8 key benefits of car insurance renewal
8 key benefits of car insurance renewal 15th June 2021
In India, cars are among the most purchased and valued commodities. With an increased number of vehicles plying on Indian roads, there has been a notable rise in car accidents. To ensure the safety of drivers and others, the Motor Vehicle Act, 1988 has made it mandatory that all vehicles must have a valid insurance policy before plying on public roads.
There is one more reason why you should have car insurance coverage. Not having insurance leaves you vulnerable to financial damages during unfortunate accidents. No matter how good a driver you are, you must possess a valid car insurance policy and renew it annually. We share the 8 benefits that your car insurance renewal can provide you!
1. Third-Party Coverage:
If the unfortunate accident involves other individuals or their properties, your insurance renewal comes to your rescue. It protects against any loss or damage caused to the third party by your vehicle during an accident.
2. Comprehensive Coverage:
The comprehensive coverage provides a shield against the own vehicle damage and the third party coverage. It also protects your vehicle against natural calamities such as cyclones, earthquakes, landslides, floods, etc. At the same time, you also get coverage against man-made tragedies like theft, burglary, riots, etc.
3. No Claim Bonus (NCB):Your car insurance renewal offers you a reward for safe driving in the form of a no-claim bonus. When you renew your
car insurance onlinewithout any claim during the policy period, you will be eligible for NCB benefit. It is a discount on insurance policy premium, which you can avail during policy renewal. The NCB value can go up from a minimum of 20% for the first year to 50% for the fifth consecutive no-claim year of the policy.
4. Large network of garages:
Almost every good car insurance maintains an extensive network of garages across the country. It means that you receive cashless services in all these locations and networks of garages. This feature makes it convenient to claim a repair service if any damage happens to your vehicle.
Depending on the insurer you choose while opting for insurance, you get access to add-ons such as zero depreciation cover, engine cover and cover for accessories, etc. During your policy renewal, you can opt for riders to enhance your policy coverage with mentioned benefits.
6. Transparent Process:
Transparency is another significant factor that a policyholder gets while renewing car insurance. All your policy information is accessible to you at your fingertips. This ensures that there is no ambiguity regarding the process and the policy features.
7. Flexibility to switch insurer and cover:
During the online insurance renewal, you can compare the premium of various insurers. When you took insurance for the first time, you might not have thought of an insurer or coverage. However, car insurance renewal brings you the opportunity to select the best insurance company for your vehicle.
And most importantly, when you renew your policy, you get a sense of security and a shield of protection. Not just for yourself but for your vehicle too. It allows you to drive around with confidence and peace of mind.
You can opt for car insurance renewal online that is much quicker and affordable. You can simply visit an insurer's website and get an estimate by entering some essential details they ask for and renew your car policy online.