Team AckoNov 15, 2021
Should you buy a car insurance policy? The simple answer is yes. And there are two very good reasons for the same. First and foremost, the law mandates that all vehicles must have a valid insurance policy to ply legally on public roads. And secondly, not having an insurance leaves you vulnerable for a lot of financial damages.
Owning a car is an experience in itself as it checks off the requirements of the family and lets you travel whenever you wish to and where ever you want to. No matter how good a driver you are, you aren’t the only one who drives on the roads. And the mistakes of others can also entangle you into an accident.
With a Comprehensive car insurance policy, you can drive safely and not worry about the potential financial losses that you might have to incur due to unfortunate events involving your car. Since car insurance policies are valid for a limited period, they need to be renewed before their expiry date. Thus, car insurance renewal is something that one must not skip at any cost. Here are some of the major benefits associated with car insurance renewal.
In the event of an accident that involves other individuals or properties, your insurance renewal will save the day for you. It will take care of any expenses arising out of the accident and handle the legal aspects as well. This includes damages to properties or buildings and injuries leading to disability or the death of an individual (third-party).
With online car insurance renewal of your comprehensive cover, you can continue with your car’s coverage against natural calamities such as landslide, earthquake, flood, cyclone etc. On the other hand, man-made tragedies like theft, vandalism, burglary, riots etc. will also be covered.
During your online car insurance renewal, you can opt for a different insurer as well. More often than not, first time car insurance policy is purchased from the car dealer itself. That time, much thought might not be given to the insurer or the coverage. However, you have that option and opportunity at the time of renewal.
When you renew car insurance online without raising a claim during the policy period, you will be eligible for a NCB. It is a discount on insurance premium which can be availed during policy renewal. The discount starts from a minimum of 20% for the first year and goes all the way up to 50% for the fifth consecutive no claim year.
Also, read: Comprehensive vs. Bumper-to-Bumper Insurance
There is a possibility that you aren’t too happy with your policy coverage and need something more. During your policy renewal, you can opt for riders to enhance your policy coverage. Depending on the insurer that you choose, you get access to add-ons such as zero-depreciation cover, engine cover, cover for accessories and so on.
During renewal, you can opt for car insurance online which is a much quicker and affordable option. You can simply visit the website of a digital insurer and get a quote by entering some essential details. Once you are happy with the policy and its features, you can buy the policy within minutes.
Most importantly, when you renew your policy, you get a sense of security. This allows you to drive around with confidence and not be constantly bogged down by the thoughts of the financial implications of an accident.
You wouldn’t want to miss out on the above benefits while renewing your policy. However, if you do not renew it on time, there are a few consequences and here they are:
If you do not renew your policy, you are wide open to all financial expenses that might arise from an accident.
Not renewing your policy on time means that you might miss out on benefits such as No Claim Bonus.
If your policy expires, you must buy a new policy which can be a bit more expensive and time consuming.
If there is a long gap between your policy renewals, insurers might even reject your proposal to buy a policy from them.
To avoid all the above, you can simply get the renewal of your car insurance done online before its expiry and keep your vehicle insured.
Also, read: Car warranty vs insurance. Which is better?
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
5 Things That Can Go Wrong When Buying Car Insurance Offline
Team Acko Jan 21, 2022
Automatic vs manual car insurance: Effect on the premium cost
Team Acko Jan 19, 2022
10 reasons why your COVID-19 claim may get rejected
Team Acko Jan 19, 2022
Is the entire two-wheeler covered by the bike insurance policy?
Team Acko Jan 18, 2022
Top 10 factors to consider while choosing Personal Accident Insurance Policy
Team Acko Jan 17, 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
Articles on insurance
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.