September 28, 2023

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Should You Consider Upgrading Your Car Insurance Policy During Renewal?

Most Frequently Asked Questions About Car Insurance Renewal

In India, you are required to get 4 wheeler insurance. It is one of the nicest presents you can give your car. A automobile insurance coverage protects your vehicle from unforeseen events like collisions, theft, fire, etc. A comprehensive coverage is the ideal kind of auto insurance because it provides all-encompassing protection. If you only havethird party car insurance for your vehicle, it is recommended that you consider switching to comprehensive coverage.*

Your auto insurance policy can be easily upgraded. All you need to do is provide all the extra information for the increased features you desire on the renewal form. This way, you can obtain the anticipated premium for the updated policy. Currently, you can complete the entirecar insurance renewal online without speaking to an agent. All you have to do is renew your insurance coverage with your favourite insurer by going to their website.

Why should you consider upgrading the level of your auto insurance?

There may be a number of factors influencing your decision to improve your auto insurance. These could be:

  • Prior to today, you had athird-party car insurance policy, but you now understand that this is insufficient. And you want to purchase a comprehensive auto insurance plan.
  • You would want to add an enhanced protection add-on cover to your original insurance policy since you have moved or changed your city.
  • You want to add your family member (spouse or child) to your insurance coverage because they have started driving your automobile as well.
  • You recently bought a new car and want to move your existing auto insurance coverage over to the new car. By doing this, you can increase the sum assured based on the insured stated worth of the new vehicle.

What could the price difference be?

If you are considering upgrading your policy, keep in mind that the type of updates you select determines the price difference between the old policy and the upgraded one. The cost may significantly increase; for instance, if you switched from third-party liability 4 wheeler insurance to comprehensive auto insurance, the cost would increase since own damage premium would be applied based on your insured declared value.*

Alternatively, the increase in premium amount may not be significant if you choose to improve your insurance by purchasing an add-on cover. Before choosing to upgrade, you should shop around online and compare pricing.

Can the auto insurance plan also be downgraded?

Yes, you can reduce your auto insurance coverage when you renew it. For instance, you can want to do away with some of the add-ons covers that you had previously noted. However, be certain before you do away with them as they are very helpful. You can also switch from a comprehensive auto insurance coverage to a third-party liability insurance policy, albeit doing so is not advised at all. Doing so means losing out on own damage protection as well as other vital protection. Remember, third-party insurance covers damage or loss to the third party and their property.*

When renewing your insurance, it’s a good idea to review your needs and requirements and make any necessary upgrades. Before deciding to upgrade your current coverage, you should compare the premiums for several policies that are accessible online. This way, you can be confident that you have chosen an option that suits your needs well.

*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.