How To Renew Car Insurance Online for your Expired Policy?
Car insurance policy is an annual contract that needs renewal after the policy period ends. If you don't renew the policy within the stipulated time, then your policy will become void, and you will lose the benefits. Typically, the insurance companies have a grace period for policy renewal. This gives you an extension of time to renew the policy after it has expired. If the car insurance policy is not renewed within the grace period, then the insurance company rejects the application for renewal. Car insurance can lapse for several reasons. But what follows the lapse is a long, and tedious process of getting a car insurance policy.
What are the consequences of a car insurance lapse?
- Your plea for renewal may get rejected if the gap between expiration and renewal is too high. And if the insurance accepts the renewal application after the grace period, they may levy a fine.
- You may have to apply for a new policy and restart the application process from scratch.
- The insurance company may charge a higher premium amount.
- Loss of No Claim Bonus.
- Legal liabilities if the car is caught driving without an active insurance policy.
If you have missed renewing car insurance, you can do it online on the insurance company's website directly. Simply, follow the below steps:
1. Begin afresh:
If your policy has lapsed, you will have start anew by choosing car insurance as per your requirements. Some insurance companies allow you to renew the grace period in case you've missed it. The most significant disadvantage would be you will be charged with higher premiums as you will lose your No Claim Bonus; hence it is better to renew the policy within 90 days of lapse period.
2. Vehicle inspection:
You will have to get your vehicle inspected by the insurer surveyor. It is a pre-requisite that insurance companies ask for when renewing the policy. The company will evaluate both the minor and major damages and then give the approval for renewal of the policy. The insurance company will get in touch with you for the inspection of your vehicle. The survey is necessary to gauge the current condition of the car and to look for any pre-existing damages. The premium of your car insurance will also be determined based on the state of the car.
You keep your previous policy documents handy at the time of renewal. The insurance company will ask for your car's registration details, car number, engine capacity, add-on benefits, driving license, etc.
Steps to renew car insurance online:
- Visit the insurance website & login to your account.
- Click on Renew Option.
- Renew the Car Insurance using credit/debit card or internet banking.
- Avail a digital copy of insurance policy.
- Dispatch of hard copy through courier
Renewing your car insurance online is quite easy as you don't have to rely on anyone to get it done. Insurance companies constantly send reminders for renewal, so acknowledge the reminder and get it done. If you think annual renewals are too much for you, then you can buy a long-term policy.