fill out relevant details and you are good to go.
3. Handy in case of emergency
It is tough to keep a track of when your policy is about to expire. If, by any chance, you remember to renew the policy on the last day, going to the insurer physically would surely entail consumption of precious time in terms of travel, etc. with the risk of expiry of insurance policy looming large over your head. This is where the use of policy renewal online comes in, where you can do the needful with the help of reminders from the comfort of your home.
Car Insurance vs. Regular Vehicle Insurance
|Basis||Comprehensive Car Insurance||Third Party Insurance|
|Meaning||Comprehensive car insurance covers damage to the insured’s vehicle.||Third party insurance covers damages to only the third party person, vehicle, and property.|
|Cost||It comes at a higher cost.||It is fairly low in cost.|
|Statutory compulsion||It is not legally compulsory.||It is compulsory under the Motor Vehicles Act, 1988.|
|Usage||Usually purchased in case of high end or expensive cars.||Purchased in respect of all kinds of vehicles|
|Scope||The coverage of the plan is much wider||It provides no cover or security to the vehicle of the insured.|
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