How To Renew Lapsed Car Insurance Policy?
Updated On Oct 15, 2023
This article mentions how you can renew your lapsed car insurance policy. It begins with an introduction of why renewing a car insurance policy is important and then mentions the processes of renewing the same.
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Car insurance is an important part of owning a car as it guarantees financial protection for any kind of damages sustained by your car due to an accident. Car insurance policies usually have a 1-year term but as per new guidelines, you can also opt for a longer time period. In case you do not remember to renew your policy before its expiry date you can lose receiving all services and benefits under the same and all costs related to repairing, replacing or maintaining your car will have to be borne by you. Such expenses often leave a hole in our pocket and so it is crucial to keep your car insurance policy running.
How To Renew Your Lapsed Car Insurance Policy ?
If you fail to renew your car insurance policy and it lapses, you cannot renew the old policy. You will miss out on certain benefits that include a compensation fee, lose your No Claim Bonus (NCB) and have to go through an inspection all over again. Hence the only solution that you have is to buy a new policy as soon as you find out that your car insurance has lapsed, because as per law, you can face legal consequences and a fine for not having a car insurance policy.
Hence, if you are looking to renew your lapsed car insurance policy, here’s what you should do: there are both online and offline modes of renewing your car lapsed car insurance policy and you can choose to do it either way.
If you want to renew your car insurance policy online, you need to follow the step below -
- Visit the website of your car insurance provider or any other car insurance company.
- Choose between a Comprehensive Car Insurance Policy or a Third Party Liability coverage option.
- Enter your name, address car number, make, model, variant and registration date.
- Enter the details of your previous insurance policy including the date of expiry and claims made.
- Your car insurance premium will be regenerated. If you choose a Comprehensive Plan, you can customize it further by selecting your IDV and add-ons.
- You can view the amount of premium that you will have to pay.
If you want to renew your lapsed car insurance policy in the offline method, just follow the steps as given below -
- Inform your car insurance provider as soon as you are aware that your policy has lapsed.
- Upon intimation, the car insurance provider will fix an appointment to survey your vehicle.
- If there are pre-existing damages, the surveyor might fix a deductible amount on the amount of damage caused.
- Once the inspection is over, it is valid only for 24 hours. You must purchase a new policy immediately to delay further expenses on your behalf.
This is how you can renew your lapsed car insurance policy. However, you should always be very conscious about your policy’s expiry date and if need be renew it before that time to reduce the hassle of buying a car insurance policy anew. It is crucial to secure your car with an insurance policy because it saves not just you , but your car as well from unforeseen damages and financial obligations that come along with it.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.