A month before your car insurance policy comes to an end, you usually get a reminder to renew your policy from your agent. As you know, renewing third-party insurance is mandatory, according to the Motor Vehicle Act of 1988, but most of you would also look at add-on covers or an own damage to vehicle policy so as to protect your car in case of an untoward incident.
However, before you renew your policy, here are some things you need to keep in mind:
You can opt for own damage to your vehicle that helps you stay covered against damage caused to your vehicle due to accidents like fire, theft, etc. In case of an accident, an own damage cover compensates you for expense to repair or replace parts of your damaged vehicle.
You can also look at add-on covers which include depreciation cover, passenger assist, consumable cover, engine safe cover, GAP value cover, key loss cover, and roadside assistance cover.
Policy wordings are different for different car insurance policies. So, the cover you have for an own damage to your vehicle will be different to an add-on insurance cover. Choose the type of policy you want for your vehicle and read the policy wordings carefully before you buy it.
As a Liberty General Insurance customer, you can now renew your car insurance & two-wheeler insurance policies with just a few taps of your smartphone using WhatsApp. Soon, you will be able to send videos and photographs to support your vehicle accident claims and track the status of your claims. The objective is to make the motor claims and renewal process as efficient and hassle-free as possible for the policyholder.
Many policyholders tend to not renew their existing policy and they lapse. According to the new IRDAI rules, if premiums aren't paid on time, policyholders stand chance to lose no claim bonus (NCB) that they accumulated when the policy was in force.
To sum it up, while third-party car insurance is mandatorily needed to be renewed annually, you also need to constantly check on the policies you have purchased for your vehicle to ensure you don't struggle in case of damage.
Disclaimer: For more details on risk factors, terms & conditions please read sales brochure carefully before concluding a sale. *The discount amount will vary subject to vehicle specification and place of registration.
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Chances are that you are among a large number of people who forget to renew their vehicle insurance ....
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