We all know that we need to renew our motor insurance policy every year. The reason is not only its legally required but also for the protection it gives in case of an accident and loss. However, despite being most particular about your bill payments on time, you may forget to pay the premium of your vehicle insurance policy on time. If this is the situation with you, do not worry, we have a solution for you.
What Happens When Your Motor Insurance Policy Expires?
In case you forget to renew your motor insurance policy on time, you may have to face the following consequences:
You Do Not Get Compensation for Losses: The main purpose of buying or renewing a vehicle insurance policy is to get compensation in case of unforeseen losses and damages caused by or to your vehicle. However, you will not be able to get this benefit, when your insurance policy expires.
You Lose Out Your NCB or No Claim Bonus: NCB or No Claim Bonus is the bonus given by insurance companies for not making any claim during a policy year. However, to get this discount, you need to renew your motor insurance policy before it expires. So, if you do not renew your vehicle insurance policy on time, you lose out on your NCB.
You Will Have to Bear Legal Consequences: Some vehicle owners buy the motor insurance policy (generally third-party insurance) because the government mandates it. Therefore, in case of an expired vehicle insurance policy, they may have to face legal issues.
Get the Inspection of Your Vehicle All Over Again: If you want to renew your comprehensive motor insurance policy after its expiry, then your car may need to undergo vehicle inspection once again.
What to Do When Your Motor Insurance Policy Expires?
In case your motor insurance policy has expired, do the following:
Contact Your Insurance Agent: Once you realise that your vehicle insurance policy is expired, contact your insurance agent. The agents generally have a complete idea of how to proceed in such cases. Alternatively, you can renew your motor insurance policy online. Renewing a vehicle insurance policy online is easier. However, you must note here that you may need to pay an extra premium for renewing an expired policy.
Avoid Driving Your Vehicle: You must avoid driving your vehicle when its insurance policy is expired. This is because if some mishap happens, you not only have to bear the financial losses but also have to face the legal consequences.
Select Motor Insurance Policy Wisely: Renewing an expired motor insurance policy is the same as buying a new policy for your vehicle altogether. If you want to change the insurance provider or the plan that you previously had, you can do that. However, select an insurer and its motor insurance plan very wisely by comparing different policies online.
Keep All the Documents Ready: Once you have selected the motor insurance policy, call the insurer and ask about the documents you will need to submit in this case. Generally, you have to have a copy of your previous insurance policy and your car’s registration certificate. The insurer may also ask you to provide the registration location of your vehicle, the vehicle’s age, its model, and registration date.
Get Ready for Vehicle Survey: In case of expired vehicle insurance, the insurer sends a surveyor to check the condition of the vehicle. The surveyor inspects the vehicle for damages before approving your application for vehicle insurance. If he/she finds out any damage in your vehicle during the inspection, the insurer may deny your application. Some insurance providers these days offer the facility of self-inspection, wherein you can renew your vehicle insurance policy without waiting for the surveyor to check.
How to Renew an Expired Vehicle Insurance Policy?
Follow the below steps to renew your expired motor insurance policy:
Step 1: Select the insurer and insurance plan as per your requirements. If you want you can continue with your old insurer. However, in both cases, you have to contact the insurer either by calling their customer service or filling out the respective form online.
Step 2: Vehicle inspection is mandatory if you want to renew your motor insurance policy after a break in the policy tenure. There are two options available for vehicle inspection. Some companies offer self-inspection and some provide third-party vehicle inspection facilities. As per the requirement of your selected insurer, you can get your vehicle to undergo an inspection.
Step 3: In case of third-party inspection, the insurance company sends a surveyor to inspect your vehicle. Whereas, in self-inspection, the insurer provides a set of instructions that you have to follow to inspect your vehicle on your own. Based on the result of the inspection, the insurance policy can be offered or denied by the insurer.
Step 4: After a successful inspection, the motor insurance policy is issued to you.
Conclusion
It is natural to forget things, but in the case of insurance renewal, try not to forget the deadline. The reason is you have to undergo an inspection of your vehicle all over again and the process can be tedious and time taking as well. So, setting a reminder before the expiry date of your vehicle insurance policy can be a way to remember it. However, whatever way you choose, remember to get your vehicle insured before its expiry date.
