Facts about Car Insurance Renewal Process Auto Insurance is vital if you own any vehicle whether it is a two-wheeler or four-wheeler. You can buy a new car insurance when you purchase a new car and then renew it every year. Car insurance renewal carries utmost importance because as per India traffic norms it is mandatory to have a car insurance to ensure safety to your life and vehicle and towards the protection of third party life and property. If you fail to renew your car insurance and your car meets with an accident then you would be in great legal and mental trouble. Is it mandatory to opt for car insurance renewal with the same insurance company that was involved in initial purchase? No. You may change your auto insurance provider if:
you are not satisfied with your current insurance provider you are relocating to another state you are purchasing a new vehicle you are getting better premium rates and coverage benefits from another auto insurance provider claim settlement experience was not good customer service response is not up to the mark
Can I cancel my old policy and change my service provider anytime in a year? You may change your service provider anytime but it is advisable to cancel your existing policy when it is about to expire. This will help you save cancellation fees and administrative charges on car insurance renewal. So, notify your auto insurance provider one month prior the car insurance renewal is due. Inquire your current provider for the cancellation procedure so that there are no last moment hiccups. It is better that you give in writing about you considering cancelling your policy and mention the date when the policy should be terminated. So when you switch to new provider be careful to match your termination date of old policy and activation date of the new policy. However, if you choose not to wait for the renewal date and plan to terminate your policy in midyear then you would have to wait for the prorated refund but need to pay the new company the premium for the whole year. What documents are required for car insurance renewal? If you are renewing with existing provider then you just need to quote your policy number and give a cheque for insurance renewal and you receive a temporary insurance document. You receive the original insurance document on cheque clearance. If you are paying online, the insurance document is delivered at your address and you receive soft copy on your email immediately.
However, if you are planning to renew your existing policy with new service provider then you would need to provide documents such as RC of the vehicle, signed cheque, address proof and photo ID. For more information visit http://www.bharti-axagi.co.in/car-insurance/inclusions-exclusions
Published on Apr 22, 2014
Auto Insurance is vital if you own any vehicle whether it is a two-wheeler or four-wheeler. You can buy a new car insurance when you purchas...