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What happens if you miss your car insurance renewal date

Driving a car in India has many advantages. It benefits you from moving around freely, without dependency on public transport, to places you wish to visit at your own pace. Owning a car can be a necessity and a luxury too. India has many car companies that offer great deals encouraging people to buy cars for convenience. Public transport in India can be very tiresome and can get crowded during working hours. Having a car saves you time and energy while making it possible to reach on time. When purchasing a new vehicle, you must keep in mind certain things; at the top of that list is the car insurance policy. Always check the details, the coverage and compare a few policies before choosing the right one. 

A good insurance policy has many advantages, especially during an accident. Many people do not feel the need to purchase a good car insurance policy without seeing long-term benefits. However, when mishaps occur, and they cannot get maximum coverage from the existing policy, they get frustrated and realize the importance of a car insurance policy. 

Many of us already own a car and pay insurance for it. The rule in India and anywhere globally is that the owner must possess car insurance to drive the vehicle on the road. The owner must buy an insurance policy for the car that covers accidental benefits and third-party claims. Insurance policies are valid for a year and require timely renewal. Car insurances online can be purchased and renewed at the owner’s convenience. However, if the owner fails or misses the insurance policy renewal date, there are inevitable consequences that the owner has to face. Read below to know the consequences.

  1. Policy will lapse

If the owner does not renew the car insurance policy on time or before the expiry date, the policy will lapse. Driving a car on the road without a valid insurance policy can be dangerous and is against the law. You could land into trouble with traffic authorities in case of an offense or even at casual checkpoints. There are possibilities of you losing the No Claim Bonus accumulated by you in case the policy lapse extends beyond the renewal window.  

  1. Get your vehicle inspected again

Missing the renewal date for the car insurance policy means you have to take the vehicle to the RTO for inspection. A new policy will have to be purchased, and the inspection certificate must be attached to the same. It will require the process to be followed if the expiry date is missed.

  1. Bear the expenses in case of an accident

The reason for imposing a valid insurance policy is to maintain financial safety and security during accidents. When accidents occur, vehicles are usually damaged and sometimes need to be sent to the garage to repair or replace parts. Without a good insurance policy, the claims will not be applicable, so the owner will not get any monetary assistance from the insurer in case of an accident.

Buying car insurance is now extremely convenient and does not require a lot of documentation. Vehicle owners can buy or renew car insurance policies online at their convenience. They can add a reminder to their phones to check the validity date and make payments before the policy expires. Most car companies send automated reminders via emails and SMS, ensuring the owner knows the insurance policies. Here’s how you can pay for your car insurance online.

Steps to buy the car insurance policy

Paying online is a simple procedure and can be completed in just a couple of clicks:

  1. Log on to your insurance broker’s website.
  2. Select your RTO, mention your vehicle details like registration number, type of vehicle, and registration date, along with basic information.
  3. Select plans that suit your unique requirements. You can compare up to 4 policies to help you pick the best.
  4. Pick a policy based on the coverage and premium that suits you best and make the payment online.
  5. You will receive a copy of the policy via email. Keep a print of it in the car.

Remember to renew your policy regularly to avoid any unnecessary financial distress in the future

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