Every individual sets up certain milestones in his/her life like getting into first job, buying a house, getting married, etc. One of such milestones that most of us eye for is owning a car, or shall we say owning one's dream car! Accordingly, buying a car is considered as one of the most important investments in one's life. Probably that's the reason that a lot of research and thought process goes into deciding which car you should bring home. In addition, one of the things which needs a proper planning and research with respect to your car is its security – motor insurance.
A good, well planned and designed motor insurance not only offers risk coverage towards loss and/or damage to your car, but also protects you from a financial contingency like situation. For instance, if ever you meet an accident leading to major damage to your car, your motor insurance policy will take care of all the expenses incurred in the event.
Also, in case of any such accident, your motor insurance policy will compensate for the damage caused to someone else's property. In order to avail such benefits towards your motor insurance policy, it becomes very important for you to make the payments for your car insurance renewal on a regular basis. In case your policy expires and you meet an accident before renewing the policy, you would lose the chance to avail benefits covered in your motor insurance. Any insurance policy will offer risk coverage only for the loss/damage caused during its tenure period. If the event of loss/damage is post the policy tenure you won't get any coverage amount even after paying the full premium. Thus, you would end up paying for the damages from your pocket. Thereby, in order to avoid delay in car insurance renewal, it is often recommended to renew the policy few days before the expiry.
Car insurance renewal offers certain other advantages as well, like if you are not happy with the services of your current insurance provider, you always have an option of switching your policy to other car insurance company. In addition, at the time of your car insurance renewal, you can opt for additional coverage benefits from your current or new insurance provider. One of the main benefits that you can avail from car insurance renewal is discount on your premium amount on basis of no-claim bonus (NCB). The facility of NCB is not available at the time of buying the policy but only at the time of renewing the same.
It is an old saying - precaution is better than cure, and a car insurance renewal is one of the best examples of the same. And even if its not for the sake of advantages you could avail from a motor insurance, you would definitely want to abide by the law, because as per the Indian law, having a motor insurance is mandatory.