The entire country is under a lockdown and there is zero traffic on the roads. Plus, there may be some of you who have your vehicle insurance renewal coming up. We got queries on social media as to whether one should wait for the lockdown to get over and then renew car/two-wheeler insurance or go ahead with it like a routine insurance renewal. Here's why you should not wait for the lockdown to renew your vehicle insurance.
Losing Out On Benefits
If the insurance policy on your vehicle is lapsing within the lockdown period, treat it like regular insurance renewal and get it renewed online. Getting auto insurance online has become a simple process. In case you don't get it done, you stand to lose out on benefits like no claim bonus (NCB) and other continuity benefits. The NCB discount accrues over time, so it benefits vehicle users who are careful with their cars/two-wheelers. In case you missed out on some add-ons or some riders on your previous insurance policy, like zero depreciation etc.
Inspection & Late Fees
In case you do not renew your insurance policy, you will have to end up paying late fees and losing out on all the benefits from the previous policy. Usually, there is a 30 day grace period for insurance renewal. However, it is advisable that you renew your vehicle insurance policy before you enter the grace period. Some Insurance providers also charge late fees even if you renew your insurance policy during the grace period. Plus, in case you do not get your policy renewal on time, you will need to get your vehicle physically inspected by surveyors/people from insurance companies. That will be a separate headache as well.
In case you choose not to renew your vehicle insurance policy, and should some situation arise where you need to take your vehicle out, then it will be a problem, because it is illegal to drive car or ride a two-wheeler without insurance. Secondly, in case there is some damage to the vehicle till the time you are not able to get your insurance renewed, you will have to bear the complete cost of repairs by yourself. Plus, you stand to lose all the benefits in case you let your policy lapse and not renew it.
Renewing vehicle insurance is not very difficult. One can easily get it done online. All you need to do is go to an insurance service provider's website, choose the insurance policy that suits you best, and get it activated. Ensure that you compare policies from multiple service providers to choose the best possible policy for yourself.