A car insurance policy is an annual contract. Every year, you have to renew car insurance before the due date for continuous coverage. If you do not renew car insurance within the due date, the policy expires. Expiry of the car insurance policy would stop the insurance cover available under the car insurance plan.
Disadvantages of an expired policy
There are various disadvantages of an expired car insurance policy. Some of them are as follows –
- Legal violationAs per the Motor Vehicles Act, 1988, every car on Indian roads should have a valid insurance cover. If you do not renew car insurance and the policy expires, the insurance cover becomes invalid. If the car is caught without a valid insurance cover, the policyholder faces legal actions against him.
- Loss of coverage When the policy expires, the coverage stops. This loss of coverage is financially disadvantageous. In case of any accident or damage where any third party is harmed or the car is damaged, the policyholder would pay for the financial loss incurred. The car insurance policy would not pay for any loss or damages.
- Loss of accumulated no claim discountIf no claim is made in a policy year, a no claim premium discount is allowed. This discount increases every claim-free year. In case of an expired policy, if the policy is not renewed within 90 days of expiry, the accumulated no claim discount is lost.
- Higher premiumsRenewing a policy which has expired, results in higher premium. This is mainly due to two reasons. One, the accumulated no claim bonus is lost if the policy lapses and is not renewed on time. Thus, you cannot enjoy the no claim bonus discounts. Two, the rates of other available discounts in a car insurance policy are reduced by insurers if the previous policy has lapsed. Both these factors result in higher premiums. Thus, expiry of the policy is not economical and you should renew car insurance on time.
Points to remember before renewal
- Inspection is requiredIf the policy has expired, it can be renewed only after an inspection is done. When renewal of an expired policy is requested, Turtlemint’s team arranges for an inspection of the car. A surveyor is sent for the said inspection. Once the car is inspected and recommended you will receive the payment link. Once the premium is paid you can renew car insurance online.
- Renewal within timeIf, the policy is renewed within 90 days of expiry, the accumulated no claim discount is not lost. If not renewed within 90 days, the discount becomes nil.
How to renew car insurance policy through Turtlemint
Turtlemint allows you easy renewal of your car insurance policies. You can renew car insurance online through Turtlemint. There are two renewal processes when you renew car insurance online with Turtlemint. The first process is as follows –
- Visit Turtlemint’s website for availing the quotes of different car insurance plans
- Choose a plan and leave your contact details on Turtlemint’s website
- Turtlemint’s team would contact you and arrange for an inspection of the car.
- Once the inspection is done and processed, the car insurance policy would be renewed.
Under the second process of car policy renewal you just have to follow some simple steps and your expired policy would be renewed through Turtlemint at the earliest. Here are the steps which you need to follow –
- Request Turtlemint’s team for car policy renewal
- The support team) of Turtlemint would get in touch with you. He/She would share the renewal quotes of different companies for your car insurance policy.
- You then select the best renewal premium and inform Turtlemint’s team of the same.
- The Turtlemint executive then fills up the car insurance policy’s proposal form on your behalf. The relevant information is provided in the proposal form which includes the copies of the previous year’s car insurance policy, RC Book, your contact number and address.
- Once then proposal form is filled and submitted with the Turtlemint’s team, inspection of your car is arranged based on the information provided on the proposal form.
- Post inspection you will receive the payment link from the Turtlemint’s team
- After payment the car policy renewal would be done. You will instantly receive the policy copy on your email id.
Why choose Turtlemint for car policy renewal?
Turtlemint is an online platform where renewal of expired car insurance policy is easy. It involves some simple steps and the policy is renewed within the shortest possible time. Turtlemint arranges for the required inspections and gets your policy renewed without hassles. Turtlemint is also tied-up with leading car insurance companies. Thus, when renewing, you get a list of available car insurance policies. You can compare the different plans and port to another plan if it is better than your existing one.