Gold Rate
Monday 24 Feb. 2025
In a world where everything is just a click away, ensuring your vehicle remains protected should be no different. As we enter 2025, renewing your car insurance online offers a quick and convenient way to keep your vehicle covered. With just a few clicks, you can ensure your vehicle remains protected without the hassle of traditional methods. However, making informed choices during online car insurance renewal is essential to avoid unnecessary coverage or missing out on valuable benefits. It’s important to review your existing policy, understand the different types of coverage, and consider add-ons that suit your needs. Knowing these factors can help you get the best protection at the right price.
1. Review Your Existing Policy Coverage
Before jumping straight to renewal, take a step back and assess your current policy. Are you happy with the coverage it provides? Have your driving habits changed? Perhaps your car has aged, requiring a tweak in the policy. A car insurance policy that worked last year might not fit best now. Compare comprehensive and third-party coverage options to ensure optimal protection suits your needs.
2. Understand the Types of Car Insurance
Two primary types of car insurance exist:
- Third-Party Car Insurance: Covers liabilities arising from damages to another person’s vehicle or injury.
- Comprehensive Car Insurance: Provides coverage for third-party liabilities as well as damage to your own vehicle.
If your car is relatively new, opting for a comprehensive car insurance plan with add-ons can be a smart move. However, a third-party policy might suffice for older vehicles, helping you save on premiums.
3. Compare Online Insurance Policies
The beauty of online car insurance renewal lies in the ability to compare multiple policies effortlessly. Instead of blindly renewing the same plan, explore other insurers to see if you can get a better deal in terms of coverage, premium costs, and added benefits. Insurers frequently update their offerings, and a simple comparison could unlock better savings and protection.
4. Retain Your No Claims Bonus (NCB)
If you have maintained a claim-free year, congratulations! You’re eligible for a No Claims Bonus (NCB), significantly reducing your premium upon renewal. The percentage of NCB transfer varies by insurer, but some insurers, like Bajaj Allianz General Insurance Company, allow up to 50% of your NCB to a new insurer, if applicable. Before renewing, check if your insurer recognises and applies your accumulated NCB.
5. Choose the Right Add-On Covers
Car insurance renewal is the perfect time to evaluate additional covers that enhance your protection. Some valuable add-ons to consider in 2025 include:
- Zero Depreciation Cover: Ensures you receive the full claim amount without depreciation deductions.
- Roadside Assistance: Provides immediate help for flat tyres, breakdowns, or battery failures.
- Personal Baggage Cover: Secures your valuables stored in the car in case of theft or damage.
- Engine Protection Cover: Essential if you live in flood-prone areas.
- Lock & Key Replacement Cover: Useful if you lose your car keys and need a replacement.
Choose only those add-ons that align with your needs to keep premiums affordable while maximising benefits.
6. Verify the Insurer’s Claim Settlement Ratio
The efficiency of an insurer is best judged by its Claim Settlement Ratio (CSR). A high CSR indicates that the insurer is reliable when settling claims quickly and efficiently. Before renewing, check this statistic to ensure a smooth claims experience in the future.
7. Look for Cashless Garage Network
One of the perks of online car insurance renewal is gaining access to a vast network of cashless garages. Instead of paying out-of-pocket and waiting for reimbursement, you can get your car repaired hassle-free at an authorised garage. Bajaj Allianz General Insurance Company, for example, offers cashless claims at over 7,200 network garages in India.
8. Opt for a Higher Deductible to Reduce Premiums
A deductible is paid out of pocket before your car insurance kicks in. If you’re confident in your driving skills and have a clean record, opting for a higher voluntary deductible can help reduce your premium costs. However, ensure that the amount remains affordable in case of a claim.
9. Check for Online Savings
Many insurers offer exclusive savings for online car insurance renewal. These may include:
- Online savings for installing anti-theft devices.
- Special offers for bundling multiple insurance policies.
- Lower premiums for driving fewer kilometres annually.
Look for such online savings before renewing to enjoy cost savings.
10. Ensure Secure Payment and Instant Policy Issuance
With digital transactions ruling 2025, insurers now provide secure payment gateways that allow instant policy issuance. Always verify the website’s authenticity before making payments and ensure you receive a digital copy of your renewed policy immediately after the transaction.
11. Renewal Before Expiry Date
Timely renewal of your car insurance policy is crucial to avoid penalties and a lapse in coverage. Driving without valid insurance can result in hefty fines and legal issues. Renewing your policy before expiry ensures uninterrupted protection, retains your NCB, and eliminates unnecessary hassles.
12. Read the Policy Terms and Conditions
Often overlooked, policy terms and conditions hold critical information about coverage inclusions, exclusions, claim procedures, and limitations. Before renewing, go through these details carefully to avoid surprises when filing a claim.
Your car is more than just a mode of transport—it’s a trusted companion that deserves the best protection. Renewing car insurance online in 2025 is not just about extending coverage; it’s about making informed choices that enhance your driving experience. You ensure financial security and peace of mind by evaluating policy coverage, comparing insurers, retaining your No Claims Bonus, and opting for relevant add-ons.
So, before you hit ‘Renew,’ take a moment to analyse these factors and make the best decision for your vehicle. Drive safe, stay insured, and enjoy the road ahead!
*Standard T&C Apply
**Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
***Claims are subject to terms and conditions set forth under the motor insurance policy.
