You have just been hit with the sudden realization that your car insurance policy has lapsed. Now you are just scratching your head, wondering what to do next! A lapsed car insurance policy indicates that you have missed the deadline of renewing your four wheeler insurance policy. Not only is it a legal offence to drive an uninsured vehicle on Indian roads, but it also exposes you to the risk of financial liabilities in case the car is involved in an accident.
So what do you do? The first step is to understand the implications of a lapsed car insurance policy
Step-by Step Guide to Renewing Car Insurance Policy
Choose the Insurance Company
- For break-in or lapsed car insurance policy, you would require to fill in your details again and then await inspection by the surveyor.
- If the policy is renewed within 90 days, you are eligible for the benefit of NCB. NCB or No Claim Bonus is the discount offered by insurance company for not making any claims in the year. It is a great way of progressively reducing your car insurance premium. Read more about No Claim Bonus and its Benefits.
- If your policy lapsed 90 days ago, you will lose the No Claim Bonus. This in turn will lead to higher premiums.
Depending on the vehicle’s age and make, you need to find a car insurance provider that provides premium at competitive rates. To find the best insurance for your vehicle, you can contact your previous insurer and enquire about the renewal process. Or else, you can obtain car insurance quotes by other insurance providers to find the best deal.
Get the Vehicle Survey Done
Once you have shortlisted the insurance company that you want to opt for, you need to get the car inspected by a surveyor. Call the insurer and they will schedule a date on which the surveyor can inspect your car.
Buy the Policy
Once the survey is done, you can buy the insurance policy. Remember to do this as soon as possible. This will help you avoid heavy fines for driving uninsured and save you from the heavy financial costs in case your vehicle is involved in an accident.
If your car insurance policy has lapsed, then renew it as soon as possible. And in future, just keep a reminder and renew your policy on time to avoid subsequent hassles.
If you are looking to renew your policy and get comprehensive coverage against physical damage, bodily injury and cover against third-party liability, then check out our car insurance policy