As per the Motor Vehicles Act, 1988, every vehicle running on Indian roads must have at least valid third-party motor insurance. With digital services making insurance more accessible, renewing a policy online has become a convenient option for vehicle owners.
Online renewal allows you to review your existing coverage, compare available options, and select a policy based on your needs and budget. Read this guide to learn practical tips for renewing your motor insurance online while saving time and managing costs effectively.
5 Tips to Consider During Motor Insurance Renewal
It is important to renew motor insurance on time to prevent any lapse in the coverage. Driving without insurance can lead to financial loss if any type of accident occurs. To prevent any kind of financial loss, you can follow the following tips during your motor insurance renewal:
- Check Your Current Policy
Check the type of coverage, benefits and features of your current policy before renewing it. This is because it may help you figure out if you need any additional coverage. Moreover, you can also check if there are any changes in your requirements. For example, you can switch to a third-party policy if you think you no longer need a comprehensive policy.
You will also have the option to retain the same policy by checking if the terms and conditions of your existing policy still meet your present needs.
- Renew the Policy Before the Expiry
Driving without insurance is against the law according to the Motor Vehicles Act of 1988. It is best to renew your motor insurance before it expires to avoid issues such as needing a vehicle inspection. If you do not renew within 90 days of expiration, you will lose your no-claims bonus, and it will reset to zero.
So, it is important to be proactive about renewing your policy to avoid losing benefits.
- Know the Add-Ons You Want
When renewing motor insurance online in India, it is important to choose add-ons based on how you use your vehicle. Common options include zero depreciation cover, engine protection, roadside assistance, and return to invoice cover. For example, zero depreciation cover allows you to claim the full value of damages without losing money on depreciation.
The right add-ons help customise the policy to meet your driving habits and protection needs.
- Claim Your No Claim Bonus (NCB)
The insurance company provides the policyholder with a discount called NCB (No Claim Bonus) if no claim is made. So, do not forget to claim the No Claim Bonus at the time of renewal during the time of renewal if you have not made any claim during the policy period.
You may receive a deduction of up to 50% on the estimated renewal premium when you renew your motor insurance by claiming NCB.
- Select the Right IDV
When selecting a comprehensive auto insurance plan, you should determine your vehicle’s Insured Declared Value (IDV). This amount represents the maximum payout the insurance company will offer if your vehicle is completely lost.
Choosing the right IDV is essential, as a low IDV means you may not receive enough compensation for significant damage, while a high IDV could raise your renewal premium.
How to Renew Motor Insurance Online?
You can follow the steps below to renew your motor insurance online from different insurance providers like Bajaj General Insurance or others:
Step 1: Visit your insurer’s official website and click on Renew Motor Insurance.
Step 2: Log in using your account details if you are an existing user. If you are a new user of an insurance provider, you may need to register by creating a new account.
Step 3: If you are wondering what details are needed for motor insurance renewal, then details such as the vehicle’s registration number and the policy details are needed.
Step 4: Choose the coverage you want, such as comprehensive or third-party insurance.
Step 5: Check the premium and make the payment using the necessary payment option
Step 6: Upon successful payment, you will receive the renewed policy via mail.
Final Thoughts
Renewing your motor insurance online for a car or bike is quick and convenient. You can compare different plans, update your personal details, and select useful add-on covers. Always check your No Claim Bonus and review the policy terms before paying. These simple steps help you save money on premiums while securing complete coverage.
