Vehicle Insurance : Has Your Vehicle Insurance Expired! Adopt New Method, Extra Charge Will Not be Applicable

If you are found driving without insurance, you can be fined Rs 2,000 or imprisoned for up to three months for a first offence. In such a situation, if any accident happens or you face any other damage, then you will have to bear the cost of the damage to the car yourself.

Many vehicle owners forget to renew their vehicle insurance before it expires. You must already know that according to the Motor Vehicles Act, it is necessary to have third party insurance before driving on the roads. This means that your vehicle must be insured at all times and you must keep track of the renewal date.

If you have forgotten to renew your vehicle insurance, then the cover will no longer be effective. In such a situation, if any accident happens or you face any other damage, then you will have to bear the cost of the damage to the car yourself.

If you are found driving without insurance, you can be fined Rs 2,000 or imprisoned for up to three months for a first offence. Whereas, for repeated offences, you will be fined Rs 4,000 or imprisoned for up to three months. Hence, it is advised that you avoid driving your vehicle after your insurance cover expires.

How To Renew Expired insurance Policy

When the insurance expires, the companies inspect the vehicle again. So it is also important that you have to re-inspect before re-installing the cover. If you have missed renewing your policy, contact your insurer immediately.

If you have purchased the policy through an insurance agent, you may contact him for further processing. If you have bought your policy online, you can visit your insurer’s website, fill in the details.

Renew Within 90 Days for No Claim Bonus

No Claim Bonus (NCB) is an important element of your comprehensive motor insurance policy, which helps in reducing your premium to a great extent. NCB rebate starts at 20 per cent and gradually increases to 50 per cent over the years.

If you renew the policy within 90-days after the expiry of the policy, then you can get the benefit of your NCB. For this you will not have to pay much charge.

Since NCB can help you reduce the insurance premium by up to 50 percent, it is extremely important that you renew your policy within this period and enjoy the discount.