What is Car Insurance Renewal?

Today, it has become easy to buy a car on loan, because of the benefit of loans. In such cases, the instant loan provision helps many of us.  But first of all, you need to protect your car. And that is possible only by buying a car insurance policy.

 

Car insurance renewal online is the reason, why we do not worry much about unforeseen incidents or anything bad that can happen to us. We travel hassle-free whenever we want to. Everything becomes easy and stress-free when we own car insurance.But that is not all. Apart from the insurance, you must take good care of your car. With a new car, come new responsibilities. Also, you must remember to renew your car insurance policy from time to time.

 

In India, having a car insurance policy is very important. In fact, it is compulsory to have a car insurance policy as per the Indian Motor Vehicles Act, 1988. Any vehicle insurance is a means to protecta particular vehicleand providesfinancial aid in case of any adversities such as accidents, thefts, etc. An insurance policy purchased for the car needs to be available as long as you own the car. Hence insurance providers provide protection for a specific period of time after which the insurance needs to be renewed.

 

Insurance is the standard length of time given to a person, during which the insurance will be in effect. However, once that particular period is over, your car insurance policy ends. Therefore you need to renew your car insurance policy before the due date. This is known as car insurance renewal. If you do not renew your insurance policy on time, then you have to either pay a huge sum of penalty or you have to go through certain lengthy procedures to get it renewed.

 

Most car insurance policies work on the criteria that the car insurance policy must be renewed every 6 months, or one in a year. Your car insurance policy must be renewed within one year of buying it. These things are difficult to remember. Therefore car insurance companies remind you by sending a notification text message or an email well in advance.

 

What is the price that you have to pay after renewal?

Car insurance renewal price varies from car to car and person to person. A very inexpensive car will cost you around INR. 3000- INR. 4000 a year. While some cars which are high end and expensive will cost you around INR. 8000- Rs.9000 a year. The insurance policy of the car depends on many factors like the age of the car, the model of the car, engine capacity, condition of the car during renewal, fuel type, area of registration,your association with any vehicle organization, etc.

 

Model of the car- The insurance depends on the model of the car. This alone pretty much decides the insurance policy rate of the car.

 

Age and type of car- If your vehicle is too old, then you have to pay a lesser amount for the policy renewal, because the value of your car depreciates over time. If your car is new and is the latest model, then the rate of your insurance will also be high.

 

Engine capacity- If your car has an excellent engine, that moves smoothly and also if your car runs on petrol, then you tend to pay higher insurance. This is because petrol cars are very expensive and their IDV is high as well.

 

Region- The regionthat you buy your car from does matter and has an impact on your car insurance policy. If you buy a car from a region where the standard of living is high, then your car insurance policy will be expensive as well.

 

IDV- IDV stands for Insured Declared Value. This indicates the maximum amount your insurers will pay you in case of total damage to your car. If the calculated IDV of a car is high, then the car policy insurance rate is high as well.

 

Is there a change in premiums after renewal?

A change in premium after the car insurance renewal can take place. It is possible that the rate of car insurance policy renewal increases. The third party insurance rates are governed by the IRDA.. Therefore there can be a hike in the premiums after renewal. If you ever receive a traffic violation card, then the rate of your car insurance renewal can be increased. Many a time mid-term rate is also changed as a fee. Therefore there can be a change in the premiums after renewal. Even the late fees can result in a change of premium renewals.

2018 Ford Mustang GT window sticker reveals 10-speed auto’s gas mileage gains

More details on the 2018 Ford Mustang have emerged ahead of the car’s arrival in showrooms later this fall.

The latest tidbit comes by way of a window sticker for the 2018 Mustang GT equipped with an available 10-speed auto.

First discovered by Mustang 6G, the window sticker reveals a slight improvement in EPA-rated fuel economy to 16 mpg city, 25 highway and 19 combined. This compares with the 15 mpg city, 25 highway and 18 combined rating scored by the 2017 Mustang GT equipped with a 6-speed auto.

