What if you miss car insurance policy renewal?
Driving without a valid car insurance policy is illegal in India and could land you in trouble. You must never let your car insurance policy expire. If you renew it a few weeks before the due date, so much the better.
But if you fail to renew the policy on time, your insurance will expire and the car will be at risk. You will not get any compensation for the damages suffered after the expiry of car insurance policy. In case of theft or fire, you will have to manage without any sort of financial assistance from the insurance company. You may have forgotten the renewal date or the policy has lapsed for some other reason. Whatever may the reason you should know what to do if your vehicle insurance expires.
What if my car insurance policy has expired?
Contact your agent: The moment you realise that your car insurance policy has expired, you need to get in touch with the agent. He will have detailed knowledge about the process after the expiry of a car insurance policy. The agent will also assist you in the renewal of the policy. Alternatively, you can choose to renew the policy online. This will help save your time and effort. Keep in mind that you may have to pay a higher premium when you renew an expired policy.
Avoid driving the car: If your car insurance policy has expired, you must not drive the car. You are at higher risk if you drive it without insurance cover. In the event of an accident, you could end up paying from your pocket for the damages to the third party and for the loss or damages to your vehicle.
Choose the policy: If you want to change the insurer and buy one from a different company, compare the policies online and then make the right decision.
Keep the documents in place: After you choose the policy you want to own, speak to the insurance company, and get details about the documents needed. Remember to keep a copy of the previous policy and registration certificate handy. These will be required when you renew the insurance. You will need additional details like the location where your car is registered, age, model, car brand and the date of first registration.
Prepare for the vehicle survey: In case of expiry of car insurance, the company will send a representative to review the condition of the car. They will check the car for damages before approving the car insurance application. You must book an early appointment to avoid any delay. If there is damage found during the inspection, you might not be eligible for the insurance cover. Some insurance companies have self-inspection where you can renew the policy without waiting for the representative to check the car.
Now that you know what to do if vehicle insurance expires, do not delay the renewal.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.