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Insurance Article

All you need to know about car insurance renewal

January 29 2013

It thus becomes extremely essential for the owner-driver of every insured car to ensure timely car insurance renewal so that at the time of crises your finances do not take a hit because of an elapsed policy.

Coverage for third party liability is the minimal cover is made mandatory by the law for every car being driven on the road. Failing this, the person can be fined heavily when caught. This coverage for third party liability is essential because it compensates the third party in case of death or permanent injury as well as damage caused to their property by your insured vehicle. This insurance cover relieves you of the stress of arranging for finances during such unfortunate situations and cushions your pocket against monetary loss.

It is not essential that you get your car insurance policy renewed with the current insurance provider. You may easily shift from one insurer to the other without losing out on your no claim bonus (NCB). As per IRDA rules, the driver-owner of an insured vehicle can transfer his NCB when changing this car insurance provider.

Thus, the NCB accumulated over the past years may remain unaffected even when you switch to another insurance company to cover your car against possible risks. It is also important to note that with every claim-free consecutive year, the NCB increases substantially and can help reduce the overall premium payable for your car insurance.

At times, a break-in insurance occurs and the policy lapses. This break-in insurance is because the car insurance renewal was not accomplished on time. When you may consider to purchase your insurance from ICICI Lombard, you may get the benefit of the doorstep surveyor facility. This facility is helpful if you have missed out on renewing your car insurance and are unable to take your vehicle to the nearest insurance office for an inspection. You only need to intimate the insurance company and a representative will be sent to the address provided to carry out the necessary inspection required for insurance renewal.

You can also opt for online car insurance renewal which offers the convenience of renewing the insurance policy at your own convenience. Your ICICI Lombard car policy may be renewed online days before the policy expires, so that you do not miss out on renewing your car insurance despite a busy schedule.

Thus, timely car insurance is essential and with the online car insurance renewal facility, you can continue to enjoy uninterrupted coverage for your vehicle without any hassles.

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