Team AckoMay 16, 2022
Renewing car insurance policy online might seem like a mundane task to some. But those who ignore this task might end up with heavy financial losses as compared to someone who regularly renews the policy in time.
For those of us who simply look at buying car insurance as a compliance requirement and don’t give much thought, might be at a loss. Car insurance is a financial backup in the time of need. Such a backup should be strong In this article, we will discuss the ideal stages of buying/renewing a car insurance policy.
When you set out to buy a car insurance policy, always make it a point to be ready with some knowledge about the subject. You can quickly gain information about car insurance from the internet. Read about types of car insurance policies, know which is the best-suited coverage for your needs and the car you own.
Understand various terms related to car insurance like Insured Declared Value, exclusions, deductibles, No Claim Bonus, third party, etc. All this will help you to understand coverage and other aspects of your policy. If you renew car insurance online without doing any research, you might have been paying more premium than required.
Treat car insurance like a normal product in the market. What do you do when you need something, say a laptop? You look around, compare, models, features, the manufacturer, etc. and then buy the one that you feel is the best product available. Similarly, treat car insurance like a product available in the market and buy the one that suits your needs. You can then compare the features with the help of online comparison tools or by visiting the website of an insurer of your choice.
If you are buying car insurance for a new car or if you regularly renew car insurance online, you can buy the policy immediately. However, if there has been a gap of a few months, you may have to apply for car insurance renewal.
When you begin online car insurance renewal, you may be asked to schedule the date for inspection. At the scheduled date and time, your insurance company will send an authorized member to assess the condition of your car.
If your car is approved for insurance, you will be asked to review your policy and make payment. Note that inspection is not required while buying a third-party car insurance policy. With respect to online car insurance renewal, you need to visit your insurer’s website and fill the mentioned steps to complete the purchase.
Go through each and every aspect of your policy before making the payment. Once you receive the policy document, check the same for any mismatch in the information. In case you find any, immediately get in touch with your insurer and get the mistakes corrected. Ignoring them could cause an issue at the time of claim.
A claim can be raised only when you have an active car insurance policy. Thus, it is important that you complete car insurance renewal before the policy expires. If you have bought a comprehensive car insurance policy, you may be allowed to make a claim for the damage suffered by your car. Read and understand the coverages and exclusions of your policy to avoid the chances of claim rejection as soon as you complete car insurance renewal. You also need to make sure that you inform your insurer about an incident at the earliest.
The Bottom Line
When you buy a car insurance policy that is best suited to your requirements you create a strong financial backup in case of unfortunate events. In addition, you also pay the right amount of premium to buy the required coverage.
Want to post any comments?
93% Acko users save atleast ₹1,200 on car insurance
Car insurance starting ₹2,072*
You already have an Acko policy
Login to access your policy for this car
Can You Have Two Insurance Policies on the Same Car?
Team Acko May 20, 2022
Is a PUC certificate mandatory for vehicle insurance?
Team Acko May 13, 2022
Importance of cooling-off period in health insurance
Team Acko May 10, 2022
Understanding dental insurance in India: Cover, benefits, and claims
Team Acko May 6, 2022
Does health insurance cover brain surgery?
Team Acko May 6, 2022
ACKO General Insurance Limited
2nd Floor, #36/5, Hustlehub One East, Somasandrapalya, 27th Main road, Sector 2, HSR Layout, Bengaluru, Karnataka - 560102
We’re socially active!
Download our app
Bike Insurance Guides
IRDAI Registration No: 157
Category: Non-Life Insurance
The use of images and brands are only for the purpose of indication and illustration. ACKO claims no rights on the IP rights of any third parties. The ratings are derived from reviews and feedback received from Google and Facebook users on their respective platforms. | *Savings of upto Rs. 50,000 have been calculated on the IDV of Rs. 18,00,000 and 0% NCB. Amount saved is in comparison to tariff rates. Product name: Private Car Policy - Bundled | UIN: IRDAN157RP0014V01201819 |
Trade logo displayed above belongs to ACKO Technology & Services Pvt Ltd and used by ACKO General insurance Limited under License. For more details on risk factors, terms, conditions and exclusions, please read the policy wordings carefully before concluding a sale.