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FinFIRST Blogs
Automobile insurance is a mandatory requirement for all vehicle owners to drive on Indian roads as per the Motor Vehicles Act 1988. At the least, you need to have third-party car insurance that safeguards other vehicles, people and property against damage caused by accidents involving your car or bike.
Furthermore, driving an uninsured vehicle will attract a fine of Rs 2000 and/or imprisonment of up to three months as a first-time offender. The severity of the fine and punishment increases for repeat offences.
Ideally, you shouldn’t be driving without active motor vehicle insurance. However, if your policy is nearing its expiry date or has lapsed, here’s how to renew car insurance online and stay on the right side of the law.
Minimise delay
Insurance providers offer a 90-day window to renew your policy and hold onto the accumulated benefit after the expiry date. If you haven’t been able to renew your car’s insurance cover in time, do not delay it any further, especially to retain the No Claim Bonus (NCB) accumulated on your policy. An NCB is a discount awarded for every claim-free year of the policy. It starts at 10%, goes up to 50%, and can help reduce the premium cost of motor insurance.
Re-evaluate premiums
The service provider may levy a penalty or revise the premium charges to continue with the existing car insurance. In such a scenario, it would be wise to compare the features and premiums charged by other insurance providers so that you can choose the better deal.
Brace for automobile inspections
Whether you choose to go with the existing insurer or purchase a new policy, your vehicle must undergo a re-inspection before getting the cover. The insurer can send a third-party agent to inspect the car at your registered address. Alternatively, you can take the vehicle to the nearest partner garage or insurance branch for the check. As more and more car insurances are renewed online, insurers now even allow for a self-inspection, wherein car owners can send photos and videos to the company through a digital medium for quicker turnaround times.
Keeping your vehicle insured and secure
With IDFC FIRST Bank, you can renew or buy new vehicle insurance in minutes. Compare options from the best general insurance companies in the industry. Get customisable insurance plans with a host of add-on options to further secure your vehicle at affordable premiums.
A completely digital onboarding and renewal process with periodic reminders and auto-debit options ensure that you never miss a renewal again for your car, bike or commercial vehicle. Get add-on covers such as zero-depreciation cover, roadside assistance, and engine protection for comprehensive coverage.
Secure your prized vehicle, yourself, and your loved ones with IDFC FIRST Bank’s motor insuranceIDFC FIRST Bank’s motor insurance.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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