The recent pandemic has caused havoc across the globe. Many businesses, even in India, have been significantly affected. To prevent more people from getting affected by the disease in India, the government had imposed a strict nationwide lockdown for the past few months.
Even today, there are certain restrictions in different states so as to mitigate the spread of the disease. While all this is necessary, the pandemic has surely created panic in people. It has disrupted the way everyone led their lives and carried out their daily routines.
In this section, we will be mainly discussing how you can renew your car insurance plan during the pandemic. So, let us begin.
How to renew car insurance during the lockdown?
For many people, the nationwide lockdown has brought the otherwise hustling life to a standstill. Travelling has minimised, going out over the weekend has stopped, and people are advised to go outside only when it is utmost necessary. During this time, motor vehicles are barely used. In fact, car insurance plans of many people are nearing expiry or have already expired.
So, the question that is currently on the mind of most vehicle owners is whether they should renew their car insurance plans or not. If yes, then how can they renew the policy during such times?
Insurers in India offer car insurance renewal online on their website. The process is quite simple and hassle-free. Just follow the steps below –
- Visit the official website of your insurer.
- Login with your credentials or registered mobile number.
- Enter your existing policy details and personal details
- Review your renewal premium amount
- Make the premium payment online
- The renewed policy will be issued to you in no time
Is it important to renew car insurance during the lockdown?
If your car insurance plan is due for renewal, it is obvious that you need to get the policy renewed as soon as possible. So, whether you are in lockdown or not, renew your car insurance plan at the earliest.
We understand that the use of vehicles is bare minimum during these times. Comprehensive car insurance protects not only in case of damage incurred during an accident but also loss due to natural or man-made calamities and theft. Since your car is barely used and parked away, there are chances of it getting stolen or a tree branch falling on it.
Having an active car insurance plan will help you financially take care of the loss incurred. Moreover, a motor insurance plan is mandatory by law under the Motor Vehicles Act. Failing to present the document when asked by the traffic officer can attract a fine of up to INR 2000 and/or imprisonment of up to three months under the New MV Act.
In the end
While you can buy a third-party car insurance plan in India, know that the coverage of such a policy is limited. It only covers third-party liabilities. For extensive coverage, you need to opt for comprehensive car insurance plans that cover third-party liabilities and damage caused to your vehicle as well.
To determine the premiums charged on these plans, you can use the car insurance calculator. This tool is freely available online on your insurer’s website. Based on your affordability, choose a plan that fulfils your requirements.
Krishna Murthy is the senior publisher at Finance XOD. He is not only the senior publisher but also the owner of Tricky Finance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.