A car insurance policy is an important document for a car. When you buy a new car, the company usually provides you with a third-party liability insurance policy for cars for one year. At the end of the year, you are expected to renew it to continue receiving coverage. In India, car insurance is mandatory as per the Motor Vehicles Act. Failure to do so can attract penalties and even result in the imprisonment of the owner-driver.
While a third-party cover is mandatory, many car owners opt for a comprehensive car insurance policy that covers third-party liabilities and damages to their cars due to accidents, collisions, fire, theft, earthquakes, cyclones, floods, riots, terrorism, etc. These policies have a fixed policy term and need to be renewed too. Car insurance companies in India allow policyholders to renew their car policy online. They ensure that the process is simple and hassle-free and adheres to the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI). This body also releases a list of documents required for car insurance renewal.
In this article, we will discuss the car insurance renewal documents required to help you be better prepared to renew your policy.
Since the IRDAI releases the list of documents for renewing a car insurance policy, it is the same across insurance providers. Policyholders must submit the following documents and the form for insurance renewal.
- Proof of Identity (Aadhar Card, PAN Card, Passport, or Government-issued photo ID)
- Proof of Address (Driving License, Passport, or Bank Passbook)
- Driving License
- Latest photograph
- Car registration papers
- PUC Certificate
- Old car insurance policy documents
Process For Renewing Your Car Insurance Policy
Here is a quick look at how you can renew your car insurance policy:
- Decide if you want to continue with the same insurance provider to move to another one. If you plan to continue with the same insurer, call the customer care team and express your renewal request.
- If you are planning on moving to a new insurance provider or changing the insurer to opt for cheap car insurance in India, then contact the new insurer and express your interest.
- In both cases, the insurer will inform you if your car needs to be physically inspected.
- If an inspection is required, schedule an appointment and get the inspection done.
- Once the inspection is complete, submit the documents mentioned above and pay the premium of the renewed policy.
This process is much simpler, with insurers offering car insurance online. You can submit the renewal request and documents through the website of the insurer without having to visit the office or branch. You can also compare providers and plans with ease. You can customise a policy as per your budget and needs using the free online car insurance calculator offered by insurers on their websites. In fact, insurers tend to offer lower premium quotes to policyholders renewing their policies online as compared to offline.
Remember, car insurance policies are mandatory in India. Also, they have a fixed period of validity. If you do not renew your policy within time, it will lapse and not offer coverage. If this happens, you should not drive your car until you have an active car insurance plan. While the list of documents is provided by the IRDAI, it is prudent to check with your insurance provider about the required documents to save any last-minute rush. Make sure understand the process and documents and start the renewal process at least a few days in advance to make up for any unexpected delays. Good Luck!