Skip to main content

Top 3 Benefits of Timely Renewal of Your Car Insurance Policy

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 the cost of repair on your own without the involvement of the insurance company.

Follow the Rules 

Driving a car with an expired insurance plan is like driving without an insurance policy. It can lead to serious legal implications. You will have to pay hefty penalties and will be handed a challan when caught by traffic police. Getting your insurance plan renewed on time can help you avoid such issues and be secured by following the rules and regulations of the country.

Pay Lower Insurance Premiums 

Another key benefit of insurance renewal on time is preventing the chances of paying higher premiums. If your car insurance has lapsed, you will be asked to pay some penalties and fees once you renew it. That is why most insurance companies offer a grace period after the due date to help avoid this extra shell-out for car owners. Timely insurance renewal will make you eligible for lower premiums as you will also get a no-claim bonus if you haven't claimed any insurance in a financial year.

These are some key benefits of getting your car insurance policy renewal on time. The right insurance plan will allow you to drive safely and avoid many problems.


Labels:

Comments

Post a Comment

Popular posts from this blog

Eliminate Parking Hassles by Using a Smart Parking System – 2 Advantages for Car Drivers

Trying to find a vacant parking space may be a routine activity for you, while commuting to work, visiting the mall or a local market, picking up your kids from school, and so on. While this activity may sound simple, it usually consumes a lot of time and effort. In fact, a large amount of urban congestion is created by drivers cruising for parking space. The ever-growing traffic congestion and uncertainty in parking space availability have led to the development of  applications  that support  smart parking system .  These mobile apps can provide you with real-time information about available parking spaces in an area, thereby optimising parking space usage and improving the efficiency of the parking operations. Along with this, it helps ensure smoother traffic flow. Here are two advantages of using a smart parking app for car drivers:   1.      Reduces Time and Effort  The use of a smart car parking app would substantially save...
Post a Comment
Read more

Car Insurance Renewal – A Quick Guide

A car is both a valuable asset and a major expense for most people. As a result, it is quite essential to keep it protected. Car insurance protects your car against potential dangers like road accidents, vandalism, and natural and man-made calamities. In order to drive on Indian roads, your car must have at least third-party car insurance. Many car manufacturers today provide car insurance so that the cars of their customers are always covered. The post offers an insight into car insurance and its renewal. Why Car Insurance is Important? Car insurance provides an additional layer of protection to your car in the event of an accident. In critical situations, the insurance provider will help make up for car damage and ensure your financial stability. Today, car manufacturers offer car insurance to their customers. It is also important to renew your car insurance regularly so that it can help you in the event of a crisis. Car Insurance Renewal  The car insurance renewal process has b...
Post a Comment
Read more

Top Benefits of Virtual Car Assistant

Technology has revolutionised every industry, and the automotive industry is no exception. Car makers are trying their best to integrate technology into their lines of vehicles to enhance the car-buying experience. Virtual Car Assistant Virtual car assistants are one of the best features added by car makers to their vehicles because they are designed to cater to the digital life of the consumer during the commute through a deep understanding of the vehicle. It is a step towards providing a connected, convenient, and safer environment to car owners through an advanced driving assistance system. For instance, Maruti Suzuki has launched its car app, which offers virtual car assistance on the road along with many other features. It is well received by Arena and Nexa car owners primarily because it adds comfort and convenience to their driving experience. Top Benefits of Virtual Car Assistants The fact that the virtual car assistant has deep knowledge and understanding of the vehicle sets i...
Post a Comment
Read more