Car insurance, as you know has to be renewed on time. Failing
to do so will attract a lot of trouble for your car or vehicle, third party,
and even to yourself. To keep things simple, let's say in an unfortunate
incident that you have met with a small accident, which has involved another
vehicle. Both vehicles have been damaged and the other vehicle owner demands
you to pay since it was your fault, but, you think it was his fault. This is a
classic case of an ‘Accident', in which both are wrong and right at the same
time.
In a case like this, is when insurance comes in handy, and
also, renewal on time saves you as well as the other motorist, bearing the cost
of damage for both the vehicles. Another important factor is that in case
either one sustains an injury, the insurance will take care of that as well as
property damage, if you have run over a small fence or into somebody's gate. Is
that all? No.
Here are some more reasons why vehicle insurance has to be
renewed on time: 1. You might have to buy a new policy itself. Yes, if the
insurance is lapsed and has not been renewed after a period of time, you will
have to shell out more to buy a new policy, even if it is from the same
insurance company.
Insurance providers have a set time frame before which the
policy has to be renewed, and failing to do so will lapse your policy itself.
2. You might end up paying a fine. Some insurance companies might ask you to
pay a fine for the number of days your vehicle runs without a renewed policy.
That will only be a waste of cash. To avoid that, a simple
way is to renew it on time. 3. Keep the police away. You will be fined for not
having a valid insurance for your vehicle. Using a car or a motorcycle on
public roads needs a valid insurance certificate. In other words, you are
committing a crime, a traffic violation that is punishable under the law. Insurance
should be renewed on time. 4. You could lose benefits.
This is another important reason to renew the general
insurance. Companies give benefits and one major benefit is the No-Claim
Bonus (NCB), which is awarded if you have not made claims in the past. This can
be added up over several years and while renewing the policy, you could get up
to 70 percent off on your premium.
If the policy is not renewed on time, however, you could lose
benefits and end up paying a lot for your insurance policy. So, keeping the
above reasons in mind, rush to your nearest insurance provider or grab that
laptop and renew your insurance policy now!
[Source: http://www-drivespark-com.spiral.media/scatter/www.drivespark.com/?url=http%3A%2F%2Fwww.drivespark.com%2Foff-beat%2Fcar-insurance-renewal-reasons-012154.html%3Foi_source%3Dspiralmedia&adgroupid=93&rand=99498&time=20151029101430483930]
Hey thanks for sharing this informative blog it seems very helpful. i was looking for content on general insurance
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