In India, it is illegal to drive your car without a valid insurance policy. Driving without an insurance cover can attract a hefty fine. However, there could be an instance when your policy has expired, and you failed to renew it. If you fail to renew the policy because you forgot the expiry date, you risk losing all the accumulated benefits including the NCB (no claim bonus). Additionally, driving your car without an insurance cover implies that you face the risk of financial losses.
So, here are a few tips you must consider to renew your expired car insurance policy.
Inform the insurer
First and foremost, you must contact your insurance agent or the insurance company to inform them about the lapsed policy. Your agent will have the expertise in dealing with the expired policies, and they will use their knowledge to reinstate the policy and prevent a situation where you may have to pay the penalty. The earlier you initiate the renewal process, the more willing will the insurance company be to renew your policy, especially if you have a good driving record.
Avoid driving till renewal
If your car insurance has lapsed, you should avoid driving until you renew your policy. Accidents can happen at any time without any warning, and if you get involved in any road mishap, you face the risk of bearing the expenses of damages from your pocket.
Reassess your insurance needs
While renewing your car insurance, it is better to renew it online as it is an easy and quick process; you can get your protection cover back within a few minutes. Also, while you renew the insurance, it would be the best time to reassess your insurance needs; you can opt for a new plan, change the insurer or add a new rider to your policy. You can use an online insurance comparison tool to make an informed renewal decision.
Keep the documents ready
Once you have decided on the plan, you must contact the insurance company to know about the documents needed for car insurance renewal. Usually, you can get this information online on the insurer’ website. Make sure that you go through the requirements thoroughly and keep the necessary documents ready as well as the copy of the car’s registration certificate before starting the renewal process.
You may also need other documents like driving license, the date of registration, name and model number of the car, the address of the RTO office.
Fix an appointment for a survey
Since your car insurance policy has already expired, the insurance company may want to conduct a survey of the car to check for any pre-existing damages before approving your eligibility for renewal. Make sure that you fix an appointment with the insurer at the earliest for the survey. Any delay in the renewal may increase the risk of a higher fine or increased premium.
Based on the reports submitted by the surveyor about the condition of the car, the insurer will decide the renewal. If your vehicle has suffered any significant damages, the insurer may reject your renewal application.
Purchase the policy immediately
After the survey is done, make sure that you renew the policy immediately as the inspection is generally valid for 24 hours. It would help if you renewed the policy online as you can complete the process within a few minutes.
When you fill the renewal form, make sure that you cross-check the details again and see if you have sufficient coverage and the necessary add-ons in your renewal request. If all the details are correct, submit the form and complete your renewal process.