If you are looking forward to renew car insurance now, it does not make a sense to wait for the lockdown to end for its purchasing. Here is why you need to do it right away.
Renew car insurance before the expiration: Don't Wait for Lockdown to end otherwise you have to pay as per the increased premium.
The car is more than a necessity for most of us, and used as a mean of convenience. We invest a big amount from our hard earned cash to purchase a new or a second hand car. But, we think twice before purchasing a car insurance policy, which provides our car a complete protection against all the damages or losses incurred by accident, theft or your vehicle caused by accident, theft, self-ignition, explosion, and fire.
Buying an auto insurance coverage is a must have thing for every car owner. Not renewing your policy in time might leave the burden on your pocket as you have to pay as per the increased premium. Your vehicle also has to go through a pre policy test again to make sure that everything is fine with it.
Buying a new car insurance online or offline can be more expensive than renewing an existing one. The COVID-19 lockdown has swept vehicles off the streets, and they are standing idle in their parking spots. Some filled with dust while some with dead batteries. In this situation, one would argue about the role of motor insurance where no vehicle is in use. If a vehicle was not taken out on the road, it would not have to suffer damage due to the accident.
Reasons for renewing car insurance before expiration:
As discussed earlier,
motor insurance is the most important part of our car. With the availability of an active policy, you can claim for the damages or losses incurred by accident or any other reasons as discussed in the policy. In case of having no policy on time, you will have to bear the cost incurred to repair your damaged vehicle.
The reasons to renew motor insurance are:
Any claim rejection:
The first thing to be reviewed by your insurance company is the term of your car insurance policy. If your policy is already expired, it will be rejected without further investigation.
No Claim Bonus Cycle Safe:
If you do not claim during the policy period, then motor insurance companies offer a discount on your 'own damage policy. This rebate can go up to 50% of the premium. Your policy should be renewed on time to enjoy the benefits offered by the no-claim bonus. If not, all accumulated bonuses will fall to zero.
The inspection may not be required:
The timely renewal of your motor insurance policy can be done within a few minutes. It is not true that there is a long interval between the expiration dates of the previous policy and when you finally decide to renew it, your insurer will want to inspect your vehicle for any pre-existing damage. And since the country is on lockdown, even a physical inspection is likely to be delayed. This can expose you to financial liabilities in case of loss.