My Car Insurance Policy Has Lapsed, What Should I Do?

Car insurance is a very important job that must be done with utmost care. While most of the people want to buy the best car insurance for their vehicle, they do not understand the importance of maintaining it. If your car incurrence policy lapses, it’s very likely for your own negligence or fault. However, the motor insurance policy could lapse due to the negligence of your insurer as well but, the ratio of such blunder is very low.

The reason behind the suspension of your car insurance policy could be many. But before you know what you should do in case of your car insurance policy is lapsed, let’s find out the possible reasons behind the lapse of your motor insurance policy:

• Delayed Payment Car Insurance Premium: You must ensure that the due car insurance premium is paid by the specific time period. Otherwise, your car insurance may lapse due to the late payment of your car insurance premium.
• Non-payment of the Car Insurance Premium: You are responsible for paying the premium for your car insurance online policy on time. If any situation renders you to the non-payment of car insurance premium, your car insurance policy will lapse.
• Not Renewing Car insurance Policy: You must not think that your job is done right after buying a car insurance policy. Your motor insurance policy will lapse anyway if you don’t renew the policy on time. To continue receiving the benefits of a car insurance plan you must make sure that your car insurance renewal is done on time.

Above discussed could be the possible reasons behind your car insurance policy lapse. However, there’s nothing to worry since there’s always something that you can do, but you must take the step against the lapsed car insurance policy within a specific time. Now let’s find out what you should do if your car insurance policy lapses.

• Inform Your Existing Car Insurance Company: To renew your car insurance, you can inform your existing car insurance provider if you want to renew your policy from the same insurer. The car insurance provider will inspect your vehicle. After the inspection, the car insurance company will give you confirmation regarding the coverage of your vehicle.
• Renew Your Car Insurance from Different Provider: You can renew your car insurance from a different motor insurance provider in India as per your requirements. For this, you can compare car insurance quotes of different car insurance providers online and choose any for your car insurance renewal.

There can be many consequences if you do not renew your car insurance policy. Hence, you should not allow your car insurance policy to lapse. The renewal of your car insurance is equally important to buy a car insurance plan in India. The penalties of not renewing car insurance in India include imprisonment, or fine or both. You may also lose your no claim bonus on your car insurance policy if you let your car insurance lapse.

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