Motor Insurance Purchase And Renewal

By Author: Pranav V Sharma
Total Articles: 141
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A motor insurance policy will offer coverage from accidental damage resulting from man-made or natural causes. With this coverage, any damage to your vehicle does not dent your pocket and relieves you of the worry of arranging for money on a short notice. From a legal perspective, it is mandatory in India for every vehicle to have at least the minimum required insurance and to ensure motor insurance renewal on a timely basis. Doing so will keep you in line with the law and will prevent unwanted legal hassles.

Buying a motor insurance policy has become very convenient thanks to the internet. You simply have to go online and look for insurance quotes to compare policies from different insurance providers. This online method is extremely time saving as you are not required to travel to the insurance office or meet with insurance agents. When you compare insurance policies, it is easy to get a clear idea about the policy coverage, the premium amount as well as the procedure for motor insurance renewal.

As a motor insurance policy is valid for one year, annual renewal is extremely important. Just like purchase, insurance ...
... companies also allow quick and hassle-free motor insurance renewal on the company website. You fill in the requisite details in the online form and make the payment instantly using the options of Net banking, payment made using your Credit Card or Debit Card. Before you buy a motor insurance policy, it is very important to get a clear idea about the workings of the cover so that there are no doubts or regrets later on. In case there is break-in insurance i.e. there may be a lapse in a policy as the motor insurance renewal was not accomplished in time. During such break-in insurance, you have to inform the insurer about it and a representative is dispatched to carry out a thorough inspection. This saves you from having to take your automobile to the nearest insurance office and makes renewal extremely convenient.

It would be important to consider the no claim bonus advantage at the time of renewal. If claims on the motor insurance cover have not been made in the previous year of being insured, the person may be likely to avail of the benefits of a no claim bonus. The no claim bonus rises if there has not been a claim for consecutive years and may be accumulated to a maximum limit of fifty percent on your motor insurance premium. With a clear understanding about crucial policy details, selecting your car insurance can become easy.

Author Profile :

Pranav Sharma is an insurance agent based in Mumbai; Pranav assists individuals and corporates in purchasing the right motor Insurance & often shares his insights about the vehicle insurance industry on internet.