Insuring your vehicle should be the very thing that you must consider right after buying it. It is advisable to avoid cheap car insurance policies. Many of us compare car insurance quotes of different motor insurance providers online to get the best policy in terms of coverage. Even after all these, your car insurance policy may lapse if you don’t act carefully.
The lapse of your car insurance means that your vehicle is vulnerable which can lead to serious problems. Below are the reasons to why your car insurance online policy may lapse.
- Late Payment of Your Car Insurance Premium: You want to make sure that the due car insurance premium is paid on time. Otherwise, your car insurance may lapse in case of the late payment of your car insurance premium.
- Non-renewal of Your Car insurance Policy: If you think your job is over after buying car insurance online, you are certainly wrong. Your car insurance policy will lapse if you don’t consider the importance of car insurance renewal. You must make sure that your car insurance renewal is done on time to continue receiving the benefits offered by car insurance companies in India.
- Non-payment of the Car Insurance Premium: You are responsible for paying the premium against your car insurance online policy. If any circumstance renders you to the non-payment of car insurance premium, your car insurance policy will lapse.
What to Do?
- Renew Your Car Insurance from Different Provider: You can also consider the car insurance renewal from a different car insurance company 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.
- Inform Your Existing Car Insurance Provider: For the car insurance renewal, you can inform your existing car insurance provider if you want to renew your policy from the same car insurance company. 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.
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. Therefore, you must not let your car insurance policy lapse in the first place and follow these above-described process if car insurance lapses. At GIBL.IN you can get open access to a number of auto insurance plans from the top motor insurers in India. You can easily renew your expired car insurance policy at GIBL.IN at the click of your mouse.
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