As crucial as it is to have valid car insurance in India, it is equally important, to timely
renew the same. Renewing a car insurance policy within a stipulated time is crucial to keep
the policy benefits active and ensure that things go smoothly in case of any mishap. It helps
us in managing difficult situations by avoiding any burden on our pockets. In India,
car/motor insurance has a policy period of one year or more. After that, a policyholder
must renew their policy before the expiry date.
Continue reading to understand the importance of renewing your car insurance policy on
time, the renewal process, and more.
What Happens When Car Insurance Gets Expired?
In India, it is mandatory for all vehicles plying on the roads to have a valid car insurance
policy. If your car insurance policy expires, you might have to face the following
consequences:
- Failing to renew your car insurance policy before its due date results in blocking your coverage benefits.
- You have to meet the financial burden arising out of any mishap with your car.
- Driving a vehicle without insurance coverage is a criminal offense punishable with a fine of Rs. 2,000, imprisonment of up to three months, or both.
- Loss of ‘No Claim Bonus’ ranging from 5% to 50% of the OD (own damage) premium, along with other discounts.
- You’ll have to pay a higher premium to renew your expired car insurance policy.
In addition to that, if your car insurance policy is expired, you can no longer raise a claim
until it is renewed. In cases where the policyholder fails to get their car insurance policy
renewed even within the grace period, their car insurance policy will lapse and they will
lose out on NCB and all the accumulated discounts/benefits.
After that, the policyholders are required to start the whole process from scratch. It’s like
buying a brand-new motor insurance policy once again. However, at this point, the insured
value will only be certain after the re-inspection of the vehicle. The insurance policy that is
bought after the 90-day window is treated as an entirely new policy.
Renewal of Car Insurance after Expiry Date/ Due Date
Even if you forget to renew your car insurance within the given time, don’t fret, as you still
have a chance to redeem yourself. One can also renew their policy during the grace period.
The grace period also known as the Break-in period, is a 90-day window time starting from
the expiry date of the car insurance.
However, renewing your car insurance policy during the grace period requires a
mandatory inspection of your car. It can be either done by self-inspection or by a third-
party agency hired by the insurance company. Even if you renew your car insurance policy
during the break-in period your ‘No Claim Bonus’ remains intact, which is a good thing.
While renewing your car insurance policy, you can also choose another insurance provider
or opt for an add-on cover.
There are three categories pertaining to expired car insurance:
Renewal of car insurance policy immediately after the due date
- Renewal of car insurance policy immediately after the due date
No serious consequences - Don’t drive during that period to avoid any damage.
Renewal of car insurance policy within the grace period, i.e. 90 days / 3 Months
- Renew policy without facing any serious consequences
- Don’t drive your uninsured car to avoid any damage.
Renewal of car insurance policy after break-in period
- Cancellation of No Claim Bonus. Increase in insurance premium.
- Can be penalized for driving an uninsured car.
How to Renew an Expired Car Insurance Policy?
Renewing expired motor insurance is an easy process that can be completed either online
or offline. You can renew your car insurance policy after the due date by following the
below-given steps:
- First, go to your car insurance company’s website. You can also choose to switch insurance providers at this point.
- Select your ideal insurance plan or continue with the existing plan.
- Following this, complete the payment for renewing your insurance policy.
- After successful payment, a mandatory car inspection will be performed to renew your car insurance policy during the break-in period.
- Once the inspection process is complete, the car insurance policy will be issued to you.
What are the documents Required to Renew the Expired Car Insurance Policy?
Below listed are the documents required to renew the expired car insurance policy-
- Vehicle RC
- RTO address registered with the insured car
- Documents related to expired car insurance policy
Top Car Insurance Companies in India
HDFC Ergo Car Insurance
In 2015, after a joint venture HDFC and ERGO came into alliance. The company has over 6700 cashless garages and offers services like overnight vehicle repairs. With a 4.4 customer rating, HDFC Ergo has over 1.5 Crore happy customers. HDFC Ergo provides a 100% claim settlement ratio where 80% of claims are settled within one day.
| Metric | Data |
|---|---|
| Company name | HDFC Ergo General Insurance |
| Headquarters | Mumbai, India |
| Founded | 1999 |
| Customers | Over 10 million |
| Claim settlement ratio | 96.2% |
| Number of claims settled | 3 million |
| Average claim settlement time | 22 days |
| Network of garages | 3,000+ |
| 24/7 emergency assistance | Yes |
United India Car Insurance
Incorporated in February 1938, United India Car Insurance has more than 1.38 crore customers. It provides a variety of insurance products and has a 95% claim settlement ratio. The company excels in achieving the goal of 100% customer satisfaction.
