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Car insurance is one of the most basic things you need to have while driving a car. It is mandated by law to purchase third-party insurance when you purchase a car. But often, the Insurance policy can expire simply because the owner forgot to renew expired car insurance on time. Under such circumstances, if you undergo an accident, then you will have to bear a hefty dent in your wallet.
There are other monetary losses like the lapse of accumulated NCB if you forget about car insurance policy renewal after expiry. Moreover, driving around a motor vehicle without insurance is not legal. To stay away from financial losses and legal hassles, it is best to renew your expired car insurance.
If you do not renew car insurance for an expired policy, the following are the consequences.
Claim Free Years
Percentage of Discount on Premium
The no-claim bonus accumulates as each year passes. Remember, even if you switch insurance companies, your accumulated no-claim bonus will still be valid. But if your insurance policy expires, then you will lose the no-claim bonus.
Having an expired car insurance policy is nothing new. Many people often make the mistake of forgetting to renew their policy. Hence, the best car insurance companies have kept the option of online car insurance renewal open for you. You can alternatively visit the insurer in person and do the process as well.
Step1: Select your Car Brand Name, Model, Variant, Fuel Type, Registration Date, and Registration Area. Click ‘Get Quotes Now’ and choose your choice of plan.
Step 2: Now, choose the desired plan. You will have to choose a third-party plan for your car. You can also choose a comprehensive policy for better coverage and more benefits.
Step 3: Fill in the details about the insurance policy you had before. This expired car insurance renewal online step is applicable even if you are applying for a policy with your previous insurance company. Needless to say, you will obviously have to fill in these details in case you are renewing your car insurance with a new insurance company.
Step 4: You need to do inspection of car as required by insurance company.
Step 5: Once you have completed all the above steps, the exact payable premium amount would be generated on the next page. After seeing the amount, you can add on other coverage benefits if it suits your budget.
Ans: Yes, this is what you must do to stay away from the hassle of an expired policy. It is best to renew the insurance at least before seven days just to be on the safe side.
Ans: Your NCB is valid for 90 days after the expiry of your existing policy. If you do not renew the car insurance within this time, you will lose the no-claim bonus.
Ans: If you drive without valid car insurance, you will be charged a monetary penalty of INR 1000 to INR 2000. If you are found repeating the offense, then you will be charged a higher amount.
Ans: Most good companies allow a grace period of 30 days to renew your existing policy after it expires.