In past few years, online shopping has played a major role in everybody’s life. It has become a fashion as people lead a very hectic life and through online shopping they are able to purchase anything they desire from anywhere at any time.
With the emergence of advanced technology, people can also buy or renew Car Insurance for their vehicle through online mode. As people are very busy and they hardly find out time to go to banks to find out quotations for renewing their Car Insurance, hence, with the help of internet they can search for various Car Insurance renewal offers online from anywhere at any time. In this way, people avail a lot of benefits and also save time and money to a great extent.
Points to be kept in mind to Renew Car Insurance Online:
There are certain important points to be kept in mind in order to Renew Car Insurance Online. This is because usually the first policy is purchased through the car dealer and it is during renewal when people start analyzing and searching for the best policy as per their needs. The following points are to be kept in mind to Renew Car Insurance Online:
- Categories of Plan: There are two categories of plans, i.e., Comprehensive Insurance Plan and Third Party Liability Insurance Plan. Third Party Liability Insurance Plan is a vital Insurance Policy which provides coverage of other people in case any injuries caused in an accident but does not damage the vehicle. A Comprehensive Car Insurance plan provides coverage for the vehicle as well as it includes third party liability insurance plan.
- Additional features: There are many additional benefits available along with standard Car Insurance plan :
- Zero-Dep Cover: This is the most important cover for purchasing a Car Insurance Policy, particularly for big cars whose depreciation would be higher than the additional premium amount.
- Hydrostatic Policy: This policy provides coverage on damage caused due to water logging.
- Cashless Feature at Designated Garage: People can get cashless claims in those garages with which the insurance company have tie up. As a result, people will not have to run around for reimbursement.
- Insured Declared Value or IDV: IDV is the current market value of vehicle fixed by the insurer which is provided on theft or total loss of vehicle.
- Deductibles:Deductibles is the minimum amount that has to be paid for every claim towards repairs of the Car. For example, in an accident the damage caused to the car is ₹3,000 and deductible is ₹500, the insured will have to pay only ₹500 toward repair. The remaining ₹2500 is paid by the insurance company.
- No Claim Bonus or NCB:this is an additional cover included in the policies where the insured does not claim for the whole year. Therefore, if the insured has not claimed their policy for the whole year, then around 5-10% of IDV is given as bonus during renewal. NCB is carried forward and can be accumulated up to a maximum of 50%.
- Quotations for renewal: Quotations for renewal differ due to following reasons:
- IDV (Insured declared value): The value of the vehicle is based on the IDV.
- Additional benefits are chosen or ignored.
- Deductibles: mandatory or voluntary depends on the category of plan.
- No Claim Bonus: is carried forward, if not claimed in previous year.
- Transferable: Car Insurance policies can be transferred from one insurer to another provided that all benefits of the policy are continued with the new insurer also.
- Processing of Claims: The most vital factor of a “good” Car insurance policy is convenient and economical processing of claims. Therefore, it is important to have knowledge about the same in order to renew car insurance online.
- Comparing Quotations Online: Lastly, to renew car insurance online it is necessary to make comparison of various quotations offered by different insurance companies in order to avail all benefits at best price. As a result, one can choose the best plan as per their needs and budget.
Hence, if people do not have the time to go to Bank for renewing their Car Insurance Policy, they can renew it online and make sure that they opt for the best policy by considering the above mentioned points.