It is common knowledge that insurance policies act as a shield in human lives and for things we love, safeguarding what’s precious to us. Probably the second biggest investment we make in our lives after a house, a car is right up there in our list of things dear to us. However, since it is a mobile thing which is exposed daily to multiple hazards on the road and even when it is at a standstill, it is vital that it stays insured against unforeseen harms which might come its way. Precisely why one must never be careless when it’s time to renew the car’s insurance policy and here are Top 5 reasons which will tell you why timely car insurance renewal is vital:
Ensures Comprehensive And Continued Coverage Against Untoward Incidents
We’ll keep it simple, yet, try to focus on the immediacy of the topic. Imagine a situation where your car’s insurance policy has lapsed. Since events in our life don’t check the calendar or ask us about our situation before the occurrence, it could happen that a car thief’s lucky day could coincide with the very time during which your car’s insurance policy has lapsed. Needless to say, you, your wallet, your car, and your emotions attached with those four wheels and metal would be counting on luck alone, in a situation where the insurance policy has lapsed and something unforeseen, unwanted and unpleasant has to happen.
It’s A Legal Requirement Too!
Imagine driving down the road, only to be stopped by a traffic cop for a random check and then you both discover that the car’s insurance policy has lapsed. In such a situation, where his face will be ready to break into a smile, you won’t be able to afford one once he’s handed you a hefty fine for driving on the road without a valid insurance policy for the car.
Saves You A Lot Of Hassle
In a situation where the car insurance policy has lapsed, you will have to produce the vehicle for inspection, post which, an authorised surveyor will inspect the vehicle, before policy issuance. The policy would only be issued subject to satisfactory inspection and submission of required documents. Compare this to the quick and hassle-free online process where you can choose what’s best for your car in a few clicks.
Protects Your No Claim Bonus
If you are a careful driver who has painstakingly protected the car against all hazards to earn a ‘No Claim Bonus’, it will all go down the drain unless you renew the policy within 90 days of it lapsing. For the uninitiated, these bonuses are passed on to the customer if there has been no claim against the policy during its term. The bonus is an amount which is deducted from the premium for the renewal.
Gives You Time To Decide What’s Best For You
You can renew your car’s insurance policy 60 days prior to its last date of coverage. When it’s time for renewal, you don’t have to stick to the same provider and can switch to another provider who offers a better deal. However, since you would have the time to explore (unlike in a situation where the policy has lapsed and you make a decision in a hurry), you can compare between online providers and various policies and choose what’s best for your car, your wallet and make the right decision.
Image Credit: Bajaj Allianz General Insurance