Why insurance renewal is important for your motor?

It is quite common to miss a credit card or utility bill payment due. The reasons could be endless like illness, emergency, travelling, hectic work schedule, etc. While, this is still a minor thing that could be rectified in time, skipping a motor insurance policy might will put you in danger of serious financial loss, if you were to meet an unfortunate incidence during this time. Also, most people who skip policies just to save the premium amount without understanding its repercussions will have to face the hassles later.

A motor insurance policy is an annual contract that needs renewal after every year on its due date as mentioned in the policy document. A lapse occurs when one fails to renew the policy by the due date. So, if the renew date passes away and had it been you meet an accident or so, any type of claim made will not be entertained by the insurance company. Moreover, after a lapse, in case of an accident one has to bear the entire cost from one’s own pocket. Therefore, it is important to have your motor insurance renewal on time to keep the cover continuing and prevent any financial losses.

Every motor insurance policy comes with a grace period for renewal. You can check this from your agent or insurance company without any further delay. The period can range from 3 to 30 days with or without any late fees or charges for using this grace period. You should immediately get in touch with the insurance company and check on options to renew the car policy. Some companies might allow you to renew the policy in case the lapse is only for a few days or else insurer will advise you to apply again for a fresh policy.

If you’ve applied for a fresh policy after a lapse, you should scan and shortlist insurance company based on competent premium offered, benefits & features available. Simultaneously, one should arrange all the previous policy documents, details of any past claims and basic motor documents such as RC, pollution certificate, etc. and keep them handy.

Motor insurance policy renewal is quite simple these days and can be done easily anytime from the place of your choice on companies websites. Nowadays, companies have introduced apps through which you can not only purchase policies, but also manage many things like paying premiums, renewing policies or claiming them. Insurance companies also chase and send reminders for policy renewal to customers through automated calls, emails and SMS alerts. Online renewal is also advisable as you can get a digitally signed policy immediately.

One can set reminders on mobile phones or calenders rather than depending on the insurance companies to provide renewal alerts. Expert service portals also come handy in such scenarios.

The consequence of motor insurancepolicy lapse:

•Renewal may be rejected

•Renewal may be allowed, but with some fines & penalties

•Fresh policy possible only after vehicle survey or inspection

•The company might charge a higher premium on the policy

•Possible loss of annual No Claim Bonus

•Utilize your valuable time and energy, take higher responsibility and possible loss of money in case of any accident during the lapse period

Know how to choose the best motor insurance policy…

Insuring your motor is mandatory by Indian Traffic law. But people, who are relatively inexperienced with car policy purchase, should have to compare quotes and then go for best coverage at affordable rates. A car purchase is a long-term decision and probably one of the expensive monetary investments that you make after property. Needless to say, we all love our cars and care for it a lot. Motor insurance policy is the best way to safeguard your beloved car. With ever expansion and rapid development on insurance segment choosing the best policy has been quite a daunting task.  Therefore, it is important to purchase right car policy else you might end up paying high premiums or cover rejected at the crucial moment of time. Most of us don’t really know what gets covered with a comprehensive motor policy and end up wasting energy, time, money and efforts thereby feeling frustrated when the claim is rejected.

A comprehensive motor insurance provides an individual with accidental cover while driving and also for its passengers, against any loss or damage done to your vehicle against natural calamities such as Fire, Explosion, Self-ignition, Lightning, Earthquake, Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone, Hailstorm, Frost, Landslide, Rockslide etc.

In today’s world, internet provides the entire world wide information just one click away. Motor insurance policy comparison efforts have highly reduced due to this. By searching over the internet for reduced cost automobile insurance you can get different quotes from different companies as per the information provided by you.

While purchasing a motor cover you can be entitled for many discounts such as if your vehicle has an alarm, discount for safety features like airbags, theft alarms, careful driving, non-smoker or alcoholic, purchasing from particular credit/debit card may also fetch good discounts. Review the status of all the drivers in your family. Most discounts will apply only to one portion of the policy, so just enjoy whatever you can bank upon.

