What Can I Do If My Car Insurance Policy Lapses?

 

There could be a number of reasons behind the expiration of a car insurance policy. In most cases, your own negligence is the prime cause behind a car insurance policy lapse. There are a few things that you can do if your car policy lapses. But before we go there, let’s check out a few reasons behind the policy lapse.

• 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.
• 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.

However, there’s nothing to panic about if your car insurance policy lapses. There’s certainly something that you can do in case your car insurance lapses. Here are the two things that you can do when your car insurance policy expires

·         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 a confirmation regarding the coverage of your vehicle.

·         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.

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. Meanwhile, you can click here to check the best offers for your car insurance renewal online.

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What If I Do Not Buy Car Insurance?

 

With the rising numbers of on-road accidents, having the best car insurance policy certainly calls for immediate action. And if you think you can get away without having car insurance for your vehicle then you should get your facts straight first. There’s no way to drive on Indian street without car insurance since it is mandatory by law, as per the Motor Vehicles Act, 1988.

However, if you are still wondering why you buy a car insurance policy, let me give you some reasons.

• Compulsory by Law

The third party liability is the core reason behind this mandate. A motor vehicle running in a public space can cause various damage or loss to the life and property of others. Third-party liability only policy covers such liabilities such as third party death, bodily injury, and property damage borne by the insurer. This is the reason why no vehicle that owns a car drives their car on road without this cover.

• Covers Third Party Legal Liability

As per the Motor Vehicles Act 1988, it’s mandatory by law that all owners of motor vehicles at least buy the third party car insurance policy. This policy helps you get away from any legal consequences that could arise due to damages caused to a third party person/property on the part of your fault.

• Covers Own Damage (OD)

The repairing of a vehicle is a costly repair. It is most of the time that you need to pay for the damages from your own pocket. Buying motor insurance can help you save this cost since your motor insurance company will pay for the damages or repair for your vehicle.

So as it’s clear, buying an insurance policy for your car is a must otherwise you might have to face legal consequences. Meanwhile, if you are looking for the best car insurance policy for your vehicle, you can click here and compare the top motor insurance plans and grabs the best coverage for the best price.

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What Is the Significance of Commercial Vehicle Insurance Policy?

 

Commercial vehicle insurance, as the name suggests, is a particular motor insurance policy that has been particularly designed for the protection of the vehicles that are engaged in commercial purpose. Such commercial vehicle could be a lorry responsible for transferring or carrying goods from one part of the city to another part; these vehicles could include a taxi engaged in the task of transferring passengers from one spot to another on a fare-paying basis.

 In all conditions commercial vehicles put in a lot of effort and continuous performance. These vehicles require more attention in terms of coverage and protection since they are accountable for a huge amount of task that is to be completed on a regular basis regardless of the weather or other conditions.

Commercial vehicle insurance policy has been designed particularly for these vehicles other than private vehicles. Given that commercial vehicles perform strenuous tasks, they need better and more compact coverage in case of an accident. Considering the repairing costs of any commercial vehicle could go higher, these policies have been designed.

Commercial vehicle insurance, just like the private motor vehicle insurance offers mainly two types of plans: third party liability only plan which is mandatory by law and the comprehensive policy. Apart from these two, you can, however, broaden the coverage on your commercial vehicle by opting for some effective add-on covers in exchange of additional premium payment.

You can instantly buy or renew the policy for your commercial vehicle instantly by simply visiting GIBL.IN, India’s fastest growing insurance marketplace.

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Why Do You Need Commercial Auto Insurance?

 

Commercial vehicle insurance offers protection against physical damage and third-party liability against situations, amounts, and usages that are not covered under a personal auto insurance policy.

Commercial vehicle insurance covers a wide range of vehicles—from different automobiles that are used for business, including the cars used by companies, to a wide range of commercial trucks engaged in strenuous jobs. These vehicles also require ample coverage for employees who operate the vehicle plus the equipment inside.

A number of specific business usage and vehicle types are generally excluded from personal auto insurance policies. That’s because personal vehicle insurance policies are not meant for businesses. In contrast, business owners, owning businesses that run on vehicles that are used for commercial purposes, are required to purchase commercial auto insurance.

Since commercial vehicles are more vulnerable to various damages due to their continuous functioning in a restless manner, they require comprehensive coverage. Determining whether your vehicle requires commercial auto coverage or private vehicle insurance can be sorted out by figuring out for which purpose your vehicle is being used.

Commercial vehicle insurance offers 4 major types of protection:

• Medical payment coverage under a commercial auto insurance policy can cover medical bills if you or your passengers are injured in the event of a car crash, regardless of fault.
• The policy covers physical damage and collision. It pays for repairs if your commercial vehicle is damaged by something other than a car accident. For instance, vandalism, theft, collisions with an object, and certain weather conditions are usually covered.
• Third party legal liability coverage pays for property damage or bodily injury to a third party caused by your vehicle. This policy also pays for accident-related legal expenses, such as settlement costs or attorney fees, etc.
• Uninsured motorist coverage with commercial auto insurance can pay for damage to your vehicle or bodily injuries suffered in case someone with no insurance cover hits your vehicle.

So by now, you must have gathered some knowledge on commercial auto insurance and why you should buy it. However, before the renewal of your commercial vehicle policy, make sure you compare different plans online to avail the best coverage for the best price. Meanwhile, you can click here to check out commercial vehicle insurance plans from the top insurance companies in India.

