What to do when your car insurance policy lapses?
Car Insurance Policy is an annual contract with an insurance company that needs to be renewed year on year to continue enjoying the benefits that come with it. And this needs to be done before the renewal date/the expiration date of the policy. When an insurer fails to renew the policy on time, they are said to have a lapsed policy in hand. Therefore, the first and foremost aim for all policyholders should be to not let their policies expire. Any claims made once the policy lapses are not accepted, and the vehicle owner has to bear all the costs of the damage done. To avoid legal hassles and increased premium amount for your vehicle, keep in mind the following tips to resolve the issue swiftly —
Check for a grace period and renew
Most insurers provide a grace period to policyholders to renew their lapsed policies if they couldn’t renew before its expiration date. In times when you have a lapsed policy in hand due to unexpected incidents, the first thing to do is to check for a grace period per your car insurance policy. If there’s time left in that, then renew your policy right away.
Buy new policy
If you have surpassed the grace period as per your insurance, the following solution is to buy a new policy either independently or through your agent. But remember, thorough research and comparison of all available insurance policies is necessary to make an informed decision. Pick a policy that’s best suitable for you and your needs, and then move on to make the final purchase. In today’s world, online policy comparison and purchase have made everything easier for insurance seekers. So now buy from the comfort of your homes.
Avoid driving and be careful
While your car insurance has lapsed and there’s time till you can renew it or buy a new one, try and avoid driving as much as possible. Misfortune on the road does not come knocking, so being insured is always advisable to be better prepared for it. In case of an emergency, if you must drive during this time, take all precautions and be careful so as to avoid any accident.
Therefore, make sure that you continually renew your policy on time. In case of an unforeseen circumstance leading to lapsed policy, take quick actions and either renew or buy a new policy soon. Cholamandalam MS offers its car insurance policy with top-notch benefits and makes the renewal process fast, convenient, and straightforward for you.