Car Insurance Renewal.
Page Contents
A car insurance policy is an annual contract that must be renewed every year to have a financial backup in times of unfortunate incidents involving your vehicle. Getting the policy renewed before the expiry date gives you the benefit of continued protection for your car. Not getting a timely renewal makes the policy become void, in which case you need to buy a new policy.
It is a legal requirement to have motor insurance in India. Having an outdated policy can lead you to a huge amount of risk and make you a legal offender. Car insurance renewal ( Renew With Bharti AXA ) done regularly will save you from bearing the expenses on damage repair caused to the third party. As lack of an updated policy is akin to no policy, you can end up paying a hefty amount to the traffic officials. In case of having an expired policy, you become ineligible to claim for any damage or loss and have to suffer the financial crisis arising out of it.
Not being punctual in policy renewal would lead to later hassles. The policy renewal process takes time. You have to face the prospect of vehicle inspection and wait for permission from the officials to get the renewal. Due to this hefty process, it is always advisable to not wait for the policy to get expired to get a renewal. Also, with the timely renewal of policies, you can get lower premium rates. Upon renewal of the policy, you will be asked whether your previous policy has expired or not, which basically determines your premium.
One of the other major losses of driving with an outdated policy is losing your No Claim Bonus discount. No Claim Bonus is like an incentive for being a safe driver. If you haven’t made any claims in a given year, the company rewards you by giving a discount upon the next renewal. But this can be availed only if you get a timely renewal, i.e. within 90 days from the date of expiry. If not done so, you end up losing your accumulated NCB discount.
To avoid the hassles of physical inspection of your car, and waiting for it to get approved, you can choose to get a renewal online. If you choose to get the policy renewed before its expiry date, you can use the online mode, which requires no inspection. Only if you are doing it after the expiry date, you need to get a physical inspection and approval from the officials.
The Insurance Regulatory and Development Authority of India (IRDAI) has allowed the insurance companies to offer long-term policies for a period of 3 years. Opting for a long-term policy would not require you to get a renewal every year. You can choose to go for such a policy to keep yourself free from the hassles of yearly renewal. Bharti AXA provides the best car insurance policies with minimal premium rates. Choose your policy now.
Other Articles Related to Insurance, You Might Enjoy.