When you purchase your dream vehicle and an appropriate insurance plan for it, it is also essential to ensure that you keep the vehicle under the protection of a motor insurance safety net, else you may incur heavy financial losses. But buying the insurance is not enough, you also need to renew it from time to time.
At the time of renewal, you have the option to do that either offline or online. Most insurance providers allow you to renew your motor insurance policy online. It is very easy as well as convenient way to renew motor insurance.
If you renew insurance online, it is highly beneficial to the customer as well as the insurer. Let us take a look at some key advantages of the same.
Advantages of online motor insurance renewal
- The process of online purchase of insurance and renewal of the same is easy as well as hassle-free. You can easily buy or renew your policy sitting from the comfort of your home.
- The paperwork involved in the process of renewing insurance online is very limited.
- One crucial benefit of renewing insurance online is that you can make a well-informed purchase decision. You can read about various insurance solutions that are offered by leading insurance providers in the country today. You can also compare the coverage that is provided by different policies across insurers and tally it against the costs. Like this, you can arrive at the most appropriate plan for your needs.
- When you purchase insurance online, you can read reviews from the existing customers in the reviews or comments section. This information is useful as it helps you to understand the challenges that are faced by others.
- If you are not able to buy or renew a policy through the insurer’s website, you can also opt to initiate a chat with a customer service representative online. You can make a call on the insurer’s toll-free number and make a purchase telephonically.
Now that we know the advantages of online renewal of motor insurance, let us understand the process.
Motor insurance online renewal process
For renewing your motor insurance policy, you must visit the website of the insurance company. Given below are the steps involved in motor insurance renewal through an insurer’s website:
- Go to the website of the insurance company and select the menu option of insurance renewal. A page with an online form will appear wherein you have to update specific details.
- Enter all the details of your existing policy (the policy or proposal number).
- Then, select the ‘Next’ button if you want to view the details of your policy.
- A break-up of the premium amount, as well as the final quote for motor insurance renewal, will be found.
- You can proceed to make the payment if you agree with the quote. You can make the payments through credit/debit cards or the net banking facility.
- If the payment is completed successfully, your policy will stand renewed.
The process of online policy renewal is very efficient because the issuance of the policy happens instantly.
If you plan on switching your plan, you can generate the quotes of your desired policy using a motor insurance calculator.