Friday September 22, 2023

6 Reasons To Renew Your Car Insurance Policy Online And How To Do It

Renew your car insurance

Every car insurance policy has a validity period. The insurance runs for three years for new cars, after which it must be renewed annually. You can get your car insurance renewal done online. There are many websites where you can compare policies and get one right.

We share six reasons to renew car insurance on time:

  1. Continued coverage

Your car needs insurance. The insurance offers benefits like no claim bonus, cashless repair, zero depreciation, and more. Your car will have car insurance as long as your policy is valid. Besides, No Claim Bonus benefits require continuous coverage over time.*

If you don’t renew your car insurance, your insurance company won’t cover any car-related financial liabilities.

  1. Obey motor laws

Every car in India must have third-party car insurance. Your vehicle should always be insured while on public roads. Your car insurance will lapse if you don’t renew it.

If caught by traffic police, you will be fined heavily and/or jailed for up to three months. Driving an uninsured car carries a fine of Rs 2000 first offence and Rs 4000 for the second offence.

  1. Avoids debt

Motor insurers cover car-related losses and damages. Your insurer pays for damages to your car or third-party injuries.

If you don’t renew your car policy, your insurer won’t cover your car’s financial liabilities. Your insurer won’t cover car damage during the grace period.

If you end up in an accident which causes someone’s untimely demise, it can be financially devastating. In such a case, you may be legally obligated to pay the victim’s family a few lakhs to a few crores without your insurer’s help.

  1. No claim bonus remains

Motor insurance companies give car owners a No Claim Bonus for not filing a claim the previous year. Your insurance company will give you a renewal premium concession or No Claim Bonus if you don’t make a claim (NCB).*

If you renew your car insurance within 90 days of expiration, you may retain your NCB. NCBs last 90 days after policy expiration. If you don’t renew your policy now, you’ll lose your NCB.*

  1. Facilitates renewal

When you renew your car insurance promptly, your vehicle is not inspected, and the process is easy. The insurance company considers you a careless car owner if you don’t renew on time. Thus, your car may be inspected when you renew your car insurance after a gap.

Car inspections may be inconvenient. It may also reveal car damage or wear and tear. It may lower your car’s IDV or raise your premium. *

  1. Prevents premium increase

As you know, a car insurance break can raise your premium. Because you must buy car insurance from scratch, it may be expensive. As a careless driver, your insurance company will raise your premium when they discover your expired policy. If that weren’t enough, you’d lose your NCB. *

Get insured anytime, anywhere! Check out Bajaj Allianz General Insurance website to learn more and download the app now.

* 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.

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