Motor insurance Renewal - features & benefits

16 Feb 2022|

2 min read |

by ICICI Securities Team

Introduction:

Like any valuable asset, motor vehicles also need to be insured. The car needs to have a motor insurance policy that protects it against accidents. With the rising traffic, road accidents are common these days. Even a minor accident can cause a lot of damage to the vehicle. These damages can be expensive to fix. But, with the help of a motor insurance policy, you need not worry about the costs. Insurance companies will cover the costs of all damages that are covered by your insurance plan.

Motor insurance in India covers all types of light motor vehicles and heavy motor vehicles. As important as getting your motor vehicle insured, it is even more important to remember to renew this insurance. Every insurance policy has a validity period. If you do not extend it, your policy will expire, and your vehicle will no longer be protected from damages. The process of extending the validity period for your insurance is called a renewal. Nowadays, to make it easy for customers, insurance companies offer the facility of online renewal.

Let us looks at the benefits of online motor insurance renewal:

You need not worry about visiting your insurance company during working hours to renew your motor vehicle insurance. All you need is a laptop/mobile phone and an internet connection. You can easily log in at any place and at any time. You only need to provide your log-in details, contact details, motor vehicle insurance numbers, and vehicle details. You also need to provide your bank details so that the amount will get automatically debited from your bank account.

You do not have to fill several forms by hand to renew your insurance. Once you log in to the insurance company’s website, you need to digitally fill in all your details in the online forms and submit them. That saves you the hassle of filling in paperwork. Your insurance renewal papers might get lost or damaged, and renewing them online is one way to reduce this risk.

Every insurance company offers a customer different insurance plans. One insurance company will provide motor vehicle insurance that covers a particular type of damage. Another insurance company might not provide this. At the time of renewal, you have the option to opt out of the plan and choose another insurance company that will provide you with better coverage and a cheaper cost. You can customize and add more features to your insurance plan while renewing your motor insurance online. You can mofify it as per your convenience.

If you haven’t made any claims on your insurance during a policy year, then you are entitled to receive a reward from your insurance company. This is called a no claim bonus. This bonus can be easily transferred when you renew your motor insurance online.

Additonal Read: Simple Tips to Get Your Two-Wheeler Loan Application

Conclusion:

Most people are scared to renew their motor insurance online as they are worried about online fraud. To avoid this, be sure to study all the insurance companies and choose a reliable one that has a good reputation in the market. Choose a company that offers you a transparent process with no hidden charges and provides you with the exact motor vehicle coverage that you need.

Additional Read: What is Insurance all about?

Disclaimer

ICICI Securities Limited has its registered office at ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025, India, Tel No:- 022 - 2288 2460, 022 - 2288 2470. The non-broking products / services like iLearn and Financial Learning are not exchange traded products / services and ICICI Securities Ltd. is just acting as a distributor/ referral Agent of such products / services and all disputes with respect to the distribution activity would not have access to Exchange investor redressal or Arbitration mechanism. iLearn is not an exchange traded product/service of ICICI Securities Ltd. All disputes with respect to the activity on the platform would not have access to Exchange investor redressal or Arbitration mechanism.

ICICI Securities Ltd. is a Member of National Stock Exchange of India Ltd (Member Code :07730), BSE Ltd (Member Code :103) and Member of Multi Commodity Exchange of India Ltd. (Member Code: 56250) and having SEBI registration no. INZ000183631. ICICI Securities Ltd. is a SEBI registered with SEBI as a Research Analyst vide registration no. INH000000990. Name of the Compliance officer (broking): Mr. Atul Agrawal, Contact number: 022-69997051, E-mail address: complianceofficer@icicisecurities.com Investments in securities markets are subject to market risks, read all the related documents carefully before investing. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. ICICI Securities Ltd. and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Such representations are not indicative of future results. The securities quoted are exemplary and are not recommendatory. AMFI Regn. No.: ARN-0845. PFRDA registration numbers: POP no -05092018. ICICI Securities Ltd. acts as a Composite Corporate agent having registration number -CA0113. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. Please note, Mutual Fund, Corporate Fixed Deposits, Bonds, Alternate investment funds, Tax planning, Succession planning, NPS, IPO, Investment Advisory and Loans related services are not Exchange traded products and ICICI Securities Ltd. is acting as a distributor to solicit these products. Please note, Insurance related services are not Exchange traded products and ICICI Securities Ltd. is acting as a corporate agent to solicit these products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The non-broking products / services like Research, etc. are not exchange traded products / services and all disputes with respect to such activities would not have access to Exchange investor redressal or Arbitration mechanism. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investors should consult their financial advisers whether the product is suitable for them before taking any decision. The contents herein mentioned are solely for informational and educational purpose.

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