Here’s How to Deal with Your Expired Car Insurance

You just realised your Bajaj car insurance policy lapsed and you are stuck now. It was just skipped, you were unwell, we were travelling. Reason could be anything. But point is you are no more covered by the policy. What if you need to claim your policy? Will your insurer cover you?

Definitely NO!

Apart from knowing the fact that driving with an invalid insurance is a crime in India, who wants to risk having to pay the hefty repair bill? All these bind you to renew your expired policy without wasting much time! Here are some helpful tips to follow when you miss renew your car insurance policy.

  • Get in Touch with the Agent or Insurer

Even if you miss out on the policy renewal date, you should immediately contact the insurance company. Only an insurance expert can help you out of this situation and renew it.

  • Select a Policy

Do your homework proper, research for policies as per your insurance needs. With the help of your insurance expert, you can avail car insurance quotes based on make & model, age and other related details.

  • Take Appointment for Vehicle Inspection

Once you done with the insurer or insurance policy, the next step is to book an appointment for vehicle inspection. The insurer will have a vehicle survey at the earliest.

  • Get Your Vehicle Surveyed

A surveyor from the insurance company will be appointed to inspect the vehicle. Based on his/her review, ascertain any pre-existing damage an observation, the insurer will calculate the value of your vehicle or will decide whether insurance is provided or not.

  • Get an Instant Policy

Once the vehicle is surveyed, you can now buy a policy. The inspection is valid up to 24 hours only, within which you’ll have to buy the policy. So, without wasting your time, if any policy suits your needs and budget, buy it immediately!

  • Documentation

If you buy a new policy, keeps your valid documents such as previous year’s policy and registration certificate of the vehicle handy. These are few of the documents that are compulsorily asked by the insurer at the time of renewing or buying a new policy.

  • Avoid Driving Your Car

Accident can happen anytime anywhere. So,  try not to drive your car without an insurance. In case you meet with an accident, you’ll have to bear the entire repair expenses or for liabilities, as you can’t claim your insurance now. So, better not taking her out on the roads.

  • Opt for a New Policy

It is the best time opt for a new policy as well. If any point of time you feel your existing coverage insufficient, you can port the policy while renewing. You can either port within the insurer or change the insurer. Choice is yours.

Don’t Fall for the Myths

Sometimes policyholders are often confused by the myths of renewal processes that are bound to hit them by their friends or neighbors. Here is a simple clarification about various myths that linger alongside the due-date:

Unreliable payments

Often people remain under the impression that an online payment might not get accepted by their insurer, and fearing this they decide to renew their insurance offline, which often gets delayed and sometimes missed too- resulting to a hefty loss.

Online renewal is unsecured

Another most common misapprehension is that an online renewal is unsecured, which also results in delaying the process and skipping the due date. However, there is no such fear associated with the online renewal of the insurance; rather it is most secure and instant.

Phobia of documentation

Some believe that perhaps a list of various documents might be needed to proceed with the renewal, and amidst their busy schedule they refrain from either searching for their documents or checking the site of their insurer for renewal options. It only disappoints them when they get to know after the expiry of their due date that all that was needed for renewal was their policy number, and seldom a copy of the insurance.

Consequences of Not Renewing Car Insurance

The reasons for someone not renewing insurance can be manifold. But whatever the reason is once it expires, you are no more eligible to claim the benefits. This results in sudden financial dig into your lifetime savings in case of an unforeseen event.

Moreover, as buying the basic motor insurance is mandatory in India, you can’t ply your prized possession without a valid insurance. If you do, be ready to face a huge penalty with the traffic cope.

Third, with an expiry insurance, you are unable to claim accumulated no claim bonus with the existing plan. NCB is offered for every claim-free year as a discount on the insurance policy or in a form of increase in sum insured. NCB is bound to expire with your expire policy.

In a Nutshel!

Therefore, it is in the best of your interest to renew an expired policy right away. Try to remember your policy renewal date. Even if you miss it, immediately contact the insurer and get it done without a fail.

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