Motor insurance is a government mandated rule for every individual vehicle plying on Indian roads. Regardless of which insurance company you buy your car or two wheeler insurance from, it needs to be renewed at regular intervals — most commonly, every 6 months. During the renewal, you can choose to continue with your current insurer, or switch to another insurer which caters to your requirements better. The renewal process is now extremely convenient and streamlined. You can get your renewal online or connect with the insurer, either way it is a must to have it renewed before expiry to keep your vehicle protected at all times. Here are some things you should look out for before renewing your motor insurance.

Compare Policies

It is important to know your own requirements and budget while choosing the best fit for your bike or car insurance. Go online to browse through different insurance policies and check for yourself which one best suits your needs. If you want to make a switch, go ahead and do it before your current insurance expires.

No Claim Bonus

If you don’t make any claims for an entire year, you will receive a no-claim bonus. This bonus allows you to enjoy a hefty deduction in the total premium to be paid by you. Each consecutive year enables you to get higher deductions on your total premium. Make sure you take advantage of this feature while renewing your insurance cover. In case you switch to another insurer, this bonus will be transferred to that company and you can enjoy a discount on your base premium. The no-claim bonus stays valid up to 90 days after the lapse of your existing policy.

Market Value of the Vehicle

The depreciation value of your vehicle plays a key role in calculating the premium. You can check the values yourself to get the current estimate of the premium. When provided with the quote by your insurer, this will help you to negotiate better and know you’re paying the right amount post renewal

Add-Ons

Add-on covers are a great way to get some extra protection for your car. Insurance companies provide some excellent add-ons that you can purchase to cover extra expenses on your vehicle that could be part of the overall equation. Some of the most common ones are:

Zero depreciation cover

Return to Invoice

Engine and gear-box protection

Tyre protection

Breakdown assistance

Consumable cover

Documents for Renewal

The most important factor in renewing the insurance policy for your vehicle is legitimate documents. These are common across all insurance companies. Make sure you keep the documents handy around the expiry date of your current insurance policy.

Here’s a list of documents you will require:

Government-issued ID and address proof

Driving License

Vehicle registration number

Registration certificate

PUC certificate/Pollution test certificate

Old two-wheeler or car insurance policy number

Credit or debit card details for online banking

 Whichever vehicle you own, it is a must to have an insurance cover for added protection and to comply with the laws of the land. Make sure you keep a check on the expiry date and renew your insurance well in advance before the expiry to keep your vehicle protected at all times!

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