Online comparison sites help you to avail vehicle insurance that will help you save quite a lot of money and time. Working over the internet is not difficult, you can easily compare quotes at the comfort your home or offices. Compare them in terms of benefits & features offered, discounts, premium payment flexibility or hassle free claim settlements.

Once you have selected the motor insurance policy make sure that you get the cover worth the money spent on your premium. Before signing an application for any insurance cover, call up and take a feedback of the insurance company past performance. Check if the company is listed and has valid licensing, talk to your family or friends, customer service or existing customers about their experience with the company. Check problem resolving ability and tackling of any crisis or claim procedure.

Many companies nowadays have come up attractive packages to lure new customers or retain the existing ones. All you need to do is hunt down your benefits as much as possible at optimum costs. You can have a look at other company websites online and check for their premium rates and what all things the other insurers are covering in the same rate of premium. This will help you to decide the best possible car insurance you can get from a valid insurer at lowest premium.

16 Important Car Insurance Terms

Ask yourself these questions when comparison shopping for auto insurance to lower your rate

How to choose the right motor insurance company in India?

Choosing which insurer you should purchase your car insurance policy from is a decision that has to be taken very wisely and after careful comparison. There are hundreds of motor companies in India that cater to their clients with customized car cover policies at affordable rates. Even though you can renew your car policy a year later, you can’t tell the extent to which you may need the insurance cover in future. Therefore, the best way is to compare policies before you purchase them or renew them each year. There are some factors that you must evaluate before deciding upon a particular policy being purchased from the list of motor insurance companies in India:

Premium:

It is the most important part of your finance management in car cover. There are many ways to cut down your premium such as parking your car in safe area, security alarms, No Claim Bonus, valid and reputed driving licensing etc. So, you should always look to cut down your insurance premium so that you get maximum coverage at affordable rates.

Riders:

There are some insurance riders every car owner can consider to incorporate in their plans. These riders provide additional and essential benefits to your car. Although, they come at slightly higher costs but the coverage they offer is well balanced and quite helpful. Some of these include Personal accident cover which financially safeguards you against unforeseen events causing bodily harm, such as Accidental Death or Permanent Total Disability arising due to a road accident; rental reimbursement rider covering the cost of renting a car, Road side assistance offer facilities like fuel refilling, battery jumpstarting, lost key replacement, legal advice etc.

Reputation:

There are several motor insurance companies in India that are available at your service. But it’s a two-way street under which you pay for the coverage and your companies provide protection to your car. Hundreds of fraudulent companies are being set up around in markets that may promise service & cover but at the time of claim you may find it extremely difficult to get money. Therefore it is necessary to do background check about the reputation and financial standing of the insurer you wish to take insurance from. Going through online reviews, speaking to friends and relatives, and staying abreast with financial news can help you keep track of the motor insurance company's reputation.

Convenient Buying:

Your insurer should be accessible anytime of the day or night. A well-established digital presence will make the difference and give easy claims online. Nowadays, motor insurance companies in India have introduced mobile app which is huge plus for consumer to manage policy while on the go. From purchase to renewal, claims to documentation everything is right under your belt along with these apps. It also makes it easy to get a car insurance plan online as you get a digitally signed policy through their portal.

Cashless Garage Facility:

The most important part of car crashes is to arrange finances to pay to the garage people. If at all, you get a cashless garage facility it would be like a boon for that moment. Some advanced insurers offer a cashless garage facility wherein, if you get your car serviced at a garage that is part of your insurer network, you can get it fixed under a cashless claim.

Customer Service Team:

It is very important you maintain a healthy relation with your motor insurance company. Understand there customer service problem solving ability, way of approaching customers and closing concerns under deadlines. One quick way to check this is to visit the insurer’s website and contact them via chat or phone calls and assess how quickly and helpfully they respond to your concerns.