Sure, the improvement is nothing to write home about but don’t forget that performance is also up. The car’s 5.0-liter V-8 now delivers 460 horsepower and 420 pound-feet of torque, up 25 hp and 20 lb-ft, and with the 10-speed auto it will deliver 0-60 mph acceleration in under 4.0 seconds.

You can already configure a 2018 Mustang GT on Ford’s website. The starting price is $35,995 for the coupe and $45,495 for the convertible. That represents a $1,900 increase over the previous year.

The 2018 model year sees the sixth-generation Mustang receive the most significant updates since the car was introduced for 2015. Notable changes include revised styling, the elimination of the V-6 option and the aforementioned 10-speed auto. Interestingly, there haven’t been any changes for the Mustang Shelby GT350 and GT350R models. In fact, the track-focused cars even skip the revised styling. There could, however, be a new Mustang Shelby GT500 introduced. Stay tuned.

This week in Auto: Tata Motors pips M&M to win govt’s electric vehicles contract; JSW Energy joins EV bandwagon

The week saw very diverse action spanning across vehicle segments ranging from abrupt leadership rejigs to investment in electric cars an energy producing company to new launches. Here is a list of the crucial developments in the automotive space.

Tata Motors pips M&M to win large EV order

Tata Motors has won a contract to supply 10,000 electric vehicles to a government-owned company piping Mahindra & Mahindra, the pioneer of EVs in India. The Mumbai-based company will supply 10,000 electric version of its recently launched compact sedan Tigor to Energy Efficiency Services (EESL).

 This is the single largest order for electric vehicles in the country and would be fulfilled by Tata Motors starting this year. Besides Mahindra & Mahindra, Nissan and Hyundai were also believed to be a part of the tendering process. Only M&M has commercially launched EVs in India whereas Tata Motors has promised to launch electric Tiago this year.

Nissan moves India MD to advisory role, reshuffles two more portfolios

Japanese car maker Nissan abruptly moved current Managing Director of India operations Arun Malhotra to the role of a corporate advisor and reshuffled the portfolios of two others.

Further, Jerome Saigot, currently Vice President, Marketing and Datsun Business Unit, Nissan India Motor (NMIPL), will now be responsible for sales and marketing, NMIPL, for both Nissan and Datsun brands. Peter Clissold, currently general manager, Marketing, AMI, will take up the role of Vice President, Marketing, NMIPL, with responsibility for both the Nissan and Datsun brands in India. The announced changes to its senior management team will be effective from October 1, 2017.

Mahindra launches TUV 300 T10 at Rs 9.75 lakh

Utility vehicle market leader Mahindra & Mahindra launched top-end versions of the TUV 300 called T10 with prices starting at Rs 9.75 lakh (ex-showroom, Mumbai). The compact sports utility vehicle (SUV) will have four sub-variants Base, T10 AMT, T10 Dual Tone and T10 Dual Tone AMT.

The range-topping T10 gets gloss black finished inserts in the grille and the fog lamps. The headlamp gets carbon black finish. The alloy wheels are also painted in metallic grey and overall looks good. Other changes include the addition of a rear spoiler and blacked out roof available with a certain variant. The car now gets dual tone black-beige colour combination.

Maruti Suzuki launches upgraded S-Cross

Maruti Suzuki, the country’s largest car maker, has launched the upgraded S-Cross, roughly two years after it first launched the premium cross-over in the market through the Nexa channel. The company will announce prices of the car in the next few days.

The new S-Cross gets sculpted bonnet, new headlight assembly, new fog light assembly, 7 inch infotainment panel as new additions. The company decided to discontinue the 1.6 litre diesel engine option for lack of demand. The car will now be powered only by the 1.3 litre diesel engine that generated peak power of 88 bhp.

JSW Energy to set up EV plant in Gujarat

JSW Energy to set up Rs 4,000cr plant for electric vehicles. JSW Energy, a part of the Jindal Group, signed a memorandum of understanding with the Gujarat government for setting up a Rs 4,000 crore electric vehicle manufacturing plant.

