In a yearly contract, a motor insurance policy must be renewed by the due date (and time) specified in the policy document. When the insurance coverage is not renewed by the deadline, it becomes lapsed.
Any form of a car insurance claim made after the car insurance renewal date expires is not taken into consideration by the insurance provider because the policyholder does not have a valid insurance policy. Additionally, in the event of an accident, after insurance has expired, one must pay all expenses out of pocket.
Many people fail to renew their insurance before it expires for a variety of reasons, including illness, a home emergency, travel, a busy job schedule, etc. However, a small number of people purposefully forgo motor insurance renewal in order to reduce their premium costs without considering the consequences. People frequently forget to renew their insurance because of their hectic schedules.
The coverage for motor insurance must be renewed before the deadline. When a person misses the deadline to renew their motor insurance, their coverage expires. An individual must cover all costs associated with an accident after the vehicle insurance renewal date since insurance firms will not accept an insurer who does not have a valid policy. Additionally, it is illegal to drive without insurance in India, where it is a legal requirement.
Here are five things to always remember when your motor insurance coverage is about to expire:
- Get organised
Get in touch with your insurance provider and have your vehicle inspected if you forget to renew your motor insurance on time. You can go ahead and buy the insurance policy once the survey has been satisfactorily completed.
- Avoid driving the vehicle
In India, it is against the law to drive a vehicle without motor insurance. Your car’s minor damages won’t be paid for by the insurance provider. Online renewal of your motor insurance is an option.
- Purchase a new policy.
You will need to renew your expired vehicle insurance coverage if your insurance provider cancels it due to non-payment of the premium. Online shopping is available for new motor insurance. Affordable insurance coverage is offered by numerous insurance providers.
- Click and purchase
Everyone conducts business online thanks to the fast internet. The greatest motor insurance is available online. You are not even required to go to the insurance provider’s office. The greatest car insurance is just a click away on your mobile device. Purchasing motor insurance online is safe. When renewing motor insurance coverage online, saves a significant amount of time and also lowers the premium that is due. ##
- Be careful in the future
To prevent a policy lapse, make sure to pay the premium on time. It’s also a good idea to renew your motorcycle or motor insurance online because you can acquire a digitally signed policy right away.
If your motor insurance expires, your renewal application may be turned down if the lapsed time is too long. If the fine and penalties are paid, renewal might be possible. Insurance providers occasionally grant you a grace period to pay the payment and renew motor insurance coverage after the due date. With or without late fees, fines, or penalties, the grace period can last anywhere from three to thirty days.
You need to have active motor insurance coverage if you own a car. Additionally, you should refrain from driving with a lapsed or expired motor insurance policy as it affects the motor insurance claim process. If you are applying for new motor insurance coverage, weigh your options by comparing the many plans provided by insurers, then choose one that you can trust.
## 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.