Even though renewing your motor insurance may seem relatively routine, you could get into serious trouble without the appropriate checks — including claim denials, missed entitlements, or wasted money. Whether you go through the process manually or take the shortcut of quick car insurance renewal online, you should evaluate every aspect of your policy pre-renewal.
This article reviews the fundamentals of checking before your motor insurance renewal. Use these points to avoid expensive mistakes and ensure you’re better protected before you hit the road.
1. Understand Your Policy Type
Before each car insurance renewal, ask yourself whether you are renewing a third-party coverage or a comprehensive policy.
- Third-party motor insurance only covers damage caused to other parties (persons or property) and is required by law.
- A comprehensive motor insurance cover includes third-party liability and your vehicle’s damage due to accidents, theft, natural disasters, or fire.
Now, if, like many people, you have always renewed your third-party car insurance policy from habit, consider upgrading your cover to a comprehensive one, especially as it is very easily done by visiting Chola MS’s car insurance renewal online. You can get a comprehensive cover that fits your driving needs.
2. Check the Insured Declared Value (IDV)
The Insured Declared Value (IDV) of your vehicle is the amount you will receive if your vehicle is damaged beyond repair or lost to theft. Choosing a lower IDV may lower your premium but will also lessen the compensation you’ll receive.
Always ensure your IDV reflects the true agenda of your vehicle’s market value. As for Chola MS, you can change your IDV on their online car insurance renewal interface for a more reliable and protective policy.
3. Review No Claim Bonus (NCB)
If you did not make any claims in the prior policy, you would qualify for a No Claim Bonus—a discount made to your premium. No Claim Bonuses can be as high as 50%. But if you forget to renew on time, you will lose out.
Always check that your NCB is correctly posted on your renewal. Chola MS allows NCB transfers directly on their online motor insurance renewal application if you change your plan provider.
4. Evaluate Add-On Covers
Add-ons help you get extended coverage apart from the basic policy. When it’s time to renew, revisit your lifestyle and usage to ensure that your existing add-ons suit your needs. Some of the most popular add-ons are
- Zero Depreciation Cover – Reimbursement of 100% for any parts that are replaced
- Engine Protection Cover – especially for flood zones
- Roadside Assistance – for emergencies like flat tires/breakdowns
- Return-to-Invoice Cover – for new vehicles
All of these add-ons can easily be added using Chola MS’s technology. It will provide all the add-ons required to suit your vehicle usage and experience in their Motor Add-On Cover menu.
5. Update Vehicle and Contact Details
Renewal is the perfect time to update your information:
- Have you installed a CNG kit?
- Have you moved to a new city?
- Changed your mobile number or email?
Keeping this information up-to-date ensures you have the best experience for your future claim. Chola MS lets you edit these fields in their renewal form when using car insurance renewal online.
6. Verify Claim Process & Garage Network
Before renewing, make sure your insurer has:
- A simple and quick claim process
- A wide cashless garage network
- 24/7 assistance
If your current provider doesn’t meet these standards, consider switching. Chola MS offers access to hundreds of garages across India. Use their garage locator tool to confirm if there’s a trusted service centre near you.
7. Explore Long-Term Renewal Options
If you want to avoid the hassle of annual renewals, a multi-year insurance plan is worth considering. These plans:
- Offer protection for up to 3 years
- Lock in the premium
- Protect against annual hikes
- Reduce the risk of policy lapse
Chola MS provides a clear overview of benefits in its multi-year insurance guide.
8. Compare Premiums, but Don’t Chase the Cheapest
Price should be one of many factors in your decision—not the only one. Lower premiums often come at the cost of:
- Limited garage network
- Longer claim settlement times
- Unreliable customer support
Chola MS allows you to easily compare plans, add-ons, and features during your online car insurance renewal. Their plans strike a balance between affordability and premium service quality.
Final Thoughts
The renewal of your motor insurance policy is more than a date to jot down on your calendar: it’s an important landmark in your vehicle’s financial protection. You can better safeguard yourself from unforeseen events through the IDV review, NCB eligibility check, add-on reevaluation, and level of insurer reliability.
Through online car insurance renewal through one of their trusted sites like Chola MS, renewing your insurance has never been easier or taken less time, and investing 15 minutes today could save you weeks of stress tomorrow.