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7 Things to Keep in Mind When Your Car Insurance Policy Expires

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It is crucial for you to own a valid car insurance plan if you wish to drive in India. You should buy and renew car insurance on time. However, if for some reason you forget to renew on time and your policy lapses, don’t hit the panic button. You can restore your car insurance policy. But in the meanwhile, you need to tread with caution. Here are some handy guidelines for you.

Tips to remember when car insurance expires

  • Don’t drive: Start off by putting your car in the garage till your car insurance renewal is done. It is illegal for you to drive your vehicle with a lapsed insurance cover. So even if your policy stays in a lapsed state for one day, use a cab service or ask a friend to give you a lift.
  • Don’t make haste: It is worrisome to have your car insurance cover expired, but don’t renew car insurance online in a hurry. Take your time, do some research, locate the ideal plan and then make the payment. If you blindly opt for the first cover you come across, you will end up losing on many attractive deals and offers.
  • Choose wisely: Similarly, you need to choose wisely. Like mentioned above, you need to spend a little time and choose a cover that would be suitable for you. See whether you need a third party car insurance plan or a comprehensive plan. Also, check which Add-ons you need. These factors will affect the car insurance quote and you will be able to make some handy savings on your car insurance renewal.
  • Compare: Comparing the different available options is an absolute must in car insurance. You can never find the best car insurance quote unless you run an online comparison first.
  • Change your insurer if needed: You have the option of changing your insurance provider when yourenew car insurance online. Take advantage of this and change your existing insurer if you are unhappy with their service or with the plan itself. This will again help you to get the best possible cover and also the best value for the money that you pay.
  • Calculate the IDV and NCB: You need to keep an eye on the IDV and the no claim bonus. These figures play an important role in asserting the car insurance premium of the current policy period. In a rush to get your car insurance renewal done, don’t overlook these components. Double check them to ensure you are offered the policy at the correct price.
  • Look for a long term cover: If you genuinely forgot to renew your car insurance policy on time, then you need to take some actions to ensure this does not happen again in the future. You can somewhat prevent such a situation from arising again by opting for a long term car insurance cover. A long term policy asks you to pay the premium upfront and then you remain covered for the entire period without having to worry about lapses.

The bottom line

Thankfully, it is not very difficult for you to renew your motor insurance cover after it lapses. Your insurance provider may ask for a small fee. Once you pay that, you can renew the cover instantly. The process can be done online at any time of the day or night. So you can renew your car insurance policy as soon as you discover it has lapsed. Just keep the points mentioned above in mind and take a little time to compare and choose the correct plan. This will prove to be highly beneficial for you in the long run.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

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