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Understanding Importance of Car Insurance Renewal
Dec 4, 2022

How Important is Renewing Car Insurance Timely in 2023?

Car insurance is needed to protect yourself from a financial crisis that might incur due to an accident/mishap. As we all know that uncertainty can happen at any point in time. Furthermore, the law mandates that every car be covered by third-party liability insurance. If the car owner is caught without this insurance, legal action may be taken, with serious implications.

06 Reasons to Renew Car Insurance on Time

Indeed motor insurance is an important aspect that we all need to be aware of. If you are a car owner then having a car insurance policy is important. Renewing the car insurance timely is also important. Here is a rundown of key reasons that highlight the importance of timely car insurance renewal:
  1. When you buy a new car, you have to get car insurance, at the very least the third-party liability insurance. However, this does not imply that this cover is for a lifetime. In most cases, car insurance coverage ends within a year, and it must be renewed on time to ensure that you are insured.
  2. If you do not renew your car insurance policy before it expires, you will be left without coverage if something unfortunate happens. And the insurer will not be liable to pay for any damages that occurred during the grace period.
  3. It is unlawful to drive a car without having active third-party liability insurance, therefore renewing it is a must. If you are caught driving without insurance, you'll have to pay hefty fines and legal action can also be taken against you. To protect yourself against such misfortunes, make sure you renew your car insurance policy a few weeks before it expires.
  4. Non-renewal can be pricey, as the insurer would certainly raise the premium in such a scenario. And, because third-party coverage is compulsory, you will have no choice but to pay a higher premium. As a result, renew your insurance on time to avoid spending more than what is reasonable.
  5. As an incentive, those who do not file a claim in a specific year are given a No Claim Bonus. You will not be awarded a bonus if you do not renew your insurance coverage on time.
  6. Last but not least, if you renew your insurance after its expiration date, your car will be inspected. This will take a while, and you will be without protection for that period.
  7. We all have a responsibility to our society and country, and being aware of and abiding by the laws and regulations that have been created, must be our top priority. If you haven't already got your car insurance policy renewed, please do so as soon as possible because we never know what difficulties we may encounter in the future. Thus, being prepared beforehand is always a smart idea.

Over to You

Car insurance is created to protect that hard-earned asset that we all treasure so dearly. We must make sure that we take proper care of our car while also taking the essential measures to protect ourselves and others on the road. Renewing your car insurance on time will provide you with a safety net and assure your financial security. We request you to please be aware and renew your insurance policy at the earliest, if not done yet. Drive safely and carefully! *Standard T&C apply   Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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