Car Insurance Renewal - Why it is important to do it on time?

By: Pranav V Sharma

Car insurance is mandatory for every individual who owns a car. But the validity of the car insurance policy is up to certain period only. This period depends on the policy that you have chosen and the date on which the policy was purchased. After this period is over, one needs to renew the car insurance policy to avail all the benefits of it. Usually the renewal has to be done before the car insurance policy expires or at least by the end of the validity.

While renewing one must look for the available options of renewal which might provide them a better deal. Also the cost of renewal might rise if the insured does not meet the basic requirements of the car insurance policy at the time of renewal. It is very important to note the renewal dates and be punctual in renewing the car insurance policy. One can renew the car insurance policy online as well as offline irrespective of the way he had purchased the insurance policy.

If one fails to renew the car insurance policy on time then he might have to face some difficulties.

• Firstly if the gap between the expiry date and the date when the insured tries to renew his policy is more than the policy gets cancelled and calls for buying a new car insurance policy altogether instead of merely renewing it.

• The insured might have to pay a fine depending on the days for which his car was not insured.

• Driving a car without it being insured under the car insurance policy is risky. If any loss or damages occur due to the accident that might take place during the period after the policy has expired then all the expenses will have to be paid by the owner of the vehicle from his own pocket.

• An expired or lapsed car insurance policy will put the car owner on the wrong side of the law.

• Thus, in spite of owning a car insurance policy the owner of the insured will be unable to avail its benefits.

Therefore it is wise to renew the car insurance policy on time to avoid having to face troubles later. Also requesting a renewal of the car insurance policy before hand gives the insured sufficient time to make changes to the policy if any required.

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Author Profile: Pranav Sharma is an insurance agent based in Mumbai; Pranav assists individuals and corporates in purchasing the right car Insurance & often shares his insights about the vehicle insurance industry on internet.

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