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Car Insurance Policy Renewal

08 September, 2019

CAR INSURANCE IN INDIA

 

Car Insurance in India, apart from being legally mandated, offers a great deal of protection to the owner-drivers. Following are some of the coverages provided –

 

  1. Loss or Damage to the vehicle due to fire, accident, theft, explosion, natural disasters, riots, terrorism, etc.
  2. Personal Accident Cover for owner-driver up to Rs. 15,00,000.
  3. Any financial liability arising from death or injury to a third-party by the insured vehicle, and damage to the third-party property by the insured car.

 

A Car Insurance Policy is an agreement between the insurer and the insured for a specified period. Once the time elapses, the coverage stops. In this case, you need to renew your insurance policy. You can renew your car insurance policy either with the same provider or with any other car insurance provider.

 

HOW TO RENEW YOUR CAR INSURANCE POLICY?

 

As mentioned earlier, you may continue with the same provider or renew your policy with some other insurer.

 

A) ROYAL SUNDARAM CAR INSURANCE RENEWAL

 

If you want to renew your Royal Sundaram Car Insurance policy, you can now complete your renewal in 3 easy steps. Visit https://www.royalsundaram.in/ and select “INSTA RENEW.”

 

  1. Input your Policy number and Expiry date.
  2. View your policy details and Premium amount.
  3. Process your online payment.

Follow these 3-easy steps to renew your Royal Sundaram Car Insurance.

 

B) OTHER COMPANY CAR INSURANCE RENEWAL

 

If you wish to renew other company’s car insurance with Royal Sundaram, just visit https://www.royalsundaram.in/ and select “Car Insurance.” On the next screen, select “Other Company Renewal” and input your car number, mobile number, name, and email ID. Select the type of cover and click on “Get Quote.” Opt for the required add-ons, if any and get the premium amount quote. Provide all the relevant information and make the payment.

 

Your car insurance policy will now get renewed with Royal Sundaram, and you can avail one of the best car insurances coverage.

 

THINGS TO REMEMBER WHILE RENEWING YOUR CAR INSURANCE POLICY

 

  • Always compare policy details and premium amounts of multiple insurance providers before finalizing any car insurance policy for your renewal.
  • Keep your policy number and other details handy to ensure speedy renewal.
  • Keep an eye on various offers and discounts provided by insurers for online policy renewals. Being a member of the Automobile Association of India can earn you a discount of 5% (up to Rs. 200) on OD premium.
  • Insurance companies provide a “No-Claim Bonus” if you have not filed a single claim during the policy tenure. Do not forget to avail NCB while renewing your policy.
  • Buy relevant add-ons with your policy. Companies provide add-on features like engine protection add-on, CNG or bi-fuel kit protection cover, depreciation waiver cover, windshield glass cover, tyre cover, paid driver cover, occupants’ cover, etc. along with the base policy.
  • Always buy a car insurance policy with a provider that has maximum claim settlement ratio and a seamless claim settlement process.
  • Opt for the insurance provider with a high network of cashless garages for hassle-free repairs.

 

COST OF CAR INSURANCE POLICY RENEWAL

 

Let us first understand the types of car insurance coverages –

 

  1. Third-Party Car Insurance – This is a basic insurance plan that covers only third-party financial liabilities that arise from death, injury, and damage to third-party. Third-party cover is the bare minimum legal requirement for plying your car on roads.
  2. Comprehensive Car Insurance – this cover protects the owner-driver against any damage, theft or loss of the car, and personal accident cover for the owner, along with the third-party liability cover. It is a wholesome cover that gives thorough protection to the vehicle, owner, and third-party.

 

Now, looking at the cost of renewal premium, comprehensive car insurance policy premium is dependent on factors like the –

  • Insured Declared Value
  • Age of Car
  • Make and model
  • Area of registration
  • Add-ons
  • Discounts

 

However, third-party car insurance premium rates are decided and declared by the IRDAI. The rates are based on the cubic capacity of the car engine, the higher the cubic capacity, the higher the premium. The third-party car insurance rates for 2019-2020 as declared by IRDAI in June 2019 are as follows –

 

CUBIC CAPACITY (CC) OF CAR

THIRD-PARTY INSURANCE PREMIUM

Up to 1000 CC

Rs. 2072

Over 1000 CC up to 1500 CC

Rs. 3221

Over 1500 CC

Rs. 7890

 

 

 

WHAT ARE THE ADVANTAGES OF RENEWING YOUR CAR INSURANCE POLICY ONLINE?

Convenience – You can renew your car insurance policy online from the convenience and comfort of your home. You get all the information at the click of a button. You can read the policy details, analyze the inclusions, look at the reviews of users, and ascertain the extent of coverage, all from the convenience of your computer screen

Clarity – Online renewal ensures that you find all the policy information at one place and thus, have clarity regarding the coverages, prices, and other conditions.

Comparison – You can use the multiple online aggregator websites to compare the policies of various insurers and find the one that best suits your requirements.

Cost–Effective – Online renewal opens a plethora of car insurance policy choices for you. You can compare the prices and choose the most cost-effective premium for your car insurance renewal.

 

Online car policy renewal is thus, fast, convenient, safe, and cost-effective. Renew your car insurance online in time and avail break-free coverage.