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Why to Renew Your Car Insurance Policy with IFFCO Tokio?

 

IFFCO Tokio car insurance policy comes in two plans, namely: Third Party Liability Only Car Insurance and Comprehensive Car Insurance Policy or, also known as the Package Plan. However, there are still some add-on covers you can always go for to extend your car insurance coverage. Check out the benefits and coverage that you can enjoy if you opt for IFFCO Tokio car insurance.

Key Futures and Benefits of IFFCO Tokio Car Insurance

The package plan, also known as the comprehensive coverage from IFFCO Tokio car insurance ensures protection against all the possible catastrophes in the future. The package plan covers the below-mentioned conditions in insurance:

• The policy covers any damage to the vehicle due to various natural calamities such as inundation, cyclone, landslide, hurricane, typhoon, hailstorm, explosion, earthquake, fire, storm, tempest, rockslide, self-ignition or lightning, flood, frost, etc.
• In case of any loss or damage to the vehicle due to the various manmade calamities such as theft, accident by external means, strike, riot, burglary, malicious act, any damage caused to the vehicle whilst it’s in transit via rail, road, lift inland waterway, elevator, air, etc.
• Personal Accident Cover: IFFCO Tokyo car insurance package policy comes with a personal accident cover of Rs. 2 lakh for individual owner-driver of the insured vehicle while traveling in, mounting, or dismounting from the vehicle. The cover is offered in case of death and any sort of permanent disability.
• Third-Party Legal Liability: Third party policy offers extensive protection against legal liability coming out of any accidental damages causing death, injury of a third party person. The policy covers any damage to the third party property up to an amount of Rs. 7, 50,000/-.
• IFFCO Tokyo car insurance offers reimbursement of expenses up to Rs. 1,500 following an accident to the insured vehicle. The compensation is paid for the protection, towing/removal, and redelivery of the car.
• IFFCO Tokio also offers various other significant extension covers are also available on the basis of the additional premium amount.
• Personal Accident Cover for unnamed passengers.
• IFFCO Tokyo car insurance also covers damage or loss to electrical/non-electrical accessories and to LPG/CNG fuel kit.
• The company offers wider legal liability cover for conductor/ driver.

On the basis of the coverage of IFFCO Tokio car insurance, you must select the plan and additional cover as per your requirement and budget. However, it is always advisable to compare different car insurance plans online to avail the best coverage for the best price. You can click here to avail the best car insurance policy online.

 

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How to purchase an online comprehensive car insurance policy

 

In the event that you have bought extensive car insurance online from GIBL, you can recharge it bother liberated from GIBL entry. At the hour of restoration of your Comprehensive Car Insurance Policy, you should be mindful to the accompanying models 

• Type of plan 
• Add on highlights 
• Cashless office 
• Insured announced worth 
• Deductibles 

The recharging reference can be diverse because of variable reference dependent on 

• Insured expressed worth 
• Supplementary riders as chosen or overlooked 
• No guarantee reward 
• Other portrayal and repayment

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Here's What Car Insurance Covers in India

 

If you are the owner of a car, you already know that it is mandatory to have a car insurance policy. It is mandated by the law to at least have a third-party motor insurance plan, as per the Motor Vehicles Act, 1988, to become legally eligible to ply your vehicle on road. Now when it comes to the renewal or purchase of car insurance, you have two options in hand - going with the law mandated third-party policy or opting for complete coverage.

There are two types of plans to choose from: Third Party Car Insurance and Comprehensive Car Insurance.

It is important to keep in mind that the third-party policy only takes care of the liability claims. It doesn't offer any coverage to your vehicle.

Now let's have a look at what each type of car insurance plan covers:

Coverage of Third Partly Liability Only Car Insurance Policy

The liability only motor insurance the policy covers the vehicle owner's legal liability claims to pay compensation for the followings:

●       Death of a third party person due to an accident.

●       Bodily injury of a third party

●       Damage to any third party property.

●       Cover third party legal liability in case of the third party injury, death, or property damage.

●       Owner-driver personal accident coverage up to 15 lacs

Coverage of Comprehensive or Package Car Insurance Policy

Comprehensive car insurance is the best Car insurance plan that you should consider. The policy covers the following.

●       Inundation, Flood, Typhoon, Hailstorm, Hurricane, Cyclone, Storm and Tempest

●       Terrorist Act.

●       Earthquake (Fire and Shock) Damage.

●       Damage from Landslide/Rockslide

●       Damage to your vehicle due to fire, self-ignition, lightning, explosion.

●       Any damage or loss to the car while it is in transit through road, lift inland waterway, rail, elevator, air, etc.

●       Housebreaking, burglary, theft.

●       Malicious Act.

●       Accidental external means.

●       Strike and riot.

Add-on Covers

Apart from the above-mentioned coverage for the two types of motor insurance plans, you should also know that there are some add-on covers, also known as additional covers that you can opt for.

If you choose to include an add-on cover, you will have to pay an additional premium along with the basic payable car insurance premium.

To build an additional layer of protection around your most cherished car, it is always advisable to shop around various add-on covers that your car insurance provider is offering at the time of the policy purchase or online renewal. You can click here for the instant renewal of your car insurance policy from the top insurance providers online.

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