Process of Motor Insurance Policy Renewal
Everything comes with an expiry date, and the same applies to insurance as well. As for motor insurance, the renewal becomes all the more critical as it is unlawful to drive a vehicle without proper documentation and the insurance.
During the time when the policy is active all costs for damages or injury can be sought from the insurer, however, if the policy expires, then a policyholder's vehicle is rendered uninsured and the holder can’t make any claim. So, any expense in the event of damage to the vehicle has to be borne by the policyholder. To avoid such a scenario, renew the insurance before it expires.
Steps involved in Motor Insurance Renewal
- Get in touch with respective insurance company
- If motor insurance policy has to be renewed, schedule a vehicle survey appointment
- Post vehicle inspection, opt for a policy that suits you the most
All these can be done even online also.
Documents Required for Insurance Renewal
For motor insurance renewal of a plan that has expired, the policyholder must have the following documents at hand to ensure that renewal process is smooth. The documents required are as follows:
- Registration certificate with policy
- Copy of expired insurance policy certificate
- Address of RTO linked to vehicle
- Details of the vehicle: model number, registration, company name
Importance of Policy Renewal
Avoid Legal Hassles
As said earlier, motor insurance policy is a must to drive around your vehicle. But once your motor insurance policy expires, the coverage becomes inactive. So driving around a vehicle without insurance becomes a legal offence. Upon finding that you don’t have insurance cover, hefty penalties can be imposed upon you.
Damage to the Vehicle Becomes your Liability
In case you don’t have insurance or the same has expired, then any damage caused to your vehicle or the injury inflicted upon another person by your vehicle becomes your liability. You won’t be able to claim any expenses for these which are normally covered under an active policy.
Avoid Cumbersome Procedures
If you opt for renewal after a motor insurance policy has expired, then insurance companies will insist on inspection the vehicle before reissuing the policy. The fresh policy will only be issued if the inspection report is satisfactory. This inspection procedure is time consuming and very inconvenient. This painful process can be avoided if you renew the policy on time.
