Buying a insurance for your car is mandatory in a country like India. You can choose from any of the leading players from online comparison site like PolicyX. Some of the leading players that you must be aware about are as follows like Bajaj Allianz, Bharti Axa, HDFC ERGO, Oriental Insurance, United India Insurance, Iffco Tokio and Royal Sundaram.
Nobody can take the car owner to the insurance player and get his insurance renewed. If you are a car owner than It’s your responsibility to renew it on a regular basis. If you have a large gap in your car insurance renewal than you may have to face lots of consequences as elaborated below.
1. Lapse of NCB
All the car insurance policyholders are entitled to get the no claim bonus (NCB) up to 50% if they renew their car policy on a regular basis. However, if you forget to renew your car insurance for any reason than there’s a chance that you may miss on the discount that you get because of your NCB. Usually, the percentage of your NCB increases at a steady pace every year. If you miss out to renew your premium than you can surely miss out on your NCB discount.
2. More Amount of Premium
Since your car policy can enable you many benefits you must renew it for your benefit as well. If there’s a gap in payment of your premium than you may end up paying more amount of premium at the time of renewals.
3. Denial of Insurance
If there’s a huge gap in the renewal of your car insurance policy plan than there might be also chances that your insurance renewal may get rejected completely. This is more applicable in the cars that are too old and have taken multiple claims. To be on a safer side always renew your car insurance before the due date.
4. Decreased IDV
Your Insured declared value (IDV) is decided by your insurance service provider for the car. Because of the gap in your car insurance, there are good chances that your IDV may get reduced. IDV is also based on the depreciation value of your car. If you haven’t taken any car insurance than there may be chances that you might have delayed in your car services repair because of lack of funds which otherwise would have been provided by your car policy. This may have impacted the IDV of your car even more.
5. Missing the Add-ons’
If you miss on renewing your car insurance than you may not be able to choose the kind of cover you want. Because of the decreased amount of IDV you may have fewer options to choose from. There are lots of add-on covers provided by many insurance companies. With the gap in your car insurance, your insurance company may decide to not provide the chosen option to you. This may be due to the lack of your car insurance your car may not be maintained to the desired standard. Facilitating you with add-on covers may turn out to be quiet expensive for your car insurance service provider so there may deny it at the time of renewing after a large gap.
To enjoy the maximum advantage for your car policy, you must renew it on a regular basis. The online world has made things quite simple and easy. You can easily renew your car policy with any of the service providers. You may plan to choose the same car insurance players or buy from different players. The best option is always to make an informed decision. To do so you must be well versed with features provides by various insurance players for your car.
Alternatively, you can also check the premium quotes across various car policies players. This can be conveniently done using an online car insurance premium calculator. You just need to put a few variables and you can get the amount of premium offered by various car insurance players. Car Insurance selection should be done with due-diligence so that you can utilize all the features. In order to make the right selection, you can always keep yourself updated with the latest news related to car insurance. You can also check the frequently asked question. These details are freely available on online comparison sites like PolicyX. Crux is never miss on your car policy renewal so that you can continue enjoying maximum benefits of your car policy and plan.