Auto InsuranceFinancial Plan

Can I renew my Car Insurance with another Insurance Company?

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Car insurance can protect you from theft, burglary, accidents, third party legal liabilities, natural calamities etc. Renewing a car insurance policy on time ensures that you continue to enjoy these benefits. Car insurance can be renewed with the same insurance company as well as another insurance company. People usually remember to renew their policy after it has expired but if you are planning to renew your policy with another insurance company, then you must do it before your car insurance policy expires.

There are several ways in which you can renew your car insurance policy with another company. Here’s what you can do:

  • Online policy renewal

If you have already compared some car insurance policies online and have picked the one that fits your requirements perfectly, then you can directly visit the insurance company’s website and complete the process of policy renewal online. The process of online policy renewal is quick and easy. All you have to do is fill up the renewal form with accurate details. Your premium will get calculated and you can then make the payment online. Some insurance covers like Reliance Car Insurance don’t just offer amazing discounts, but also provide road side assistance.

  • Renewal through an insurance agent

You can get in touch with an insurance agent who can help you with your queries and find the best policy that suits you. The insurance agent will also brief you about the renewal process and you can follow the steps as instructed by him / her to get your car insurance renewed.

The standard requirements for renewing a car insurance policy are as follows:

  • Applicant’s name
  • Applicant’s contact details
  • Applicant’s e-mail id
  • Applicant’s vehicle registration number
  • The existing policy number of the car

Insurance companies may ask for additional documents over and above this list of documents depending on the company’s renewal policy.

Now that we know how a car insurance policy can be renewed, let’s breeze through the consequences of not renewing the policy on time:

  • You may not qualify for a policy renewal if your policy has lapsed for a significant period of time. Under such circumstances, you will have to apply for a new policy.
  • You may no longer be eligible for the benefits from your previous policy.
  • You may have to pay a higher premium
  • You can be fined for the days elapsed between the policy expiry and renewal
  • Your vehicle might have to be re-inspected and inspection charges may apply
  • You can lose your no claim bonus.
  • It is illegal to drive without a valid policy
  • In event of an accident without a valid insurance policy, you will have to bear the damages on your own.

The bottom line is that it is always better to renew your car insurance policy before it expires. Follow a proactive approach for policy renewal to ensure that your policy renewal is a smooth hassle-free process.

Vikas Agarwal
the authorVikas Agarwal
Vikas Agarwal is an IIT-Varanasi graduate in Chemical Engineering. He is the Founder and CEO of - an investment advisory website. He is a Business Development Professional but a Value Investor at heart. He writes articles on Finaacle, which focus on simplifying the art of investing and the causes of human misjudgment when it comes to investing. He also shares his experiences as an investor and lessons from some of the greatest investors of all time.

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