Renewing your car insurance policy on time is as important as choosing the right plan that fits in with all your requirements. Lapsed car insurance is up to no good and does not offer you any coverage during critical times. So, it is important to renew your car insurance during or before the grace period to avoid it from getting lapsed. You can easily process your car insurance renewal online from the comfort of your home. It is a completely paperless and hassle-free process that can be done within minutes. You can opt for the best insurance providers like Bajaj Allianz and ACKO car insurance which are quite popular in the Indian market.
Below mentioned are all you need to know about your car insurance renewal plan. Read to know more!
Importance of On-time Car Insurance Renewal
Here are some important things to consider when renewing your car insurance. They will emphasize the significance of renewing car insurance before the expiry date. Car insurance renewal online is one of the best ways. The majority of the insurance providers like ACKO car insurance have the facility of renewing it online. It saves you money, time and effort which is one of the biggest advantages of doing it this way.
1) Renewing Car Insurance is Essential
On several occasions, it is stressed how compulsory car insurance policies are. First-time car buyers are advised to purchase car insurance policies as a good legal precaution. In addition to buying car insurance, it is also important to renew it. Buying the policy once won’t suffice. It is a limited-period policy that needs to be renewed if you want uninterrupted coverage. Make sure you keep renewing the policy and make sure you are covered. You can also process your car insurance renewal online in minutes.
2) Non-renewal is A Legal Issue
As far as legal implications are concerned, driving around with an expired four-wheeler insurance plan is no different from driving around without a four-wheeler insurance plan. A police officer will not check if you ‘had’ a policy when he stops you, but whether you ‘have’ one. You must have a valid policy to avoid any legal issues. If not, you will be fined up to Rs. 2000 or a jail term of around 3 months. Head to your policy provider’s website and renew your car insurance today!
3) Non-renewal Can Lead to Financial Liability
The car insurance plan’s Third-party Liability component can be problematic if it is involved in an accident and causes damage to others. In such a case, the insurer will not be liable to pay for the damages, as the policy has not been renewed. Therefore, you will be responsible for third-party liability. That is why it is necessary to have proper car insurance. Process your car insurance renewal online today to avoid such complications.
4) Non-renewal Can Lead to Financial Outflow
In the event that the car needs to be repaired, it can lead to a financial outflow if the Own Damage component of the four-wheeler insurance policy is not renewed. Since the car’s insurance has expired, you will have to pay the garage bill yourself without the insurance company’s intervention.
5) Non-renewal Can Lead to higher Premium
The status of an expired policy is one of the crucial inquiries made during a car insurance renewal. When compared to non-expired insurance, the premium for an expired policy will usually be costlier.
Online Car Insurance Renewal Benefits:
You can renew your car insurance online from a digital-first insurer like Acko car insurance without difficulty, regardless of whether you purchase it from an agent, a car dealer, or an aggregator. The benefits of doing so are as follows.
1) Save Money
If you renew your car insurance with a digital-first insurer such as Acko car insurance, you may be able to save money, as the premiums are lower than those charged by a traditional insurer. Due to their reliance on online infrastructure rather than an offline one in the form of sales/branch offices, they do not rely on middlemen to sell their policies, have a tech-enabled process, and do not incur massive operating expenditures.
2) Save Time
The renewal of your car insurance is no longer a time-consuming task, thanks to online car insurers that have their own websites/apps where you can renew your plan. Doing car insurance renewal online takes about the same amount of time as it takes to book a movie or a flight ticket in terms of time.
3) Save Effort
The process of car insurance renewal online eliminates the need to fill out extensive forms and submit documentation. You can choose a car, choose a plan, pay the premium, and insure it from the comfort of your home without scheduling an appointment or seeking expert advice. You can also contact the insurer for assistance if you need it. Renew your Acko car insurance today!