Knowledge Centre

Why You Should Not Miss Your Car Insurance Renewal Date

As we already know, motor insurance needs to be renewed every year. It is one of the most important policies as it gives protection to your car against any accidental damage, any third party liability in the form of death, injury and property damage. Getting your insurance renewed before due date is not just important, but also necessary as a failure to do so may not just lead to an expiry of your insurance but also a lot of other complications.

Firstly, you will have to buy a new insurance which will not just be expensive but you will also lose all the benefits of your previous accounted year like “no claim bonus” if the policy is not renewed within 90 days from the date of expiry.

The good news is that in case you have not been able to get your policy renewed in time, you can do it at the last minute right from the desk of your office by opting for the renewal online.

What happens if your insurance policy gets expired?

Here are some consequences of not renewing your car insurance policy on time:

  • In case you fail to renew the policy before its expiry date, the policy will lapse. If you do not have car insurance, you are legally not allowed to drive in India. You may have to pay fine to traffic police due to non renewal of your motor policy. You lose your previously accumulated No Claim Bonus then the renewal premium is higher than the expiry policy

  • You have to get your vehicle inspected once again before you get a fresh policy.

  • In an unfortunate incidence, if you meet with an accident without a valid insurance policy, you will have to bear all the expenses by yourself.

Car insurance policy – Renewal Process

You can now renew your car insurance online. In the fast paced world, many of us do not have the time to visit the physical outlet and get the policy renewal done. Getting policy renewal online does not only save time but is also hassle free, convenient and turns out to be much cheaper in terms of premiums. All you need to do to renew the policy is to login on the website of your insurance provider, fill in the required details and pay the renewal charges.

You can even calculate your premium online by using car insurance premium calculator on most reputed insurance provider websites. HDFC ERGO car insurance premium calculator is not just easy but also extremely reliable.

What to do when your car insurance expires?

In the scenario where your policy crosses the renewal deadline, you should immediately contact your insurance provider to check for the options available. Some insurers might not allow a car insurance policy renewal online in this case and may need you to visit their physical office with required documents.

In case of break in insurance, you may renew your policy online by using HDFC ERGO’s Self Inspection app. Self inspection is very user friendly and you can easily upload the documents and get approval within minutes.

This is why it is important that the policy holder acts fast when they find out that the policy has not been renewed within the stipulated time.

To be on the safe side, renew your car insurance policy well in advance. If you were unable to do the same within the stipulated time, be sure to follow your insurance company’s guidelines.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before going ahead with the sales.

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