2019 New Year Resolution – Renew Car Insurance on Time
A new year is a time for new resolutions. People often have goals to improve fitness, academic performance, or work better. Things like car insurance or car maintenance hardly cross anybody’s mind.
This new year, let’s make a promise to ourselves that we will renew car insurance in time.
In this article, we will discuss the benefits of car insurance renewal that will help you make this promise to yourself and also keep it.
What benefits do you get if you renew car insurance in time?
Intact coverage
When you do not renew car insurance in time, you are left exposed to various perils that can cost you financial liabilities to a great extent. Even if you do not renew the policy for a single day and you get into an accident, you cannot raise a claim against the policy. This is because raising a claim against an expired car insurance policy is not allowed.
However, if you renew car insurance in time, you will have an intact coverage. If you renew car insurance before the expiry date, the new policy will be post-dated and will come into force the moment your old policy expires.
No Claim Bonus
This is a discount you will receive on the cost of your car insurance policy when you do not raise claims. The discount is applicable while you renew car insurance. As NCB can be as high as 50% discount on car insurance, it is regarded as one of the highest discounts available on car insurance premium.
When you forget to renew car insurance online for a long time (90 days, depending on the insurer), your No Claim Bonus resets to zero. Thus, if you do not renew car insurance in time you will lose all your NCB.
Avoid buying a break in policy
You need to buy a break-in policy when you allow your previous policy to lapse. Buying a break-in policy can be costly. Another reason to avoid buying a break-in policy is that your insurer might want to inspect your car before issuing a new car insurance policy. This will delay the purchase process, leaving you uninsured for a few days. To avoid this hassle, always renew car insurance online and in time to get instant policies.
No need for procrastination
If you buy your policy at the very last moment, you might not get a chance to review the coverage offered by the policy. You might continue with coverages that you no longer require. This may increase the cost of your car insurance policy unnecessarily. But, if you renew car insurance online and in time, you will get enough time to review and buy the coverage that you need.
No Fines or penalties
Since it is mandatory by Indian law to buy at least a third-party car insurance policy, you will have to pay fines if you drive without car insurance. A find for not have a valid car insurance policy is Rs. 2000/- and/or imprisonment. Thus, renewing a car insurance policy in time will help avoid the fines.
Enough time to decide upon Add-ons
As mentioned earlier, if you renew car insurance in time, you will get enough time to review the coverage. If you have a comprehensive car insurance policy, you can add or remove add-ons at the time of renewal. If you do not require a passenger cover, or instead need an accessories cover you can make these changes now.
Benefits of Car insurance online renewal
#1. Quick purchase
The process of renewing your car insurance online is faster than renewing it offline. This is because less paperwork is required in this method.
#2. Additional discounts
Renewing car insurance online will fetch you discounts other than NCB, discount for installing a security device, or a discount for being a member of any of the Automobile Associations of India. You can avail special offers that are only available online.
#3. Instant policy
If you renew your car insurance policy online and in time, the policy document will be instantly sent to your registered email address. On the other hand, this process could take days via the offline method.
The Bottom Line
Always renew your car insurance policy in time to avoid hassles, fines, and to avail discount and an instant policy.