Why is it essential to renew your Car Insurance Policy?

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A vehicle is considered the most valued possession. It gives a sense of pride and freedom to the owner. However, choosing your favourite Four Wheeler is not the only decision you make. You also must think about caring for it. This involves securing it with Four Wheeler Insurance. It is applicable regardless of your safety measures and driving efficiency.

It is a requirement to protect your automobile against unforeseeable threats. It is a precaution for safety against accidents, theft, and other damages. But your responsibility does not end with buying Car Insurance. It only starts from there as you need to renew it every year. It is a simple procedure to continue the policy’s validity. Here are some aspects emphasising its necessity:

Law adherence

It is mandatory to have your vehicle insured under the Motor Vehicles Act. Hence, you need always to carry the insurance papers as proof. It gives you the legal right to drive on Indian roads. However, when this plan expires, it becomes non-existent. Hence, do a Car Insurance renewal to keep it active. This way, you avoid paying penalties and become a law-abiding citizen.

Re-evaluation of terms

During renewal, you get to make changes to your Car Policy. It involves modifying the coverage, including or removing add-ons, correcting errors in the information, etc. This enables you to recheck things that you might have missed while buying. It also lets you review the features based on your needs and select accordingly. So, it is best to check these details thoroughly for making modifying decisions and comparing insurers.

NCB protection

A No Claim Bonus (NCB) rewards raising no claims during the policy period. Insurance providers extend it as a discount against the premium amount. It starts from 10% for a claim-free year. You may also extend it up to 50% by continuing the claimless streak for five consecutive years. It becomes available during the online Car Insurance renewal. Moreover, you need to renew the policy to use it.

Forgo inspection

When you let your policy lapse, you renew it. The process for this involves your car’s inspection. The insurance company sends a surveyor to carry out the activity. You must be present for the same and answer any questions about the same. It is a time-consuming and detailed procedure. Besides, if some complications are found due to wear and tear, your premium amount gets affected. Resolve this with timely Car Insurance renewal online.

Better premium

You need not stick with your existing coverage or insurer. You always have the option to switch for a better offer. Renewal is the right time to consider such a shift. It helps make things easier as you have completed the policy term with your current policy provider. Therefore, keep a check on prevailing offers and discounts. If you find an affordable deal with increased benefits, port the policy. Note that this involves efforts. It is best to conduct a cost-benefit analysis for the same.

Financial backup

When your insurance is valid, it is a financial cushion against any threat or damage. It allows you to drive safely without worrying about unforeseen repercussions. These benefits become inactive when you fail to renew them before expiry. Therefore, a Car Insurance online renewal ensures you continue to enjoy the security. It also saves you from paying any penalty during police inspections.