Having an automobile comes with many responsibilities. You have to focus on driving carefully, follow traffic rules, and consider overall safety. This is because car accidents have become prevalent. For enhanced protection, Car Insurance is mandatory for all four-wheeler owners. It is a legal offence to drive without it on Indian roads.
Now, getting the policy is not a one-time solution. It requires upgrading just like any other service. This is because your vehicle condition keeps changing every year due to wear and tear. So does its functionality and risk factor. Therefore, insurers readjust the terms, if need be, during such renewal. Besides this, there are many other reasons to renew it before expiry.
1. Law abidance:
An expired policy is like being uninsured. It causes issues during regular police inspections. Your invalid papers cost you a fine of Rs. 2,000 for first offence and Rs. 4,000 for the second felony. Plus, depending on the circumstance, you may also get imprisoned for at least three months. Therefore, a Car Insurance renewal ensures you always have valid policy papers with you.
2. Continued coverage:
Medical Insurance pays your bills only until it is operative. The same applies to your four-wheeler. If you lapse the policy, you cease to get the coverage. That means you cannot claim during the expired period. It also makes you lose out on the add-ons, No Claim Bonus, cashless repair, etc. This causes you to bear all the expenses and pay the incurred fine as well.
3. Protected NCB:
When you raise no claims, you get a reward with a bonus of up to 10%. It is subject to increase to 50% if you have not made claims for five consecutive years. This is called NCB, which gets granted during the online Car Insurance renewal. However, you lose this accumulated benefit if you fail to renew. It remains active till 90 days after expiry. So, it is crucial to renew within this period to protect it.
4. Reduced expenses:
When your policy is active, the insurer is liable for your losses and liability. But once it loses its validity, you cannot raise a claim. It causes problems if a mishap occurs during a small interval. So, it is essential to avert risks and always renew before expiry. A Car Insurance renewal online is the right option when you have reached nearer to the due date. It helps eliminate the lengthy formalities for timely renewal.
5. Relaxed procedure:
Proactively renewing the 4-Wheeler Insurance causes less fuss. It lets you take your time and evaluate the plan. It is also an excellent opportunity to correct any errors in your information. However, an expired policy acts as a ticking bomb. It leads to unnecessary panic and distress. Additionally, insurers conduct an inspection to address your carelessness. This may lead to the discovery of damages, depreciation, etc., which add to your premium cost.
6. Premium hike avoidance:
If there is an extreme delay, the renewal becomes impossible. It leads to buying Four-Wheeler Insurance from scratch. Therefore, you incur the additional expense of buying procedure. Besides, policy providers see you as a careless driver and charge a higher premium. To add to the misery, you also lose out on the accrued NCB benefits. These are avoidable with a timely Car Insurance online renewal.
About The Author
Nicole Hinton
Nicole is a freelancer & passionate blogger. She has 4+ years of experience in digital marketing and specialize in content writing, content marketing and organic search engine optimization. She has worked with many brands from Canada as well as the USA. Currently, she manages content marketing team of freelancers and doing their business efficiently.