The facility is believed to have a capacity to make 200,000 electric cars a year. To be set up at Vanod near Dasada in Surendranagar district, will also manufacture electric batteries, electrical storage solutions and charging infrastructure. The facility is expected to generate 2,000 direct and 4,000 indirect jobs.

MG Motor inaugurates Gujarat facility

UK-based automotive marquee MG Motor has inaugurated a manufacturing facility in India, through a minimum initial investment of Rs 2,000 crore. With an initial capacity of 80,000 units per annum in the first phase, MG Motor India will roll out its first product from the plant in 2019.

The facility, spread over an area of 170 acres, will be completely revamped by MG Motor by 2019. The company has already hired an initial workforce of 70 employees at the plant.

Tesla #2 In New Auto Brand Ranking In Germany — Brand Loyalty, Brand Status, & Society’s Conventional Car Inertia

How much does loyalty to a major brand — or at least the status of various brands — limit the transition to electric vehicles from Tesla, Dyson, e.Go, etc.? On the other hand, how much does dissatisfaction with conventional automakers drive customers to such automotive newcomers? How much do legacy automotive brands keep the door shut to newcomers like Tesla versus invite the disruptors in?

A great cleantech leader and early EV adopter recently shared an unfortunate story with me, but it’s one many of us can surely relate to. His wife decided to get a BMW 5 Series rather than a Tesla Model S. It makes no sense to many of us. Why would you do it? How could anyone make that decision, let alone a close family member of an EV and renewable energy leader? Yet, all of us can probably in one way or another relate to the story.

For various reasons, but most especially environmental reasons, CleanTechnica readers and writers are early adopters of cleantech. Many of us have not been early adopters otherwise — we’re just driven by the moral imperative to do our part, and by the concern that if it’s not “too late,” it could be soon. But that is not the majority, and no matter how much some of us talk about it and work on it, other humans near us aren’t guaranteed to come to the same conclusions and feel the same moral imperative and urgency.

This story was striking to me in part because of how unfortunately surprising it was, but also in part because I can imagine several people very close to me making the same decision. Yes, the director of CleanTechnica is no exception — there are people in my close orbit who I can’t get to understand the importance of the climate crisis, or how nonsensical cars that pollute our kids’ lungs and hearts are. Many people I know still don’t understand why these things should override whatever “deal” you can get on a non-electric luxury car and whatever concerns you have about needing to charge the car away from home.

The momentum of what’s “normal,” the psychological impediments to being different, and the fear of change are barriers I have never been able to relate a great deal to. But these are very real and very powerful.

So, I was extra interested when a German reader and colleague shared another story with me right after I received the news above. The story was about a survey on automotive brand trust, loyalty, and especially resilience among Germans. The results are surprising for several reasons.

Somehow, Audi is #1*. That’s funny to me, in part, because my first car was an Audi, and the company’s reputation (which has stuck with me) wasn’t grand at the time in the place I lived. I bought it in the 1990s in Florida, and I quickly found out the company had quite a poor reputation for quality and value for the money, but I liked the car. I’m not sure how Audi is viewed in the US today, but it is apparently the darling of Germany … even after parent company Volkswagen Group got busted for a massive diesel emissions scandal and its executives have been charged with colluding with other German auto company execs for decades to game the system. So, why the brand loyalty? Why is the brand so resilient? I’d presume it’s a combo of: marketing, people liking their cars, press coverage, and jobs (Audi is certainly a major employer in Germany).

The other surprising thing, though, is that Tesla is #2! In Germany! It’s ahead of BMW. It’s ahead of Porsche. It’s ahead of Mercedes. It’s ahead of Mini. It’s ahead of Volkswagen. In Germany!

