Mohan works for an MNC as a product manager. In the midst of his hectic schedule, he forgets to renew his car insurance, which causes his policy to expire. One fine day, he checks his calendar only to find out that his car insurance hasn't been renewed. However, he is unsure whether or not he can renew his car insurance policy since it expired a month ago.
Like Mohan, if you're wondering the same, here's what you need to know! Your car insurance policy can be renewed even after it has expired. The renewal process following the expiration of the policy is quite different from a regular renewal, which is why you should be aware of all the steps. Once you understand them, it will be easier to renew your expired policy quickly and efficiently if such a situation occurs.
In this article, we will guide you through the process - to ensure a hassle-free renewal. Let’s begin!
So, How Do You Renew Car Insurance After Expiry?
In case your car insurance has crossed its expiry date, you can still renew it by following this step-by-step procedure -
Step 1: Inform the Insurance Company
If your car insurance has expired and you want to renew it, the very first thing you’ll have to do is tell the insurance company about the same.
Step 2: Inspection
Once the policy expires, your car needs to be inspected and insurance company will require photos of your car taken from all angles. This is to check the condition of your car.
Your car can be inspected in two ways:
- An inspector will come to your house to inspect it, or
- You can upload photos of it on the respective insurance company's app.
Step 3: Pay For Inspection
Some insurers may also charge you for the inspection if they send an inspection agent to your home.
Step 4: Decision Making
If your vehicle has major dents or scratches, the insurance company can refuse to cover you right away or deny coverage for that part in the future - in the event of a claim. In case the insurer rejects your renewal request, you will have to repair your vehicle, after which you can apply for a re-inspection.
Also, please note that in the event that you renew your policy after 90 days, you will lose your No Claim Bonus discount (if any), which means that your premium will be higher than the previous year.
What Happens If You Drive The Car After Policy Expiry?
If you drive on the road with an expired policy, you will -
1️⃣ Face Legal Consequences
In India, third-party coverage is mandatory for every vehicle owner. Therefore, if you're found driving a car with an expired policy, you can face legal repercussions like fines and even imprisonment or both. It is, therefore, important to ensure that the insurance policy is kept up to date since violations of the law can result in severe penalties.
2️⃣ Be Responsible For Costly Damages
In case you meet with an accident while your policy is expired, your insurer will not cover your losses. In the case of an accident involving a third party, you will be responsible not only for your car’s expenses but also for third-party liabilities. Therefore, it is always advisable to keep your insurance policy up to date to ensure that you are financially protected in case of an unexpected incident.
Renewing your policy on time ensures that you have a financial cushion to fall back on should anything unfortunate happen. Taking the necessary steps to ensure that your policy is up-to-date will give you peace of mind knowing you have the coverage you need. And, the good news is that you can renew your policy even after it expires by following the aforementioned steps. However, it is advisable that you stay up to date with your renewals - to avoid any unnecessary hassle or inconvenience.