Things to remember when your Car Insurance Policy is due

Car Insurance Policy has been made mandatory and this is something we all know now. The renewal of your Car Policy is falling due soon. Last time you missed buying add-on covers due to lack of information. Because of this, you just could not file for Zero Depreciation Claim last time. It taught you a lesson and you thought to be extra cautious for the renewal.

Why is it important to renew car insurance on time?

It is important to renew the car insurance policy on time. This is when it will be of help to you.

• Car Insurance Policy is your protection when you face an accident and as a result of either, you or any third party gets injured. Insurance Policy pays on your behalf and you do not have to shell money from your pocket. It makes it important to renew the car insurance policy because it will pay you for Own Damage as well as Third-Party Liability Policy.

• For every claim-free year, you earn a No Claim Bonus which implies that you save premium. But if there is a gap in the renewal, you will lose the benefit.

• Save you from penalties levied by the traffic policeman. In case of driving a car without an insurance policy, especially Third-Party Liability Policy you will have to pay a fine of Rs.2000/-.

How to renew the Car Insurance Policy?

There are options to choose for the renewal of Car Insurance Policy from either online or offline methods.

1. The existing insurer: If you wish to continue with the same insurer, then you can simply deposit the premium amount before or on the date of renewal.

2. Any Other insurer: But if you wish to choose another insurer on the basis of offers, discounts, and coverage then find it out well in time. Use Car insurance calculator and calculate the premium offered by different insurance companies. Compare the quotes and finalize one for the renewal. This can be done online easily without wasting time.

Renewing the policy is essential. Remember to opt for the add-on covers at the time of renewal and extend the cover.

What are the consequences of driving a car with expired insurance?

Driving a car without an insurance policy will have its own implications. This where it can lead you to.

Fine: The recent updates in the Motor Vehicle Act, 2019 has made a loud cry that if you are not allowed to drive a vehicle without insurance policy. If found doing so, it will attract a fine of ₹. 2000/- and/or imprisonment of 3 months. For the second offence, the fine amount will rise up to ₹. 4000/- and/or imprisonment of 3 months.

Illegal: Buying a Third-Party Insurance policy is made mandatory by law. It is done in the interest of the people. Driving a vehicle without insurance policy is illegal and a strict action can be taken by you.

Pay compensation in case of any third party damage: If you happen to hit another vehicle and have missed the renewal of your Car, it is for sure that you are in trouble. You will have to bear the cost of treatment as well as property damage to the third party.

Pay from your pocket in case of own damage: Without a car insurance policy, you will have to pay for the cost of repair for own damages.

How to ensure the timely renewal of Car Insurance Policy?

It is good of you to finish your important matters in the nick of time. For sure it may sound too cliched. What matters to us is to remember of renewal. You can ensure the time renewal by:

• Note down the renewal date.
• Renew online in quick and simple steps.
• Setting reminders on your mobile.