GENERAL INSURANCE
IRDAI Regn. No. 157

What to Do When Your Car Insurance Expires?

Has your car insurance policy expired? If yes, the obvious thing to do is to renew it at the earliest. However, what may not be obvious are the things you should consider while renewing your car insurance policy. Read ahead to know the answers to some frequently asked questions that you need to be aware of when your car insurance policy has expired.

What Does The Law Say?

The law says that one should always have a valid car insurance policy while driving. It is mandatory as per The Motor Vehicles Act, 1988 to buy car insurance (renew if expired) before driving on Indian roads. Just as you can buy car insurance online, it can be renewed online as well.

It is suggested to renew your car insurance policy at the earliest and not drive the car until the insurance policy is renewed. If your car meets with an accident or is involved in an unfortunate event, you will not be able to claim insurance as you will not have a valid insurance cover. You can also get into legal tangles if you cause any third-party damages.

What Happens To My NCB?

Insurance companies provide a No Claim Bonus (NCB) for driving safe and not making claims. NCB is a discount provided by insurance providers while renewing your policy. If there is a gap of more than 90 days between the date your car insurance policy expires and the date when you renew it, you will lose this bonus.

What’s The Renewal Process?

Whether you are renewing or buying car insurance online, visiting the insurance provider’s website is the way to go. Renewing your car insurance policy is easy. If there is no inspection required, you can renew your car insurance policy within minutes. Once you complete the online payment, you will receive the policy in your inbox.  

The car inspection step in the renewal process is dependent on your insurance provider and the time lapsed after the expiry date. Some insurers do not need inspection if the policy is about to be renewed within a week after its expiry. For some, that period can be a month as well. However, if the period exceeds 90 days, then it becomes mandatory to inspect the car before insuring it.

Can A Policy Be Renewed From A Different Insurance Provider?

Yes, just as you have the liberty to buy car insurance from any insurance provider, you can choose to renew it from a different insurance provider as well. When the policy expires or is about to expire, it is a good time to review your insurance provider. It is completely legal to buy car insurance from one provider and renew it from another.

You can change your insurance provider if you have had a bad experience dealing with that company. If you have heard good things about a particular insurance provider and you want to switch, you certainly can while renewing your car insurance. Your NCB will also stay intact if you choose to go for a different car insurance provider.

Why Renew Your Policy With Acko?

Acko provides total convenience on buying car insurance online as well as renewing it. The products are simple to understand and easy to purchase. Claiming insurance is hassle-free and the entire insurance experience is quick, transparent, and supportive.

If your policy has expired, renew it as soon as possible to comply with the law and ensure wide insurance coverage against unforeseen circumstances such as accidents, theft, and calamities.