Car Insurance Renewal: Do's and Don'ts

Car insurance renewal may seem like a tedious procedure, but it is not. Renewing your insurance every year should be on your yearly to-do list. While doing so, it is advised to take a few extra steps to follow some simple do's and don'ts.

Here is a list of do's and dont's while renewing your car insurance policy. Following these simple steps will help you save money.

Do's:

1. You can buy/ renew the policy from any company:

It is not mandatory that insurance should be purchased or renewed from the current insurer. You can buy it from any insurance company; however, renewing it from your current insurance company might turn out to be a little cheaper. But again, other companies may have better offers, so check multiple offers before renewing it.

2. Fill the renewal form yourself:

Never let anybody else fill it for you. You know better about your vehicle. If someone else is filling the form, there are chances of small mistakes, which could become a problem while making a claim.

3. Fill the form carefully:

Fill the form carefully, without any errors. It will only take a couple of extra minutes, which can make a lot of difference later. One missed digit while entering your vehicle's chassis or engine number, can result in the insurance company not covering the claim.

4. Keep a copy of past policies:

Just to maintain a record, keep your old policies. It can come in handy when there is confusion about a future claim or to avail No-Claim Bonus (NCB).

5. Read the policy brochure/prospectus carefully:

Read the document carefully and if you have some queries regarding the renewal, do not hesitate to get them clarified by the insurance company. The company will be more than happy to do so.

6. Ask for information about add-on covers and choose what suits you:

Go through add-on covers the company has to offer and pick what suits you the most. If you are going to choose just about everything, you will end up paying a lot for unwanted add-on covers.

7. Ensure your Registration Certificate (RC) is up to date:

The vehicle's RC has to be up to date with your present address and name. Also, make sure, the vehicle specifications in the book are accurate as well. The name, address and vehicle details on the RC have to match the details on the policy.

Don'ts:

1. Don't leave any column blank:

Try filling every column on the renewal form and insist on doing it yourself. If you have a shadow of doubt as to what has to be filled, take help from the insurance company.

2. Don't forget to renew your policy on time:

Renew the policy well in advance and also go through the benefits offered by other insurance companies, so that you have the best policy and a good deal. Renewing your policy after expiry is not advised, as you might not be able to claim No-claim bonus (NCB).

3. Don't make false declarations about the vehicle usage:

Tell the insurance company exactly what you intend to use the vehicle for; be it private use, commercial use, renting it out, or motorsports-let them know. False declarations will not let you make claims.

4. Don't forget to transfer the policy name:

If you have bought an used vehicle, and the policy is still in the previous owner's name; change the name immediately. Do not renew it under the previous owner's name.