Four Wheeler - Renew Car Insurance

How can the car insurance policy renewed online?

By quoting the existing policy number, and paying the renewal premium through debit/credit card or net banking. If there is any change in particulars, the same is to be entered, before making the payment.

What documents are required to renew vehicle insurance policy?

If the policy is to be renewed online with the same insurer, it is very easy as the insurer will have all the details of the vehicles and claim history if any. The NCB details are also available with them. Hence, no document is required. The policy number is to be entered which enables the site to list all details. If any information or details are to be changed, the same is to be done and confirm the correctness for renewal. By paying through debit card or credit card or net banking, the policy will be generated and printed online including Certificate of insurance.

However, for car insurance renewal online with other insurers, no need to submit any documents. The policy can be directly bought online by providing inputs such as Car make & model number, Car RTO registration number, and Previous policy expiry details.

If the policy is renewed with other insurers offline, then Registration Certificate (RC) copy and existing insurance policy renewal notice showing the NCB eligibility are to be given alongwith the proposal form.

Whether the Insured Declared Value (IDV) change at the time of car insurance renewal?

Yes. IDV is the current market value of the vehicle and is compensated to the policyholder in case of total loss of vehicle. The IDV is calculated as manufacturer’s listed selling price minus the depreciation. With the age of the vehicle increasing, the value of the vehicle gets depreciated, year-on-year basis, resulting in reduced IDV.

The following is the standard depreciation schedule used by insurance companies

Age of Vehicle	% Of Depreciation For Calculating IDV
Up to 6 Months	5%
6 Months to 1 Year	15%
1 - 2 Years	20%
2 - 3 Years	30%
3 - 4 Years	40%
4 - 5 Years	50%

Is there any discount for timely car insurance renewal online?

Some insurers reward prompt payments with a maximum discount that is levied on your policy at renewal. For regular renewals with the same insurer before the policy expires, loyalty discount is given by some insurers.

Main benefit of timely renewal is the NCB discount which can go up to 50%.

Would I get No-Claim Bonus if I renew my policy once it has lapsed?

NCB discount is given if the policy is renewed within the grace period of 90 days. Post the grace period (90 days specially allowed for renewal of an expired policy), the No Claims Bonus (NCB) discount is denied by all insurers.

Can the No-Claim Bonus (NCB) be transferred if the policy is renewed with other insurers?

NCB discount can be availed with new insurer. The proof of the NCB can be claimed by submitting the renewal notice from the current insurer.