Car insurance is a necessity for anyone who owns a car. In most states, you are required to have liability insurance in case you are involved in an accident. This insurance will cover you for any damages that you or someone else causes to another person or property.
In addition to liability insurance, you should also have car insurance that covers damages to your vehicle. This insurance will reimburse you for any repairs or damages that you incur to your car. Make sure to get a policy that covers all types of damages, including collision, theft, and vandalism. When shopping for car insurance, be sure to compare rates and coverage.
When to renew car insurance?
When it comes to car insurance, there are a few things to keep in mind. First, make sure to renew your policy at least three months before your policy expires. This will give you enough time to review your policy and decide if there are any changes you’d like to make.
Second, consider your driving history. If you have a clean driving record, you may not need to renew your policy as often as someone with a history of accidents. Finally, make sure to check your policy’s deductible and collision coverage. These amounts can be changed without penalty, so it’s always worth checking them
Here is when you need to renew your car insurance.
- Those looking to avoid the expiry of the policy due to non-renewal on a yearly basis can opt for the 3-year car insurance plan.
- If you have purchased the annual or short-term car insurance plan, it is best to renew car insurance within 15 to 30 days of the expiry date. For example, if your car insurance policy expires on 31 March 2022, it is ideal to renew the policy from 1 March 2022.
- If you have forgotten to renew the policy, you may check with your insurer if there is a grace period by which you can renew the plan. The grace period can vary between insurers. But, please note that during the grace period, your car insurance policy is considered null and void, and no claims will be accepted.
What are the options when your car insurance policy expires?
When your car insurance policy expires, you will likely be prompted to renew it. However, if you do not have any violations on your driving record, you may be able to renew your policy without having to go through a driving test. To find out if you can renew your policy without a driving test, your best bet is to contact your car insurance company directly.
If you do have a violation on your driving record, you will likely need to go through a driving test to renew your policy. However, you may be able to renew your policy without having to go through a driving test if you do not have any violations on your driving record.
A car insurance policy expires when it completes its policy period. If your motor insurance policy is approaching the expiry date, you have the below options.
- Renew from the existing insurer.
- Switch to a new insurer to renew the plan.
- And, customize it as per your requirements (such as including add-ons, purchasing a multi-year plan, etc.).
What happens if your car insurance policy expires?
If your car insurance expires, you do not receive financial protection against third-party liabilities or damages to your vehicle or even against vehicle theft. Here are some of the disadvantages of not renewing your car insurance policy.
- Policy becomes null and void.
- The insurer will not entertain claims against the policy.
- If you do not renew the plan within the stipulated time, you may lose the accumulated No Claim Bonus (NCB).
- Financial losses in case of accidental damages to your car.
- Penalty for driving the car without valid insurance.
- If there is a significant gap between the expiry date and the renewal date, there may be an increase in the insurance premium.
- And, the insurer may want to inspect the vehicle before issuing an insurance policy.
Questions to ask yourself while you renew your car insurance policy
If your policy is up for renewal, you have the opportunity to review the coverage and customize it as per your needs. Here are some essential questions you need to ask yourself while renewing your motor insurance policy so that you get the maximum coverage for the premium.
- Do you need to cover passengers in your car?
- Do you need to buy a Comprehensive Car Insurance Policy if you currently have only third party car insurance?
- Do you need add-on covers to enhance the coverage?
- Have there been any upgrades to your car, such as installing an anti-theft device?
- Do you need to change your personal details?
- Have you informed the insurer about new modifications to your car, if any?
- Are there any discounts that you can take advantage of?
Can I save money by switching to a new car insurance plan?
Yes, you can save money by switching to a new insurance provider, especially if you choose a digital insurer such as ACKO. Our online platform lets you buy or renew, and raise claims without physical paperwork. You can perform all of these activities at the comfort of your home through an internet-enabled smartphone/computer.
The online environment enables you to compare car insurance quotes and assess the benefits and features of the new plan.
It means you could stand a chance of saving your money while renewing the insurance plan for your car by comparing quotes or even switching to a new insurer rather than renewing the plan with the existing insurer.
Why is it necessary to renew your car insurance policy?
Motor insurance acts as a financial shield for your car. You must understand the important benefits of car insurance renewal so that your vehicle is insured at all times. Renewing your car insurance policy on time ensures you enjoy the following benefits.
- Save money from repair costs
- Safeguard against accident-related legal issues
- Leverage on the benefits of the policy
- Live stress-free
- Avoid penalties
Best way to renew car insurance
Renewal of car insurance need not be a cumbersome task. With digital insurers such as ACKO, the process is instant and hassle-free. Traditionally, you had to visit the branch or depend on a middleman to renew the policy. But, that has changed with the Internet. The best way to renew car insurance is through the online platform. Here is how you can renew car insurance online instantly.
Step 1: Visit our website or mobile app.
Step 2: Enter details of your car and select the plan as per your requirement.
Step 3: Pay the premium online and receive the policy almost instantly through an email.
Tips and Tricks to save money while renewing your car insurance policy
Apart from switching to a digital insurer, there are several other ways to save money when you renew your car insurance plan. Your car requires a well-balanced insurance plan that can cover accidental damages, theft, and third-party liabilities. Ensure you read the inclusions and exclusions before buying the plan, and remember to renew your car insurance plan before it expires.
Frequently asked questions
How long before can I renew my car insurance policy?
It is ideal to renew your car insurance policy before 15 to 30 of its expiry date to avoid rejection of claims and the possibility of a higher premium.
What should I look for when renewing my car insurance policy?
As mentioned above, renewal is the right time to revisit the coverage of the existing plan and make appropriate changes to suit your current needs. You may want to consider including car insurance add-on covers or switching to an online insurance company for faster services.
When does the car insurance rate become cheaper?
The car insurance rate becomes cheaper even as it depreciates over time due to regular wear and tear. However, there is no time or period when car insurance policies are more affordable. The main factors that influence the car insurance rate are your car’s current market value, year of registration, model, and location.
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