Purchasing or renewing a four-wheeler insurance policy is a significant decision that requires thorough research and examination
We all are busy in our fast-paced lives. With various day-to-day challenges and numerous responsibilities, we tend to forget many significant things. One amongst them is a car insurance renewal.
Insurance companies like Tata AIG provide timely reminders to help policyholders remember the renewal is due. Moreover, the car insurance renewal process has become simple, quick and hassle-free, thanks to online procedures.
Additionally, the car insurance policy renewal period can be an opportunity to switch plans, including add-ons, or shift to a new insurance provider. For example, if you currently have third-party insurance, you can switch to comprehensive car insurance at the time of renewal.
However, when renewing your policy, certain factors must be considered to ensure you pick a policy that best suits your needs or budget.
Smart Tips to Renew Your Car Insurance with Tata AIG
At Tata AIG, you can renew not only an existing Tata AIG policy but also any other insurance provider’s policy. Additionally, we also allow renewal of expired policies up to 90 days from the policy expiry date.
The best way to renew four-wheeler insurance is through the online mode. However, Tata AIG also offers regular offline modes for car policy renewal.
Regardless of the mode you select, consider these tips below before renewing.
Assess the type of plan you require
If you wish to upgrade your existing plan or move to another plan (like from third-party or standalone own-damage car insurance to comprehensive insurance), policy renewal is the correct time to switch. Assess your requirements and budget before making a switch.
Compare different four-wheeler insurance policies
You can use policy renewal to move to a different insurance provider. Choosing an insurance provider with a strong market credibility, high claim settlement ratio and reasonable customer satisfaction rate is always recommended. When you opt for car insurance renewal online, comparing policies becomes easier.
Choose add-ons to customise your plan
To mitigate losses not primarily covered in a regular car insurance policy, you can opt for add-ons. Tata AIG offers 12-unique car insurance add-ons to enhance your overall coverage.
When you opt for a car insurance renewal online, you can easily include add-ons; however, always consider the associated cost.
Opt for voluntary deductible for lower premiums
Voluntary deduction is the portion of the claim the policyholder agrees to pay themselves. For example, if the voluntary deduction opted for is 20%, and the claim amount is ₹1,000, then the policyholder will pay ₹200, and the insurance company will settle the rest ₹800.
The higher the voluntary deductible, the lower your premium will be.
Check network of garages
It is always wiser to opt for an insurance provider with a wider range of network garages, as it saves you from many hassles. For example, Tata AIG has over 7500 network garages nationwide for accessible cashless facilities. Also, use policy renewal to identify the updated list of cashless network garages near you.
Make use of No Claim Bonus
No Claim Bonus is the reward or discount given by the insurance company to the policyholder for every claim-free year.
The reward accumulates to a maximum limit of 50% of the discount on the premium for five or more consecutive claim-free years. You can take advantage of this accumulated discount to lower your premium during car policy renewal.
Know the Insured Declared Value (IDV) of your car
The Insured Declared Value (IDV) is typically the current market value of your car. In case of theft or damages amounting to the total loss of the vehicle, the insurance company pays for the IDV to the policyholder.
Higher IDV signifies higher risk for the insurer. Hence, a higher premium is charged and vice versa.
Every year, at the time of car insurance renewal, you must enter the correct IDV. Also, the IDV of the previous year will always be higher than the current year.
Consider enhancing your vehicle’s security
Installing anti-theft devices in your car, garage or parking lot gives a positive signal to the insurer that the policyholder is taking measures to reduce the risk.
Choosing devices certified by the Automotive Research Association of India (ARAI) can help you get lower premiums during car insurance policy renewal.
Read the terms and conditions
It is important to stay aware of the policy’s terms and conditions, any changes in inclusions and exclusions, etc. Many individuals who are happy with their existing policy skip reading the terms and conditions at the time of renewal, only to realise later that there have been some significant changes. It is always best to learn about them at the time of renewal.
Renew car insurance on time
Car insurance policy renewal is important, and renewing it before the policy expires is equally essential. If a policy lapses, it may lead to consequences like losing out on your NCB, chances of being penalised for not abiding by the rules, etc.
Tata AIG offers a 90-day Grace Period starting from the date of policy expiration to renew your policy without losing on the No Claim Benefit and other rewards.
Steps to Renew Your Tata AIG Car Insurance Policy Online
-
Visit the Car Insurance page on the website.
-
Input your car’s Registration Number and click on ‘Renew’.
-
The tool will auto-fetch the necessary details.
-
Provide the required information.
-
Make any necessary changes to the coverage.
-
Pay the premium online.
-
The policy will be emailed to your official mail ID and will be shared on WhatsApp on your registered mobile number.
For offline renewal, you can visit any of the Tata AIG registered network branches near you.
Wrapping Up
Purchasing or renewing a four-wheeler insurance policy is a significant decision that requires thorough research and examination. The above tips can guide you to opt for an efficient car insurance renewal that protects you, your vehicle and the third party in case of an accident.
You can opt for Tata AIG car insurance renewal online for quick and easy procedures with minimum documentation. The insurance giant gives you access to over 7500 network garages, 12 unique add-ons, all-around coverage and a high Claim Settlement Ratio at affordable rates.
