A valid motor insurance policy that covers third-party liabilities must mandatorily be in place for all motor vehicles being driven in public spaces in India, as per the Motor Vehicles Act, 1988. So, if you have a motor vehicle, it is important to sign up for a motor insurance policy that covers third-party liabilities. Additionally, you can also opt for a comprehensive plan that helps you meet this legal compliance and secure yourself too. *
Motor insurance policies offer coverage that will help the car owner by covering financial losses in case of vehicle damage or an accident, depending on the terms and conditions of the policy. * To protect yourself from any sudden financial risks associated with your vehicle, it is very important to renew your car insurance policy on time. On-time renewal will reduce a lot of hassle and is an essential step for every vehicle owner. Claims are subject to terms and conditions set forth under car insurance policy.
Considering the fact that cars are one of the biggest expenses in life, you should secure your investment with a good car insurance policy. Sadly, a lot of people are also unaware that these policies need to be renewed and are not a one-time investment. It is important to keep track of the expiry date of the policy and regularly renew it before it lapses. If you are still wondering why the on-time renewal of car insurance is so important, we are here to help.
Why is on-time car insurance renewal important?
To protect yourself from legal liabilities. One important reason to renew your policy on time is that driving with an expired insurance policy will cost you a hefty fine. Traffic officials make it a point to check insurance papers if they stop a car, and if your policy is not updated, you will have to pay a penalty. The smart and more feasible choice is to renew your motor insurance on time.
For consistent financial protection. Car accidents or damages are very unpredictable. They can occur at any time when you least expect it. If your insurance is renewed and valid, you will stay protected from incurring financial losses against repair costs or liabilities to third parties. That is why it is best to renew before the expiry date of the motor insurance policy. * Claims are subject to terms and conditions set forth under car insurance policy.
For No-Claim Bonus (NCB) benefits. If you don’t make any claims on the policy before the next renewal, you have the option to claim the No-Claim Bonus or an NCB. It is an incentive provided for safe driving that keeps accumulating for each year that you don’t make a claim, up to a certain limit. The No-Claim Bonus allows you to lower your overall insurance costs if the policy is renewed on time. * Claims are subject to terms and conditions set forth under car insurance policy.
For hassle-free claims. On-time renewals will ensure that your claims process is smooth and hassle-free. If you delay the renewal of your policy, it can lead to delays in settling claims or even cause disputes. No claims will be paid if the policy is not renewed before expiry date. Claims are subject to terms and conditions set forth under car insurance policy.
To sum up, on-time car insurance renewal is essential to comply with the law in India, to enjoy financial protection, and to ensure effective coverage. If you understand the importance of this, remember to renew your car insurance well before your policy expiry date. And in case you don’t have a car insurance policy already, invest in one with Bajaj Allianz General Insurance and protect yourself and your loved ones. * Claims are subject to terms and conditions set forth under car insurance policy.
Bajaj Allianz General Insurance offers you financial support and has an impressive claim settlement ratio of 98%. Among the add-on benefits you can expect with Bajaj Allianz General Insurance are zero depreciation cover, 24/7 spot assistance, conveyance benefit, consumable cover, and more. * Claims are subject to terms and conditions set forth under car insurance policy.
* 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.
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