Insuring your car is mandatory in India. It's one of the best gifts you can give to your car. A car insurance policy covers your car against unfortunate circumstance like accidents, theft, fire, etc. A comprehensive car insurance policy is the best type of car insurance as it offers holistic coverage. If you only have a third party car insurance then you should definitely consider upgrading to a comprehensive one.
Upgrading your car insurance policy is quite simple. All you have to do is provide all the additional details of upgraded features you want on the renewal form. By doing so, you can get the estimated premium of the upgraded policy. In the present scenario, the entire renewal process is done online; you don't have to contact an agent for this. All you need to do is visit the website of your preferred insurer, and renew your policy from that insurance provider.
Why would you want to upgrade your car insurance?
There can be several reasons why you would want to upgrade your car insurance.
You had a third-party insurance policy earlier, but now you realized that having only third-party insurance is not sufficient. And you would like to get a comprehensive car insurance policy.
You have changed your location or city, and you would like to purchase an add-on cover to your original insurance policy that can offer enhanced protection.
Your family member (spouse, child) have also begun to drive your car, and you would like to add them to the insurance policy.
You have purchased a new car, and you would like to transfer your old car insurance policy to the new vehicle. You can do this and upgrade the sum assured based on the new car's insured declared value.
What will be the price difference?
Planning on upgrading your policy? Have this small thing in mind- the price difference in the prior policy and the upgraded one would depend on the kind of updates you choose. For example, if you upgrade your policy from a third-party liability car insurance to a comprehensive car insurance, the rise in the premium would be substantial as Own Damage premium would be added based on your Insured Declared Value.
Alternatively, if you would like to upgrade your policy by buying an add-on cover, the increase in premium amount may not be much. You should compare the prices online before you decide on the upgrade.
Can the car insurance policy be downgraded as well?
Yes, you can downgrade your car insurance policy at the time of renewal as well. For example, if you can decide to remove some of the add-on covers, you had previously identified.
While it is not right to move from a comprehensive car insurance policy to third-party liability insurance policy, you can do this as well(NOT ADVISABLE).
It is always a good idea to revisit your needs and requirements and upgrade your policy while renewing it. You should also check premiums for various policies available online, before making the final decision of upgrading your existing policy. This will ensure that you are getting the best deal possible.