Car insurance policy renews is must: know the reason
It is very important to renew the car insurance plans on time to drive stress-free. To bring you more information on this topic, we have highlighted three reasons in this article.
According to the Motor Vehicles Act, it is an offense to drive on the roads of India without a valid car insurance policy, as you all know, it is mandatory to have at least third-party insurance to drive a vehicle on Indian roads. At the same time, it is very important to renew car insurance plans on time to ensure a stress-free drive to the customer. To bring you more information on this topic, we have highlighted five reasons in this article, which will let you know why you should renew your car insurance.
Continuous coverage benefits of insurance
For car insurance to be valid, it needs to be renewed on time. If the policy is nearing the expiry date, get it renewed before the expiry of the validity of the policy to ensure that you get the plan coverage and benefits. Also, getting your car insured can help you avoid huge financial losses during accidents. At the same time, any legal liabilities during bodily injury or death to third parties can also be avoided.
Avoid paying high premium
If you take a break in between during the renewal period of your car insurance policy, you may end up paying higher premium rates. Also, you may have to buy a new car insurance policy instead, and this may increase your premium. Because you will not be eligible for an exemption.
Avoid Closure of No Claim Bonus
No Claim Bonus (NCB) is the benefit that the insured receives for not making any claims during the term of the policy. It is given by the company as a reward for driving safely. Along with this, the value of NCB may increase if there is no claim for five consecutive years. However, if the insured fails to renew the policy on time, they are deprived of this benefit.