| Metric | Data |
|---|---|
| Company name | United India Insurance |
| Headquarters | Kolkata, India |
| Founded | 1938 |
| Customers | Over 15 million |
| Claim settlement ratio | 95.4% |
| Number of claims settled | 4 million |
| Average claim settlement time | 20 days |
| Network of garages | 3,000+ |
| 24/7 emergency assistance | Yes |
ICICI Lombard Car Insurance
Founded in 2001, ICICI Lombard General Insurance Company Ltd. offers a comprehensive and wide variety of insurance products. The company has a claim settlement ratio of 93.4% for motor insurance. With a 4.7 customer rating, ICICI Lombard has issued a car insurance policy for over 2.17 crore individuals.
| Metric | Data |
|---|---|
| Company name | ICICI Lombard General Insurance |
| Headquarters | Mumbai, India |
| Founded | 1993 |
| Customers | Over 17 million |
| Claim settlement ratio | 96.3% |
| Number of claims settled | 4.5 million |
| Average claim settlement time | 23 days |
| Network of garages | 4,000+ |
| 24/7 emergency assistance | Yes |
New India Car Assurance
Founded in 1919, New India Car Assurance has a 92% claim settlement ratio. With a huge customer market, the company is providing world-class service both in India and abroad.
| Metric | Data |
|---|---|
| Company name | New India Assurance |
| Headquarters | Mumbai, India |
| Founded | 1919 |
| Customers | Over 25 million |
| Claim settlement ratio | 95.6% |
| Number of claims settled | 6.5 million |
| Average claim settlement time | 25 days |
| Network of garages | 5,000+ |
| 24/7 emergency assistance | Yes |
Royal Sundaram Car Insurance
Established in October 2000, Royal Sundaram car insurance is trusted by over 28 million Indians. The company has a 99% claim settlement ratio and provides complete protection for your vehicle.
| Metric | Data |
|---|---|
| Company name | Royal Sundaram General Insurance |
| Headquarters | Chennai, India |
| Founded | 1956 |
| Customers | Over 5 million |
| Claim settlement ratio | 95% |
| Number of claims settled | 1.2 million |
| Average claim settlement time | 22 days |
| Network of garages | 3,500+ |
| 24/7 emergency assistance | Yes |
Digit Car Insurance
Established in the year 2016, Digit Insurance is trusted by over 3 crore Indians and has a 96% claim settlement ratio.
| Attribute | Value |
|---|---|
| Company Name | Digit General Insurance |
| Headquarters | Bengaluru, India |
| Founded | 2016 |
| Customers | Over 2 million |
| Claim Settlement Ratio | 96% |
| Number of Claims Settled | 1 million |
| Average Claim Settlement Time | 15 days |
| Network of Garages | 1,000+ |
| 24/7 Emergency Assistance | Yes |
Cholamandalam Car Insurance
Founded in 2001, Cholamandalam MS caters to different customer needs. With a 96% claim settlement ratio, the company is highly trusted by customers.
| Feature | Details |
|---|---|
| Company name | Cholamandalam MS General Insurance Company Limited |
| Headquarters | Chennai, Tamil Nadu, India |
| Founded | 1989 |
| Parent company | Murugappa Group |
| Japanese partner | Mitsui Sumitomo Insurance Company Limited |
| Products | Motor insurance, health insurance, travel insurance, home insurance, and other general insurance products |
| Website | https://www.cholainsurance.com/ |
| Total customers | 10 million+ |
| Claim settlement ratio | 96% (FY 2021-22) |
Future Generali Car Insurance
Future Generali is in business since 2006 and has a 96% claim settlement ratio. With over 121 branches across India, the company serves its customers 24*7.
| Feature | Details |
|---|---|
| Company name | Future Generali India Insurance Company Limited |
| Headquarters | Mumbai, India |
| Founded | 2007 |
| Parent company | Future Group |
| Products | Car insurance, health insurance, travel insurance, home insurance, and other general insurance products |
| Customers | Over 10 million |
| Claim settlement ratio | 95.2% (FY 2021-22) |
| Number of claims settled | 1.2 million (FY 2021-22) |
| Average claim settlement time | 30 days |
| Network of garages | 3,500+ |
| 24/7 emergency assistance | Yes |
Reliance Car Insurance
Founded in August 2000, Reliance car insurance has managed to meet customer expectations with its effortless service. With a 96% claim settlement ratio, the company is popular among customers.
