car insurance renewal premium calculator / renewal / comparison / royal sundaram, ICICI, bajaj Allianz, HDF, reliance, TATA.
Car Insurance Renewal
Insurance policies are always long term plans. Once you purchase the policy, you will regularly pay the premium. Car insurance policies are usually based on one year term, once expired, the owner of the vehicle has to renew his car insurance for another term.
Insurance companies, as they are striving to retain their existing customers, have made renewal process very easy. They can visit the company’s website and by entering their existing policy number, they can easily renew their car insurance policy.
It is unlikely that the insurance companies wait for you to ask them to renew your car insurance; they will knock at your door a month before the policy expires. Losing an existing customer is a least likely thing a company wishes to happen. But you shouldn’t get mad at them for sending you reminder text, call or email for car insurance renewal; it’s for your own benefit.
Failed to Renew on Time
If you fail to renew your car insurance on time, then you ought to be ready for some extra burden that will incur on you. Therefore, hence, it is always wise to renew your car policy on time. It not only save you from getting in a lot of trouble but also saves you from paying extra money. There are possible drawbacks for not renewing your car insurance policy on time.
If you don’t renew your policy on time then as per companies were given time it lapses. This means you have to purchase a new car insurance policy. Since the car insurance policies are dependent on the condition of the car, so you’ll have to pay the high premium to buy a new policy for the car.
If you don’t renew the policy on time then there are chances that you will have to pay a fine for the days your car was not insured and you drove it without any insurance policy.
In case, your car is damaged during the time when your car insurance was expired and you haven’t renewed it, then in such case, you have to cover all the expenses.
NCB on Car Insurance Renewal No Claim Bonus
If you want to save a good amount of money in the renewal process of your car, then you must make sure you don’t claim your car insurance during the last year. By doing so, you become eligible to receive No Claim Bonus. No Claim bonus rates vary from company to company but it is offered by all the insurance companies. In general, it usually ranges from 5% to 10% of the Insured Declared Value (IDV). With the passage of the year, it can reach up to 50% of IDV.
The insurer has to make sure that claim, however small it is, has not to be made for the whole year to receive No Claim Bonus.
Change company on Renewal Portability
Car insurance policies are portable, which means if you have insured your car from one insurance company but after the expiry date, you want to renew it with another insurance company, you can do it easily. Even many companies provide extra benefits, like the discount in premium, if someone renews his car insurance company from them, instead of his old insurer.
Car insurance Renewal quotes available from Authorized agents /brokers companies only.however you can calculate approximate price online.
Car insurance renewal After Expiry date?
you can renew insurance but no NCB (Discount added to your insurance).you can renew 30days before expiring date.