With the update in the Motor Vehicle Act 2019 it has become even more essential to know about the various aspects that affect you as an owner of a vehicle. Motor insurance is a major aspect that you need to know about.
The instant loan providers have really made it easy for a person to buy a car. However, the difficult part is to maintain it. Besides sending your car to a service centre periodically, there is one more thing you need to do to protect your car and that is to buy
car insurance online. Car insurance is the real reason why our cars run on the roads hassle free. Life is really easy and stress free when you have car insurance.
In India, it is mandatory to have car insurance policy. However, buying a car insurance policy is not all. You need to take good care of your car. Also, you must renew your car insurance policy on time. The one who fails to renew the car insurance policy on time has to go through a lengthy procedure for making it active either by paying a penalty or buying a new policy.
Renewing the car insurance policy on time is as important as buying a new policy. If your car insurance policy is nearing motor insurance renewal, here are a few vital tips to keep in mind –
Most car insurance policies are renewed once in every 6 months or in a year. You must renew your car policy within one year after buying it. Car insurance companies either notify you about the motor insurance renewal via telephone call or an email well in advance before the policy expires.
You must know the basic details of your car insurance policy such as the offerings and the expiry period. You must be ready to renew the policy before its expiry. There is no grace period in case of a car insurance policy. You must pay it immediately to avoid the cancellation or expiry of your car policy. If you fail to make the payment on time, your policy will be declared inactive and from that moment onwards, your car will not be covered under any policy. If you are renewing the policy on time, it means that you wish to continue with the current insurance company. Even if you plan to switch your car insurance, you must buy a new policy before your existing policy expires in order to avoid any risks.
During motor insurance renewal, it may happen that your car insurance company may charge you more than what it had charged during the previous year. The reason behind this raise could be more number of claims made to the company in the previous year. Even if you met with an accident (with your fault) or you violated traffic rule/s, your premium will be increased.
How can you pay less
You must take a closer look at your insurance in order to downgrade your policy if you do not need a particular offering. You can get in touch with the insurance company/agent and discuss about it. However, do not let go off an important offering simply because you want to save some money on the premium.