A car insurance policy is an annual contract that needs to be renewed by its due date (and time), as mentioned in the policy document. An insurance lapse occurs when one fails to renew the policy by the due date.
After the car insurance renewal date expires, any type of claim made isn’t entertained by the insurance company as the policyholder does not hold a valid insurance policy. Thus, after an insurance lapse, in case of an accident, one has to bear the entire cost from his/her own pocket.
Moreover, if caught driving with a lapsed car insurance policy, you may also have to pay heavy traffic fines.
There are several negative consequences that you might face if you hold an expired car insurance policy. Here is a list of repercussions that you might face if you have a lapsed policy-
Looking at the above-mentioned consequences, it is a good idea to renew your car insurance policy before the expiry date. Furthermore, you can check the below-mentioned steps to renew expired car insurance policy.
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Online car insurance renewal is the easiest and hassle-free method available. You can start by searching on Google and choosing a plan per your needs and budget. Also, you can visit the official website of Policybazaar Insurance Brokers Limited and compare multiple online car insurance plans offered by different insurers in one place.
Usually, car insurance companies send alerts or reminders through SMS, emails, or even calls to their customers to renew the policy on time. Online car insurance renewal is also advisable, as you can get a digitally signed policy immediately. Ideally, you should set reminders on mobile phones or calendars rather than depending on the insurance companies to send renewal alerts.
As a car owner, you must have a valid four-wheeler insurance policy. Also, you must avoid driving with a lapsed or expired car insurance policy, as it can put you in hurdles. If you are applying for a fresh car insurance policy, then compare different plans offered by insurers and select a trustworthy & reliable insurance provider.
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#Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc
*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.