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An important reason to renew your car insurance policy

An important reason to renew your car insurance policy

Car insurance is required when purchasing the car, and it is important to renew it regularly to prevent legal issues and get full benefits for coverage.

Car insurance plans have an expiration date that is determined in accordance with the terms of the policy. To take full advantage of the coverage, it is necessary to renew it on a regular basis. It is called an expired policy if it is not renewed within the specified time period, and no insurance provider will accept claims with an expired policy. 


Buying a car is undoubtedly an important life event, but you should also consider its requirements. This involves timely repairs, vehicle maintenance and, of course, the purchase of car insurance. But, in addition to finding the right insurance for you, you should make sure that its benefits still meet your needs as long as you own the car. This requires tracking the status of your car insurance and renewing it on time.


Is it important to renew car insurance?

Some people ignore insurance policies and think it is an unnecessary cost. However, in India, they are required to have legitimate car insurance coverage, protecting them from legal and financial responsibilities. Here are some reasons why you renew car insurance on time:


It is important to renew after the due date

Failure to renew coverage on time may result in a significant financial loss. If the car has an accident and the owner does not have insurance, the insurance company will reject the claim. Renewal after the due date may also result in fines in addition to insurance premiums. Before renewing payment, the insurance provider can request a comprehensive car check.


Legal matters

Driving a car without a valid license or with an expired license is illegal. Car owners are required by law to carry at least third-party liability insurance. If the owner is detected driving without insurance by traffic police, he or she will have to pay a heer fine. Moreover, if the car is destroyed in an accident while the owner is without insurance, the owner will face a widespread legal conflict as well as a severe financial disaster.


premiums that are very high

Renewing expired insurance or purchasing a new policy after the previous policy expires may result in exorbitant prices. Renewing your insurance on time will result in lower prices and always the best option.


Loss of non-claim bonus

Car insurance companies give a reward not to claim as a reward for driving carefully. The insurance company will reduce successive renewals for each year without claims, or this incentive can be collected over years and shown as cheaper prices in the coming years. Failure to renew the policy in a timely manner results in the loss of the non-claim allowance, as well as the full amount due from NCB.

Vehicle protection

There is no protection for the car. Car insurance coverage covers all financial liabilities arising from an accident, including vehicle damage, third-party property damage, personal injuries and damage to With property. Car insurance provides a comprehensive fee to cover all these consequences and not renewing it may put the owner of the car at great financial risk.


Take away

To prevent legal and financial consequences, it is necessary to renew the car insurance as soon as possible. It is best to renew the insurance before the grace period expires, as the grace period is only to avoid increasing the premium, not to extend the car coverage. Timely renovation saves both time and money as well as emotional stress.


Read also: 

How to reduce your car premium?

The most important factors that determine your car's premium

Disclaimer: This article is published in the public interest and is intended for public information purposes only. Readers are advised not to rely on the contents of the article as crucial in nature, and further research or expert consultation should be conducted in this regard.

List of Edelweiss insurance extra cars covers 

Additional covers by Edelweiss Car Insurance company provide you with a full package of facilities, helping you afford the maximum benefits of your car insurance policy. Let's look at some of the additional covers available:

Engine protection 

In the standard policy package, corrosion of mechanical or electrical parts is not included but can be included with the addition of engine protection in your current policy. During the policy period, only one claim applies, with the insurance company also paying labor or manual fees, which are incurred during the repair. 

Depreciation protection 

The zero depreciation increase plan waives depreciation obligations from the insured, and as a result the policyholder receives higher claim amounts. It is recommended to repair your damaged car in the associated garage to take advantage of the maximum benefits because the company deducts a 10% claim amount on repaired vehicles in unauthorized garages.

Mandatory discount protection 

This addition will confirm that the insurance company waives the mandatory discounts mentioned in the policy. They are available for cars as young as 5 years of age or younger and can be claimed only once during the entire policy period.  

NCB Protection

The "No additional claim" add-on helps keep NCB's discount even after two claims have been made within the policy period. In this cover, the policy must be renewed within 3 months of the expiration date to enjoy all the benefits. 

Protect the invoice value

In addition to the additional premium, the insurance company will pay the full listed showroom price of the vehicle regardless of the IDV mentioned in the documents. The car must be up to three years old. 

Protection of consumer expenditures 

Under the coverage of this document, the Company will compensate for the repair or replacement of damaged consumables only in the event that the vehicle is damaged in an accident or other reason mentioned in the terms and conditions of the policy. 

Key and lock protection 

Under this policy, the insurance company must pay key/lock repair expenses only in the event of injury or loss. The policyholder must submit an information report within 48 hours in relation to the loss/damage of the key/lock event to take advantage of all benefits.

Roadside assistance 

In exchange for additional installments, the company must pay roadside assistance (RSA) in cases of flat tire, dead battery, misplaced or contaminated keys, fuel shortages or malfunctions Mechanical, electrical, accident or accident that paralyze the vehicle.

Protecting personal belonging 

If policyholders or anyone related to them suffers loss or damage to their personal property due to insured events as stated in T&Cs, the Company will make payments for the loss. 

conclusion 

You must choose additional covers based on your requirements and based on the list of excluded items in your standard car insurance policy. You must delve into policy documents carefully and have a proper awareness of the terms and conditions. 


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