How to Renew Car insurance online After Expiry

How to Renew Car insurance online After Expiry

• It is mandatory for car owners to have valid car insurance at all times to be eligible to drive in India. One is not supposed to be driving if they do not have a car insurance policy or if their previous one has expired.

• The fine levied for not having car insurance policy is substantial and deters people from driving without having car insurance in place. It’s also risky to ride or drive without any financial protection as even a small accident can burn a big hole in your pocket.

• Car insurance premiums are annual contracts with the insurance company that covers the car and the third party from any damage occurring in case of a collision.

They are supposed to be renewed before their yearly anniversary to ensure one has valid insurance in existence at all times.

• In case you miss to renew your car insurance online before the expiry date, the insurance cover gets expired, which can cause certain issues like: • Lack of Cover: The cover that was existing before expiry no longer stands valid. in case of an accident, there will be no compensation provided for the damages after expiry.

• Traffic rule violation: It is not legal to drive a car in India without a valid car insurance policy, hence, if you choose to drive a car after the car insurance has expired it can land you in legal trouble.

• Inspection of the car: A car insurance policy is subject to inspection in case the same is renewed after expiry. The insurance company can at its discretion issue a car inspection to see the quality of the car if the same is being renewed after expiry.

• Loss of 'No Claim Bonus': A no claim bonus is a bonus that is received by way of reduction of premium if no claim was raised in the previous financial year towards any damages. If the car insurance policy expires and more than 90 days have lapsed, one can lose the accumulated no claim bonus, which can be a substantial figure.

In case your car insurance policy has expired, one renews the same even after expiry in the following manner:

•Renewal after immediate expiry: Visit your car insurance online portal and enter the car details, they will ideally provide you with the quote for renewing the car insurance. If it is done without delay, there may not even be any inspection or any loss of no claim bonus. It is advisable to not drive between the period of expiry and renewal of insurance.

• Renewal after grace period: A grace period is the window period after expiry where one can renew the insurance without any loss or additional costs. It ranges from 30 to 90 days depending on the insuring company. If one renews the car insurance online after the grace period there are most likely to lose the accumulated no claim bonus, and their car will be subject to inspection, which can increase the premium cost.

Thank You