What to Do If Your Car Insurance Policy Has Lapsed?

The insurance you buy for your vehicle, be it a third-party policy or a comprehensive plan, is not a one-time purchase. Instead, whether it be for a bike, a car, or any other commercial vehicle, your insurance policy needs to be renewed regularly. Usually, you can buy any sort of bike or car insurance policy for the duration of a year. However, you can also opt for car insurance policies for three years. This means that when buying a new car insurance online or offline, or renewing one, you can choose their duration as three years. While doing this can help you rest assured that your four-wheeler is insured for a longer duration, it may also earn you some lucrative deals on your premium rate. ^##

Renewing Your Car Insurance

In an ideal situation, you should be renewing your policy on time (near expiration), whether it be after one year, two years, or three years. If you have purchased your previous car insurance online, you would have provided them with your contact details, such as your email id and contact number. In such cases, you are likely to get reminders to renew your policy. These reminders can start at least a month before the date of expiration of your policy. That is usually when you can start the process of renewal of your vehicle insurance online. Even if you renew the policy before the date of expiration, your new policy will still start after the expiration of your present one. This option may be available even if you buy or renew your motor insurance offline. It is ideal to get your policy renewed before it has expired, as it may help you get a better deal on the premiums. ^## Based on your convenience, you can choose to do this online or offline. It is possible that you may miss this window of opportunity to renew your vehicle insurance online or offline and your policy expires. If you do, you are then offered a grace period for policy renewal after the date of expiration. This grace period, depending on your insurance provider, could be one to three months. You can still choose to renew your car insurance during this period to ensure that your vehicle has the required coverage.

Types of Car Insurance

You are probably aware that there are two types of car insurance policies commonly available. The one offering more extensive coverage is comprehensive insurance. With this sort of plan, you can get an own damage cover alongside a third-party liability cover as well as personal accident cover. The scope of the plan can be further increased by opting for suitable add-ons that are available to you. It is not mandatory for car owners to get a comprehensive car insurance policy. However, it certainly is advisable to get it if you do not want to bear the financial burden of vehicle repair if your car were to be involved in a mishap. The policy type that you should get, since it is a requirement as per the prevalent rules, is third-party liability car insurance. This is the sort of policy that keeps you financially secure in case you were involved in a mishap with a third party and need to offer compensation to them. Thus, even if you choose not to renew your comprehensive insurance, you will still need to renew your third-party liability insurance for as long as you own your vehicle. Standard T&C apply

Step-by Step Guide to Renewing Car Insurance Policy

1. Choose the Insurance Company

Depending on the vehicle’s age and make, you need to find a car insurance provider that provides premium at competitive rates. To find the best insurance for your vehicle, you can contact your previous insurer and enquire about the renewal process. Or else, you can obtain quotes by other insurance providers to find the best deal during car insurance renewal.

2. Get the Vehicle Survey Done

Once you have shortlisted the insurance company that you want to opt for, you need to get the car inspected by a surveyor. Call the insurer and they will schedule a date on which the surveyor can inspect your car.

3. Buy the Policy

Once the survey is done, you can buy the insurance policy. Remember to do this as soon as possible. This will help you avoid heavy fines for driving uninsured and save you from the heavy financial costs in case your vehicle is involved in an accident. If your car insurance policy has lapsed, then renew it as soon as possible. And in future, just keep a reminder and renew your policy on time to avoid subsequent hassles.

Why You Shouldn’t Let Your Car Insurance Policy Lapse?

Here are a few reasons why you should renew your car insurance policy on time, and not let it lapse.

1. Could Invite Legal Trouble: Third-party liability car insurance is a requirement for all vehicles plying the roads in India. If found driving without this coverage, you could invite fines from the traffic police. Repeat offences could lead to imprisonment.
2. Renewal May be Expensive: The more time passes after the expiration of your previous policy, the costlier your premium may get. For example, you may get more affordable rates during the grace period rather than after it. Use the car insurance premium calculator to get an idea of the best rates before expiration and after the grace period. ^##
3. Pay Out of Pocket: If you let your policy lapse, you will no longer have access to the coverage it provided. Thus, if your vehicle were to be involved in an accident now, you would have to bear the sub sequential costs yourself.

Hence, one should ensure that their car insurance policy is renewed on time, ideally before the expiration of the previous policy. You can do so online, or you can get in touch with an insurance agent who may help you with the process. ##All savings are provided by the insurer as per the IRDAI-approved insurance plan. 

Wrapping Up

If you're looking to renew your policy and secure comprehensive coverage for physical damage, bodily injury, and third-party liability, explore the car insurance plans offered by Bajaj Allianz General Insurance. It's important to renew your car insurance policy on time, preferably before the current one expires. You can conveniently complete the process online or contact an insurance agent for assistance. 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.