If you’re a Petrol head or just someone who values their investment then surely you opted for car insurance at the time of buying your new or used car. And it must definitely have been worth it as car insurance helps against having to bear significant expenses during unforeseen events such as accidents or damage due to arson, fire and flood etc. However a car insurance policy is valid for one year and has to be renewed at the end of the said duration. Some people delay the renewal by a few days or sometimes forget to get their insurance renewed and this can turn out to be a disaster. Listed below are some important reasons why you should never put off your car insurance policy renewal on hold.
While driving on the road, any driver is prone to running into an accident at any time. Sometimes it can be due to your negligence but even more importantly there are times when someone else on the road bumps into you. If you’re insurance has lapsed then you can say goodbye to be able to claim anything and will have to pay for all the expenses on your own which can burn a pretty big hole in your wallet.
If your insurance policy has expired and you didn’t get it renewed within time, then you might be subject to late payment fee or any extra penalties.
If you did not renew your policy and then had a car accident after which you decided to get insurance without getting the damaged fixed then your insurance provider may reject your application due to the risk of you claiming for the damage right after your car has been insured.
Another reason for rejection could be if you didn’t pay your dues and then tried to switch to another insurance provider then once the new provider checks your car’s insurance history and finds out that you’ve previously defaulted on payments your application will be rejected because there will be a risk of fraud.
Increased Insurance Cost:
If you didn’t renew your insurance on time then you might not get the yearly discounts that you could otherwise get at the time of renewing your policy.
So take our advice and don’t leave your car uninsured. You’ll only put your life and finances in jeopardy if you do so. Car insurance really helps and we recommend our readers to get car insurance if they haven’t done so already. It really pays off to do so. If you have something more to say, leave us your comments below!