Place in 2017 Brand Points out of 100 Place in 2015
1 Audi 69.5 2
2 Tesla 65.4 1
3 BMW 65.2 3
4 Porsche 64.60 4
5 Mercedes 64.2 6
6 Mini 61.2 7
7 Jaguar 61 8
8 VW 60.6 5
9 Toyota 60.5 9
10 Opel 58.90 12
11 Kia 54.80 11
12 Smart 54.6 14
13 Ford 54.5 10
14 Dacia 51.90 13

Source: BrandTrust Resilienz Index

That’s pretty shocking no matter how you look at it, and even after taking the scandal mentioned above into account. It’s a testament to Tesla’s 762-horsepower-strong brand, its reputation for record-shattering performance, and its sustainability-focused mission, which the company proudly and wisely wears on its sleeve.

It’ll be interesting to see how these rankings change in the future as the electric auto industry really heats up. Will Angela Merkel’s concerns come to fruition? Will Tesla become a giant that German automakers have to concede victory to? Will things more or less remain the same?

Tesla’s position actually dropped from #1 in 2015 to #2 in 2017. It’s unclear if the Silicon Valley company took a hit or if Audi just jumped through the roof — and I’m not sure why either of those things would have happened in the past couple of years. But I’d guess that the press again had something to do with the changes.

*Here’s a short summary of the methodology: “The company Brandtrust has determined 40 criteria which have an influence on the resistance and the future viability of brands. These criteria were compiled into ten resilience indicators and formed the basis for the Brandtrust Resiliency Index: 1010 adults aged between 18 and 69 were interviewed.”

Update: After receiving this brief methodology translation above, it seemed to me that the study is more about resiliency, but my German source says it’s overall about trust, and Google translations highlight trust in key parts. That said, a certain anti-Tesla critic on Forbes came to the same conclusion I came to (something I saw after writing this update). His argument is that it’s all about a brand’s “resiliency,” not “trust.” However, that may be getting too pedantic … after all, it’s a deep consumer trust in a brand that leads to long-term resilience, no? Either way, I’ve updated the article in parts to highlight this matter.

Auto sales in September rise on festival season push, new launches; Maruti Suzuki sales up 9.3%

New Delhi: Festive season, along with new launches, led to automobile manufacturers on Sunday reporting healthy sales figures for September.

Passenger car major Maruti Suzuki India’s total sales rose 9.3 percent to 163,071 units, from 149,143 units sold during the corresponding month of 2016.

“This includes 151,400 units in the domestic market and 11,671 units of exports. The company had sold a total of 149,143 units in September 2016,” the auto major said in a statement.

The company’s September domestic sales edged higher by 10.3 percent to 151,400 units from 137,321 units.

Reuters

Reuters

However, exports declined by 1.3 percent, with only 11,671 units shipped out during last month, down from 11,822 units sold abroad in September 2016.

Similarly, Hyundai Motor India too reported a healthy growth in its domestic sales by over 17 percent.

According to Hyundai Motor India, its September domestic sales rose to 50,028 units from 42,605 units sold during the corresponding period of last year.

“Hyundai achieved landmark sales of 50,028 units with growth of 17.4 percent, on the multiplier effect of phenomenal performance of newly launched Next Gen Verna… along with strong pull for Creta, Elite i20 and Grand i10 in this festive season,” said Rakesh Srivastava, Director – Sales and Marketing, Hyundai Motor India.

Other major manufacturer, Tata Motors’ domestic sales for September rose by 25 percent to 53,965 units, whereas its exports declined by 27 percent to 3,887 units.

Commenting on the growth in passenger vehicles’ sales Mayank Pareek, President, Passenger Vehicles Business Unit, Tata Motors, said: “With a growth of 18 percent in September 2017, we have recorded highest sales since November 2012, backed by our strong portfolio of new generation products….

“With the on-going festive season, the consumer sentiment continues to remain positive and are optimistic of maintaining this positive trend with robust growth buoyed by the aspirational values we are offering customers.”

On the same page, Honda Cars India’s domestic sales grew by 21 percent to 18,257 units from 15,034 units sold in the corresponding month last year.

“We have had a good start to the festive season, clocking strong sales in September. With the festive purchase on full-swing, our sales outlook for the season is very promising,” said Yoichiro Ueno, President and CEO, Honda Cars India.