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All you need to know about an Expired Car Insurance Policy

It’s important to renew your car insurance as it monetarily keeps you away from liabilities and unexpected circumstances.

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All you need to know about an Expired Car Insurance Policy

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  1. RenewBuy - 1 All You Need to Know About an Expired Car Insurance Policy

  2. RenewBuy - 2 In simple words, an insurance plan that has not been renewed before or by its expiry date is known as a lapsed policy. An expired policy is not viable for 2 major reasons: It does not remain a valid document. As per to Indian Motor laws, it’s illegal to drive without a valid car insurance. Law breakers are subject to penalties and might even face strict legal action It can lead to financial losses. Accidents can happen anytime and anywhere and expired plans can cause major monetary losses.

  3. RenewBuy - 3 Reasons to Renew Your Expired Insurance Besides the above-mentioned points, here are a few other reasons for you to renew your vehicular insurance policy Protection Accidents are common and unpredictable. If you do have an accident after your plan has expired, you’d have to shell out a lot of money and incur huge financial loses. Longer Car Insurance Renewal Procedure The longer you wait to get your car insurance renewed, the tougher it will be to find an insurer willing to renew your policy. Besides that, you’ll also have to bear the charges of having your car surveyed. No Claim Bonus Are you familiar with the fact that a policy lapsed for more than 3 months could make you lose on your accrued NCB? Think about this, the no claim bonus raked up over four years could stack up to 45-50%. Just imagine losing that?

  4. RenewBuy - 4 Step 1: Select Insurance Policy - Explore and choose your plan before you go further. Based on your car brand, model, age and other facts, professionals or aggregator sites can help you come across the perfect policy for you. You can compare car insurance plans. Steps for Renewing an Expired Policy If your insurance plan has exceeded the car insurance renewal date, don’t waste more time. Just follow these steps!

  5. RenewBuy - 5 Step 2: Vehicle Survey Appointment - After deciding on the insurance company, you’ll have to plan a survey of your vehicle at the earliest. The sooner you do it, the easier it gets!

  6. RenewBuy - 6 Step 3: Vehicle Inspection - A representative from the insurance company will examine, assess as well as determine any pre-existing damages of your automobile. Based on his remarks, you may or may not be eligible for renewal of insurance.

  7. RenewBuy - 7 Step 4: Buy the Plan - Once the inspection has concluded, you can buy a car insurance plan. You should keep this in mind that the inspection is effective for 1 day only, therefore do not waste any time post your appointment.

  8. RenewBuy - 8 Our office is located at: 434-435 Vipul Trade Center, Sohna Road Sector 48, Gurgaon, Haryana 122018 Our Office Hours are 9.30 am to 6.00 PM You can leave us a message at support@renewbuy.com at any time and we will get back to you immediately If you wish to do business with us, write to us partners@renewbuy.com It’s important to renew your car insurance as it monetarily keeps you away from liabilities and unexpected circumstances.

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