7 Important Benefits of Car Insurance Renewal

Having a valid car insurance policy is mandated by law and protects vehicle owners from major financial losses in case of accidents or damage. Most policies are valid for one year, after which they require renewal to maintain coverage. Neglecting timely renewal leaves the car and driver vulnerable. This article clarifies best practices: timely renewal and online renewal for convenience. Follow these steps to always have insurance safeguards in place.

Step 1: Verify Renewal Notification Delivery

Insurers transmit renewal notices thirty days prior to expiration through postal letters or emails. Tracking down these alerts marks the initiation of completing renewals. Check spam folders if emailed notices don’t appear in inboxes. Also, call insurers by the 25th day if letters haven’t arrived to confirm renewal timelines. Never assume automatic renewals without written notification.

Step 2: Review Renewal Quote Details

Open renewal notices and examine provided premium quotes and coverage specifics carefully when received. Standard liability limits and deductibles may be altered from original policies. Also, confirm if new inclusions like zero depreciation or engine protection were added to renewals. If any details seem unsatisfactory, call insurers before the deadline to request revisions.

Step 3: Compare Competitor Renewal Quotes

Before unthinkingly paying quoted premiums, shop around competitor insurers by obtaining comparative renewal quotes online. New players sometimes offer reduced pricing for similar or better inclusions than current insurers. Comparing updated offerings prevents overpaying to retain previous companies lacking competitive parity. If better deals emerge, notify existing insurers requesting price matches first. If that is the case, safely switching providers garners savings without forgoing coverage depth.

Step 4: Complete Renewals Before the Deadline

Once satisfied with final renewal terms after comparisons, complete renewal payment before the preparation deadline noted on notices. Most insurers allow instant online payments via net banking, cards, wallets or UPI. Offline options like visiting branch locations or dispatching cheque payments work, too, but confirm payment processing will finish prior to expiration. Early renewals also earn No Claim Bonuses in applicable cases. But the final deadline marks the last day to renew policies without risking continuity gaps.

Step 5: Download Renewed Policy Certificate

Email/SMS confirmations post successful payments signal to complete formalities from the insurer end. Now download the updated policy certificates provided and print or retain digital copies to store in vehicles always. Renewed certificates serve as proof of valid windshield insurance when demanded by traffic authorities. Missing certificates of car windshield replacement risk heavy fines, so access them promptly after renewals.

Step 6: Get Updated IDV Valuation Letter

It is important to download IDV letters from insurers after making payments and renewing certificates. IDV, or Insured Declared Value, sets the maximum claim settlement limits for own damage claims. Therefore, it is vital to have updated IDV values during potential future claims to ensure maximum payout eligibility beyond the premiums paid.

Step 7: Calendar Next Year’s Renewal

Upon completing renewal, immediately fix the next year’s renewal date on calendars or phone reminders. Scheduling next year’s deadline provides sufficient alert lead time for tracking notices and completing sequential steps again without the risk of an expired policy. Stay vigilant and renew as needed year after year for seamless protection.

Conclusion

Instead of assuming that your insurance policy will automatically renew, it is important to follow the guidelines below to ensure that you continue to have adequate insurance coverage. Keep track of renewal alerts and review the terms of your policy. Compare pricing with competitors and make payments before the due date. Once the renewal is complete, store the updated documentation in your car to provide proof of coverage if necessary. Overall, prioritising a simple renewal process can reduce the stress of driving, no matter what happens.   Get in touch with AIS Windshield Experts to get your windshield replaced under car insurance.