Key Factors for Renewing Car Insurance By CEO Rakesh Jain

Published By: Business Today

Published Date: 09-10-2023

Rakesh Jain, CEO of Reliance General Insurance, said timely car insurance renewal is crucial even when the vehicle isn't being driven. If your policy has expired, as in the case of the Honda City owner who was abroad, contacting your insurance company with policy details is the first step. An expired policy typically requires a break-in inspection before renewal, though this process has become streamlined through mobile applications.

When renewing, clearly communicate with your insurance representative that you want to maintain your previous benefits and coverage. Setting payment reminders for future reference can help ensure seamless renewals.

Jain advises starting the renewal process approximately one month before expiration. This period provides an opportunity to reassess your coverage needs based on changes in your car's usage, driving habits or additional drivers in your household.

It's also beneficial to comparison shop during renewal to secure the best deal. Researching comparable insurance plans can provide leverage when negotiating with your current provider, though factors like customer service and company reputation should be considered alongside price.

Above all, making payments by the deadline is essential, as missing premium payments can result in policy cancellation, leaving you unprotected and potentially facing higher costs in the future.