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Posted by Royal Sundaram on 05 Oct 2016
Your car is your faithful companion on the road, and it makes all your journeys comfortable and easy. It may be daily commute to office or a drive along the countryside on the weekends; your ride will always live up to its performance and luxury, irrespective of weather or time. But, what if it gets damaged due to someone else’s mistake?
Car repairs can be costly, and may burn a hole in your pocket. To avoid such monetary setbacks in case of accidents or mishaps, always opt for motor insurance policy. This type of policy offers cover in case of a claim is filed due to accidental damage, theft, or total loss of vehicle. Any car insurance policy is valid for a year, after which, you are required to do its renewal.
Why should you renew car insurance?
Car insurance is an essential for every car owner. If you miss the renewal date, here are the difficulties which you will have to face:
- If policy is lapsed due to non-renewal, new policy is required to be availed.
- For the numbers of days during which the car was not insured.
- Legal actions during traffic police check-ups.
- Fear of paying for all the damages, to self and others, in case of accident
Therefore, it is recommended to renew the car insurance policy on time.
When is the right time to renew the car insurance policy?
Similar to any other contract, this contract comes with a start and end date, and you are required to renew it before expiry. Renewal guarantees that your car is safeguarded against any accidents, and you can file a claim, in case any unfortunate event occurs.
However, what will happen if you forget to renew the policy before expiry date? Whenever you take a break during car insurance renewal, you are devoid of renewal rights. Your existing policy is not counted, and you are required to avail a new one.
The right time to renew:
- One should renew the policy before the day it expires.
- The ideal time of renewal of policy is 45 days prior to the date of expiry.
- One can opt for automated renewal to auto-renew the policy.
- If the policy is not renewed after expiry date, then certain insurers offer grace period for renewal, before recommending a fresh policy.
What if your policy expires?
At times, some car owners are unable to renew the policy before the expiry date. They even happen to miss the grace period of renewal. For such car owners, it is recommended to avail a fresh policy.
- Due to non-renewal, the existing policy is lapsed and cover is dropped.
- To apply for a fresh policy, the car owner has to get the vehicle inspected, generate a quote, and then avail the policy.
- In case of expiry, the accrued NCB or No-Claim Bonus cannot be claimed.
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