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Insurance Article

All you need to know about motor car insurance renewal and purchase

March 13 2013

With this coverage, any damage to your vehicle does not dent your pocket and relieves you of the worry of arranging for money on a short notice. From a legal perspective, it is mandatory in India for every car to have at least the minimum required insurance and to ensure motor car insurance renewal on a timely basis. Doing so will keep you in line with the law and will prevent unwanted legal hassles.

Buying a car insurance policy has become very convenient thanks to the internet. You simply have to log in online and look for insurance quotes to compare policies from different insurance providers. This online method is extremely time saving as you are not required to travel to the insurance office or meet with insurance agents. When you compare insurance policies, it is easy to get a clear idea about the policy coverage, the premium amount as well as the procedure for motor insurance renewal.

As an insurance policy for automobiles is valid for one year, annual renewal is important. Just like purchase, insurance companies also allow quick and hassle-free motor car insurance renewal on the company website. You fill in the requisite details in the online form and make the payment instantly using the options available online (Net banking, payment using your Credit Card or Debit Card, etc.).

Before you buy a car insurance policy, it is very important to get a clear idea about the workings of the cover so that there are no doubts or regrets later on. In case there is break-in insurance i.e. there may be a lapse in a policy as the motor insurance renewal was not accomplished in time. In such cases, ICICI Lombard may offers option to avail doorstep surveyor facility.

During such break-in insurance, you have to inform the insurer about it and a representative is dispatched to carry out a thorough inspection. This saves you from having to take your automobile to the nearest insurance office and makes renewal extremely convenient. It would be important to consider the no claim bonus (NCB) advantage at the time of renewal.

If claims on the motor insurance cover are not made in the previous year of being insured, the person may likely to avail of the benefits of a no claim bonus. The NCB rises if there has not been a claim for consecutive years and may be accumulated to a maximum limit of 50% on OD premium.

Thus, with a clear understanding about crucial policy details, selecting your car insurance can become easy.

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