What is Car Insurance Renewal?
There can be various reasons why your online car insurance policy has lapsed, and you must renew your policy before the expiration date to continue driving safely. As a result, you must remember to renew expired car insurance as soon as possible to avoid legal action and have safe coverage for you and your vehicle.
Car insurance protects you against accidents, theft, natural disasters, and other unforeseen events that could damage your vehicle. In addition, having a good motor insurance policy protects you and your vehicle from the financial losses caused by these unfortunate events.
Vehicle insurance is a must in India, according to the Motor Vehicle Act of 1988.
What if your Car Insurance is expired?
It is not safe to drive a car without insurance. Therefore, you should follow all the points which are being mentioned below, for your safety.
Contacting the agent
The first thing you should do is contact your insurance agent or fill out an online renewal form. The form can always be found on the insurance provider’s website. If you are already familiar with the basics, you can save a lot of time by renewing your insurance online. However, waiting too long may lead to pay a higher premium and increase the risk of being fined for driving without insurance.
Never drive a car
It is advised not to drive the vehicle while the car insurance is expired and being renewed. This is why it is recommended to apply for renewal before the previous insurance expires. Driving without insurance brings you at greater risk, and in the event of an accident, you will be responsible for paying the third party’s damages. In addition, there is no coverage from the insurer for vehicle loss.
Policy Selection
It is illegal to drive without motor insurance, so you must renew it as soon as possible. The fastest way to do this is to renew it online. First, choose a car insurance policy that is appropriate for you. You can also change the company and the features. This allows you to compare different insurance policies and make an informed decision about the product.
How to Renew your Car Insurance?
Online Insurance Purchase/Renewal
Avoid the hassle of visiting an insurance agent for purchasing a policy when you yourself can complete it online. By just following these steps:
Step 1:- Visit your insurance provider’s website and select the option to purchase car insurance.
Step 2:- Enter the required information, including your registration number, mobile phone number, and email address.
Step 3:- Choose the policy you want and enter any additional information, such as add-ons, that will help determine the approximate premium amount payable.
Step 4:- Upload scanned copies of the required documents.
Step 5:- Confirm your purchase by using the online payment method.
What are the benefits of Car Insurance Renewal?
- Security: Renewing car insurance ensures that the policyholder is secured for a long period of time. For example, if the policyholder is involved in an accident within one day of the policy’s expiration date, the insurance company will not assist him; such risks can be avoided with Car Insurance Renewal.
- Retains No Claim Bonus (NCB): Car Insurance Renewal assists policyholders in keeping their No Claim Bonus intact. When a policyholder renews their car insurance policy without filing a claim during the period, the policyholder receives an NCB. The NCB ranges from 20% to 50%, depending on the number of claim-free years.
- Avoids Penalty: According to the Indian Motor Tariff, driving a car without valid insurance is a punishable offence. As a result, it is essential to keep your car insurance policy active by renewing it on time. It will undoubtedly assist you in driving your car freely on the road without fear of being fined.
FAQs on Car Insurance Renewal
✅ Is it necessary to renew car insurance every year?
In most cases, auto insurance policies are renewed every six months or a year. A year after purchasing a car, you must renew your car insurance policy.
✅ What happens if you fail to renew your auto insurance?
The loss of your No Claim Bonus (NCB). Finally, renewing a car insurance policy after it has expired can be a hassle.
