According to the updated Motor Vehicles Act 2019, it is critical for you to understand the various aspects affecting you as a car owner. One example is automobile insurance. A car insurance policy provides you with financial security and is required by law.
As a result, remember to renew your policy before it expires, or it may no longer be valid. You should also be aware that you can face several risks and penalties if your policy expires. As a result, it is prudent to renew car insurance policy on time to avoid the hassle that follows. However, it would help if you took a few precautions to keep yourself safe.
You must be aware of your car insurance policy’s expiration date to ensure that your vehicle is not at risk. If an accident occurs and something happens to your car, you may not be compensated for the damage. Even if your car burns down or is stolen, you may have to bear the entire loss and pay out of pocket.
The following are five things to keep in mind when your car insurance policy expires:
- Do not drive your car on the road.
When you miss your car insurance renewal date, and your policy expires, the first and most important thing to remember is to avoid driving your car. Even if your vehicle sustains minor damage during this time, your insurer cannot provide coverage. If you need to use your car immediately, contact your insurance provider and renew it online in a few minutes.
- Contact your insurance company.
If you have missed your insurance renewal date, you must notify your insurer and follow the necessary procedures. In such cases, your insurance company may assist you. They can reinstate your insurance policy and save you from paying any penalties.
- Do not make the same mistake again.
Learn from your mistakes and proceed with caution the next time. Make a note of or send a reminder on your phone for your car insurance renewal date, just as you would for any other important date. Pay your car insurance premiums on time or early, and never let your policy lapse. Isn’t it always wiser to take precautions than to suffer later?
- Renew your insurance policy
You can only continue with insurance if your policy expires due to a failure to pay the required premium. You can check with your insurer to find out how to check car insurance expiry date. It would help if you automatically renewed your lapsed policy. Today, numerous insurance companies provide the same coverage at different prices. Make a comparison first, and then choose the one that not only offers adequate coverage but also at an affordable price.
- Online Purchase
Even though it has become quite simple and convenient to purchase a car insurance policy online with a few clicks, only some people do so because they are hesitant.
It is natural behaviour, but you should know that if you purchase the policy from a reputable website, this method is highly safe. A third-party car insurance policy is not only required by law, but it is also very beneficial to you in terms of financial security in the future. You also don’t have to give up your savings. As a result, it is preferable to have a valid policy with timely car insurance renewal and avoid getting in trouble with the law.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.