4 Reasons to renew the car insurance policy

For a family, their car is a precious possession. They invest lots of time and money to choose the four-wheeler of their choice and would not want to lose it in an accident. With so many new models and buyers in the market, it can become difficult to search for a reliable insurance provider. Many dealers offer insurance to the buyer the moment they buy the car from the showroom.

The policy document has a validity after which it expires and becomes unusable. Showing an expired policy document does not hold proof and attracts penalties. Hence, car insurance renewal is essential to keep it active. Since commutes are regular, it is always safer to check the insurance expiry date as the traffic police or authorised personnel may check it randomly.

Vehicle repairs after an accident are costly and may exhaust all the funds of the owner. To avoid such setbacks, opt for a comprehensive motor insurance policy. It offers protection in accidental damage, theft, or total loss of the car, and it even covers third-party liability. A motor insurance policy is valid for a year, after which it requires renewal.

Four-wheeler insurance is a contract between the car insurance company and the policyholder. The policyholder is liable to pay regular premiums to get continued insurance coverage from the insurance company. All insurance policies have a start and end date, and users should renew it before expiry. The right time for car policy renewal is any time before the expiry date of the existing coverage. Some companies also give a grace period from 30 days to 90 days to renew the policy and continue receiving related benefits.

Check the different add-ons available with the provider or assess whether to drop a few existing ones. Compare the plan with other providers to find better coverage, if needed. The 45-day period will give enough time to analyse the current coverage and renew four-wheeler insurance. At times, individuals might miss renewing the policy before the expiry date, which leaves the car vulnerable to damages. When the policy does not exist, the insured vehicle lacks protection and becomes prone to accidental damages.

Some insurance companies offer a grace period to policyholders for renewal. However, if they do not renew within the grace period, the policy lapses. In case of a lapsed policy, buy new car insurance. The vehicle owner should get the four-wheeler inspected, generate a quote, and then buy the policy. Here are the reasons to renew the policy:

1.       No need to pay for repairs from the pocket

2.       Retain the No Claim Bonus (NCB) benefits

3.       Escape from paying penalties on Indian roads

4.       It provides safety to the car and reduces stress

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Created on Feb 28th 2021 23:15. Viewed 305 times.

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