Have you renewed you Car Insurance yet?

Written by Parichay Malvankar

If your car is about to complete one year in the family, there is one important thing to do – RENEW THE CAR INSURANCE. Making things convenient, there are plenty of ways to get your expiring car insurance renewed, the most useful being the online method.

Having a valid car insurance is mandatory as per law in India. With a valid insurance policy, you ensure that apart from yourself, even you passengers, fellow drivers, people’s property and pedestrians are covered in case of a mishap.

Buying a insurance policy helps in a hassle free experience. It not only saves you time, but also money. All car owners can get a free quote and calculate the insurance premium for the desired vehicle. You can then retrieve your quote online and buy it within 7 working days. Also, companies like Bharti AXA allow payment methods such as credit card, debit card & net banking for online renewal of policies.

We all know that the major discount on car insurance policies is the No Claim Bonus. Apart from this, you also have a voluntary deductible discount and if you have an approved anti-theft device, you can save a few extra bucks.

How do you calculate the IDC (Insured Declared Value) of your vehicle?
Schedule of Depreciation for arriving at IDV:

Age of the Vehicle % of Depreciation for fixing IDV
Not exceeding 6 months 5%
Exceeding 6 months but not exceeding 1 year 15%
Exceeding 1 year but not exceeding 2 years 20%
Exceeding 2 years but not exceeding 3 years 30%
Exceeding 3 years but not exceeding 4 years 40%
Exceeding 4 years but not exceeding 5 years 50%

In case you are planning to sell your vehicle in the near future, make sure you buy a valid insurance policy and not skip this. This helps in fetching a better value for the car you wish to sell, and the insurance policy can be transferred in the name of the buyer.

Most insurance companies have tied up with hundreds of service outlets across the country to offer cashless insurance claim settlement for a hassle free experience to the customer who is already troubled due to a mishap.

Have you checked the expiration date of your car insurance? If not, please do.