A car insurance policy comes with an annual contract or an expiry date. The Insurance Regulatory and Development Authority of India or IRDAI, responsible for managing the insurance sector, reviews the changes in current policies from time to time. The rules regarding policies are not valid for a lifetime, as they also have a specified expiry date. So you have to renew the policy to keep it active. Remember, car insurance renewal on time is crucial to avoid heavy penalties and decrease the possibilities of liabilities due to sudden damages. Here we talk about the top 3 benefits of timely renewal of your car insurance policy. Avoid Financial Outflow One of the biggest benefits of getting car insurance renewal on time is that you can avoid any financial responsibilities due to an accident on the road involving your vehicle. However, not renewing the policy can lead to a financial outflow if your car needs repairs. Since your car’s insurance cover is inactive, you will have to bear t...