If you own a car, resolve to keep your car insurance online policy in force at all times. Letting your car insurance lapse has many drawbacks and is not recommended. Check out why you should always keep your car insured and the disadvantages of letting your coverage expire. Make sure you always check car insurance online to know the status.
Importance Of Car Insurance
Let’s start by comprehending the significance of car insurance coverage. A car insurance policy offers many types of protection, including paying for damage, third-party liabilities, and legal expenses. This is why you need to purchase car insurance as soon as possible. More than just the plan alone is required. Your ability to renew the policy on time and prevent the expiration of the coverage is equally important.
The Drawbacks Of Allowing Your Car Insurance To Lapse
The following are some drawbacks of allowing a car insurance policy to lapse:
Legal Issues
You avoid facing severe legal repercussions if your online car insurance policy is renewed on time. Every car owner in India is required by law to have a current third-party motor insurance policy in place before driving on Indian roads. If caught operating a vehicle without a current motor insurance policy, you will face severe fines and possibly even arrest.
No Third-Party Insurance
As a responsible driver, you are responsible for providing for any additional parties who might sustain injuries in an accident involving your car. It is also your responsibility to show that you are liable for any damage to the third party’s car or property. When your car insurance policy is in force, the insurer pays the third party on your behalf. However, if it remains lapsed, you will be responsible for paying all third-party liability costs out of your pocket, which can be very expensive.
No Own Damage Insurance
Similarly, if your policy has expired, the insurer may not reimburse you for damages to your vehicle. Avoid paying the bill yourself when you renew Bajaj Allianz car insurance online on time. Repairing your car can be an expensive endeavour. *
No Personal Accident Insurance
The majority of car insurance policies include a personal accident clause. This is significant because it provides your family with financial security in the event of your passing. When the policy is still in effect but has expired, the sum assured is not paid out.
Loss Of No Claim Bonus
Finally, any accrued no-claim bonus would be recovered if you renew your insurance within 90 days of expiration. This is particularly detrimental if you have accumulated a sizable bonus—say, 30% or 50%—that could have allowed you to receive premium concessions upon renewal. *
As you can see, these factors can cause significant financial losses. To maintain your Bajaj Allianz car insurance online plan’s validity, you need to renew it. You can quickly and hassle-free protect your car and finances by restoring it on time.
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*Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
