The Importance of Timely Motor Insurance Renewals

If you own a car, having a motor insurance policy is essential and so is motor insurance renewal at the time of the lapse of the policy. This is irrespective of whether you have decided to buy motor insurance online or offline. The popular proverb, “Timeliness is next to godliness" definitely holds true in this case. There isn’t just one reason why renewal of your policy is necessary. Let’s visit the reasons behind the importance of timely renewals of car insurance policies.

• Driving Without an Insurance is Illegal: Driving a car without third-party liability insurance is an unlawful practice. You are liable to pay hefty fines, if you are caught driving without insurance, and serious legal action can also be taken against you. You avoid such avoidable situations, make sure to renew the motor insurance policy as early as a few weeks before the date of its expiry.
• The Cover Is Not For A Lifetime: Whether you have selected a third-party liability insurance or another type of motor vehicle insurance, the coverage is never for a lifetime. Insurance coverage generally lasts a year and needs to be renewed before the date of its lapse. Irrespective of whether it lapses a year later or after a few years, it is mandatory for you to renew it on time, so you can continue to enjoy its benefits.
• Your Insurer is Not Liable To Pay For Damage / Theft: If you do not renew your motor vehicle insurance on time, you will be left with a cover, which defeats the purpose of purchasing a policy. In case that happens, the insurance company will not be liable to pay any damages, should it happen even during the grace period.
• You Have to Pay a Higher Premium: If you decide to renew your motor insurance policy after it has already expired, the insurer is expected to charge you a higher premium amount. Since a third-party insurance policy is mandatory, you will be forced to pay a higher amount. Hence, it is necessary to renew your policy, it is absolutely essential for you to renew it on time, that is, before it reaches its expiration date.
• No Claim On ‘No Claim Bonus’: You are eligible for a No Claim Bonus if you do not claim the benefits within a policy year. This implies that you get a certain percentage of discount on your premium in the next policy year. However, the same will not be applicable if you renew the motor vehicle insurance policy after it has already lapsed.
• Left Without Protection: It goes without saying that you will be left without protection if you don’t renew your car vehicle insurance policy on time. Then when you do opt for a renewal, your insurer will inspect your car, which is a time-consuming process. This means you will have no protection during this time period.

Apart from abiding with the law of the land, it is for your own benefit that you renew your car insurance policy on time. So, go ahead with timely renewal of your car insurance policy, so you can make the most of the benefits that you were promised when you had decided to buy motor insurance online or offline.