Motor Insurance Renewal

There is a set period of validity that comes with every motor insurance plan. A motor insurance plan can have a policy tenure of one year, two years, or three years, beyond which it demands renewal. If the insurance is not renewed in a timely manner, it will lapse, and the insured person would forfeit all accrued benefits, including waiting for period benefit and no claim bonus.

It only takes a few minutes to renew your motor insurance policy. A motor insurance policy can be renewed either online or offline, depending on the user’s preference. Most motor insurance companies provide an online renewal option because it saves customers time and allows them to pay in a variety of ways. Regardless of mode, motor insurance renewal must be prioritized.

Benefits of Renewing Your motor Insurance Plan

Renewal of a motor insurance plan offers the following benefits to the policyholder:

• ➢ Tax Benefits: The policyholder becomes eligible for tax benefits under Section 80D of the Income Tax Act of 1961 when they purchase a motor insurance policy. To keep receiving tax benefits, one must renew their motor insurance policy on a regular basis.
• ➢ Protection: Most motor insurance firms do not offer motor insurance to customers over a specific age. This is because, as people get older, they are more likely to have pre-existing diseases or chronic ailments. To avoid a situation in which one needs motor insurance but is unable to obtain it, one should obtain it as soon as possible. Renewing motor insurance on time ensures that you are protected even at an age when you are no longer eligible to buy a new motor insurance plan.
• ➢ To Avoid Higher Premium: In case your policy lapses, you are required to pay a higher premium for buying the policy again. Therefore, renewing your motor insurance policy is vital to avoid paying higher premium amounts.

Steps For Renewing motor Insurance Plan

Renewing your motor insurance plan online is a simple and fast process. All you need to do is to follow the below-mentioned steps:

1. Standard Renewal Method
   • Go to the top of this page, where you’ll find “Renew motor Insurance”.
   • Select your insurer and you will be directed towards the company’s page.
   • Enter your policy number and various other details asked by the company’s page, and then click on “Renew”.
   • Make the payment online and then your policy will be renewed successfully.
2. For Lapsed Policy

   If you are unable to renew your motor insurance coverage by the renewal date, the insurer will grant you a 30-day grace period to do so. Your coverage will be revived if you pay the payment within the next 30 days. However, if you do not renew your policy during the grace period, it will become lapsed and will not be reactivated. The only option will be to get a new motor insurance policy, which will require you to serve a new waiting period.

   Below are the steps you need to follow if your motor insurance policy has lapsed:

   1. Visit the official website of the company. From the list of the motor insurance policies, choose the one plan that has lapsed and you wish to renew.
   2. Read the terms and conditions of the plan and then complete the purchasing process. You can make the payment online via debit cards, credit cards, or internet banking.
   3. Once you have purchased the policy, the policy details will be sent to your registered mail address and phone number.
   4. You also have the option to choose another motor insurance plan to meet your needs.