| Metric | Data |
|---|---|
| Company name | Reliance General Insurance Company Limited |
| Headquarters | Mumbai, India |
| Founded | 2005 |
| Parent company | Reliance Industries Limited |
| Products | Car insurance, health insurance, travel insurance, home insurance, and other general insurance products |
| Customers | Over 10 million |
| Claim settlement ratio | 95% (FY 2021-22) |
| Number of claims settled | 1.2 million (FY 2021-22) |
| Average claim settlement time | 30 days |
| Network of garages | 3,500+ |
| 24/7 emergency assistance | Yes |
Liberty Car Insurance
Founded in 2013, Liberty car insurance has over 110 offices across. The company has issued 20 crore policies since 2013 and has a 98% claim settlement ratio.
| Metric | Data |
|---|---|
| Company name | Liberty General Insurance Limited |
| Headquarters | Mumbai, India |
| Founded | 2006 |
| Parent company | Liberty Citystate Holdings Pte. Ltd. |
| Products | Car insurance, health insurance, travel insurance, home insurance, and other general insurance products |
| Customers | Over 5 million |
| Claim settlement ratio | 95.4% (FY 2021-22) |
| Number of claims settled | 1 million (FY 2021-22) |
| Average claim settlement time | 25 days |
| Network of garages | 2,500+ |
| 24/7 emergency assistance | Yes |
Kotak Car Insurance
Established in April 2015, Kotak car insurance has over 1.1 crore customers. With 4000+ network garages, the company has a 98% claim settlement ratio.
| Metric | Data |
|---|---|
| Company name | Kotak Mahindra General Insurance |
| Headquarters | Mumbai, India |
| Founded | 2002 |
| Customers | Over 5 million |
| Claim settlement ratio | 96.8% |
| Number of claims settled | 1.1 million |
| Average claim settlement time | 23 days |
| Network of garages | 3,000+ |
| 24/7 emergency assistance | Yes |
Bajaj Allianz Car Insurance
Founded in 1926, Bajaj Allianz is a customer-centric organization. Bajaj Allianz customers can get 24*7 roadside assistance. With a 99% claim settlement ratio, the company makes sure to provide what its customers need.
| Metric | Data |
|---|---|
| Company name | Bajaj Allianz General Insurance |
| Headquarters | Mumbai, India |
| Founded | 2001 |
| Customers | Over 10 million |
| Claim settlement ratio | 96.3% |
| Number of claims settled | 1.5 million |
| Average claim settlement time | 22 days |
| Network of garages | 4,000+ |
| 24/7 emergency assistance | Yes |
Zuno Car Insurance
Established in 2016, Zuno is a trusted insurance provider in India. With a huge customer base, the company has a 98% claim settlement ratio
| Metric | Data |
|---|---|
| Company name | Zuno General Insurance |
| Headquarters | Mumbai, India |
| Founded | 2017 |
| Customers | Over 1 million |
| Claim settlement ratio | 97% |
| Number of claims settled | 500,000 |
| Average claim settlement time | 15 days |
| Network of garages | 1,000+ |
| 24/7 emergency assistance | Yes |
| Key features |
|
Universal Sompo Car Insurance
In 2008, Universal Sompo General Insurance started its business in India. The company’s PAN India presence provides customers with 24*7 assistance, a quick claim process, and the best insurance deals. Universal Sompo has a 96% claim settlement ratio.
| Metric | Data |
|---|---|
| Company name | Zuno General Insurance |
| Headquarters | Mumbai, India |
| Founded | 2017 |
| Customers | Over 1 million |
| Claim settlement ratio | 97% |
| Number of claims settled | 500,000 |
| Average claim settlement time | 15 days |
| Network of garages | 1,000+ |
| 24/7 emergency assistance | Yes |
IFFCO Tokio Car Insurance
IFFCO Tokio Car Insurance was founded in the year, 2000, as a joint venture between IFFCO Tokio and Tokio Marine Asia. With a customer rating of 4.8, the company has a 96% claim settlement ratio.
| Metric | Data |
|---|---|
| Company name | IFFCO Tokio General Insurance |
| Headquarters | Mumbai, India |
| Founded | 2000 |
| Parent company | IFFCO (Indian Farmers Fertiliser Cooperative Limited) and Tokio Marine Group |
| Customers | Over 5 million |
| Claim settlement ratio | 96% |
| Number of claims settled | 1.2 million |
| Average claim settlement time | 25 days |
| Network of garages | 2,500+ |
| 24/7 emergency assistance | Yes |
