Main Advantages of Renewing Car Insurance Policy Timely

Considering the dynamic nature of the Indian roads and the probability of accidents and damage rendered, the government has made it compulsory to opt for third-party car insurance for car owners to drive on Indian roads. Apart from purchasing the best car insurance policy, the buyers must also be mindful of renewing their car insurance plan on time to avoid further hassles. If you fail to renew your motor insurance within the grace period, your insurance plan will cease to exist and you cannot place any claims on it. 

Here are some of the main advantages of renewing your car insurance policy timely. Keep reading to know more!

• Solves legal problems

Car insurance is mandatory to drive in India. An expired insurance policy is the same as not having third-party car insurance. While on the road, government officials can check your car documents at any time. So, having proficient motor insurance for your car is just as important as the vehicle’s RC. If you do not have a policy at that time, officials may ley you a penalty amount, cease your car or even have the right to imprison you.  

• Essential for all cars

Whether you drive regularly or occasionally, renewing your car insurance is essential. It is necessary for all types of cars, whether you are driving a sedan, an SUV, a coupe, a station wagon, or anything else. Most people recommend buying third-party car insurance only when you buy a new car, but renewing it on time is also crucial for everyone. It covers all damages, any damage caused to third parties will be reimbursed by the insurer. So, with proper car insurance in place you need not worry about the financial liability you have to pay to the person involved in the damage incurred by your car. 

• Convenient and money-saving

Renewing car insurance on time will save you a lot of money. Well, every time you go to buy new third-party car insurance or other car insurance policy for your car, the company will ask you if the old one exists or not. And if the old insurance had expired, the premium charged will be bigger in parallel. So always renew your car insurance before it expires and you can even maintain the premium in the mid-range. 

• Eliminates the majority of the hassles

Several things are directly related to your car and its third-party car insurance. Always having insurance will not only keeps you safe from penalties but also eliminates problems you might face during any mishap. As long as you have an insurance policy for your car, you don’t have to worry, as 95% of the cost of the accident will be paid by the insurance company. Make sure you get your car insurance from the best insurance provider. 

• No inspection is required for timely renewal

The benefits of renewing a car insurance policy on time are manifold. One of them is the elimination of inspection. Well, if you intend to renew your car insurance after it expires, the insurance company will do a physical or virtual inspection. But if you renew it on time, there is no need for an inspection. And if during the inspection, the inspector finds any damage, you will be charged an extra premium or the company will ask you to repair the damage based on an insurance policy.

• Ensures financial stability

Timely renewal of car insurance always keeps you away from various taxes levies. Well, the fines are small expenses, but an accident involving a third party costs a lot more. If you have third-party car insurance and the person involved has suffered damage, the insurer will cover all costs on your behalf. And if you don’t have third party car insurance, it’s all your responsibility.

• Immediate renewal of car insurance will protect your car from problems.

If your car is on the road, there is a chance of an accident. The majority of the drivers are very cautious on the road, but some are not. If you have a car insurance policy, you don’t have to worry about anything. If your car has an accident, the insurance company will take care of any damage on your behalf. If you want third party accident coverage alone, you can go for the third-party car insurance plan. 

• Punctual renewal of car insurance will provide a vast network of repair shops

Whether you have had a major or minor accident, your car will suffer significant damage. If you have had an accident and go to a local mechanic due to a breakdown, they might charge less but are not qualified enough. But if you have a car insurance policy, you can even go to a reputable garage (associated with your insurance company), they are reliable and the cost of all damages will be borne by the insurance company