How to handle the ‘break-up’ with your car insurance policy?

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More than being a status symbol, owning a car has become an inevitable necessity for people nowadays. It helps you to meet your responsibilities on time and sets you free from worrying about arranging transportation to reach important places. With suchhigh-end importance of this vehicle in our lives, having a car insurance policy is a must and so is its renewal. It is vital that you renew your motor insurance when the due date is nearing.

However, if you just realised that your car insurance policy lapsed a few days ago and now you do not know what to do, don’t fret! Agreed you were unwell, travelling, or you were neck deep in work. However, renewing your car insurance should be your priority now.

Here’s why:

  • If you fail to renew your car insurance on time, whether it is through online or offline mode, it will expire and have negative effects.
  • First, there will bea lot of penalties and risks involved when your policy lapses. For instance, if anything happens to your car, you will not be liable to receive any cover for any damages caused.
  • Whether your car gets stolen or catches fire, you will have to manage without any financial assistance.Hence, it is essential to renew your policy on time to save your precious time and money.

If your insurance has lapsed, taking care of a few things will bring you in back in a safe position. Here’s how:

  1. Get in Touch with Your Insurance Company As Soon As Possible

Even if you have managed to miss out on the due date for renewal, you can contact your insurance company and take things forward. Your insurance company will be in a better position to help you out in such case. Today, with the availability of online vehicle insurance renewal, the whole process has become easy. Your insurer will help you reinstate the insurance policy and thus save you from paying any penalty.

  1. Avoid Driving Your Car

Driving a car with a lapsed motor insurance means putting it to further risk. Even if it is not your fault, any minor damage to your car will not be covered by the insurance company. As discussed above, to hasten the renewal process, call and check with your insurance company whether they have an option of online car insurance renewal. As with the online vehicle insurance renewal system, your car insurance can get renewed in a couple of hours.

  1. Choose A Different Insurance Policy or Renew the Existing One

If you feel that you can get a better quote from another company or a better policyas compared to yourexisting insurers, go for the same. However, making an informed decision is important. Know if the insurance covers all your needs and provides you a good premium rate. Based on your car model, model, age and other details, find the ideal policy for yourself. You can use car insurance renewal premium calculator to know how much you need to pay in terms of premium. Also, check for the Insured Declared Value (IDV) of your car. Insurers tend to lower this in order lower the premium. Make sure you have an optimum IDV.

  1. For Policy Renewal, You Will Need to Schedule A Vehicle Survey Appointment

After finalising on the insurance policy, you will need to schedule a vehicle survey at the earliest. The earlier you do, the better it gets! During the inspection process, the insurance company representative reviews,inspects and ascertains any pre-existing damages to your vehicle.

  1. Buy A New Policy After the Vehicle Inspection

Once the survey has concluded and your vehicle has been deemed fit, you can renew/buy your car insurance policy.

  1. No Claim Bonus

No Claim bonus refers to the increase in benefit (usually the sum insured) or reduction in premium of a motor insurance policy. Insurer may discount the renewal premium for every claim free year. This will mean that insured needs to be more diligent while using insurance. Insured should take care of petty damages out of their own pockets,especially when the total claim is lower than the annual premium.

To Conclude,

As much as you might love living on the edge, driving an uninsured vehicle is as safe as walking on a tightrope. Not only do you pose a risk to your car (that you bought with your hard-earned money), but you also stand a chance to lose a lot regarding premium.

When you have the advantage of online car insurance renewal, you do not have to worry anymore.  It is wise to renew your existing car insurance or get a new one. All you need is to secure the wellbeing of your car and the co-passengers with a reputed insurance provider. Enjoy the long drives without any worries and let your car insurance policy take care of your vehicle.