|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
The due date has become the time of history in the calendar.
And you wonder:
- What is the next step to renew?
- What is the procedure for renewal of car insurance policy after the expiry date?
- What are all documents required?
I am going to answer all the queries that have taken a seat in your mind so that you are free again, for that perfect long drive without worrying.
What is the next step after car insurance policy lapsed?
Renew your car insurance policy, as soon as possible.
Before I jump to the procedure, you must know why it is important to renew it in the first place and what if you don't do it.
Reasons why you should renew it now before it is too late:
The bad side, if you do not renew the policy:
- First thing first, it is now no more valid!
- It is illegal to drive without a valid insurance policy, as per the Indian Motor Act, 1988.
- In an unforeseen unfortunate case, the owner may end up losing loads of money, bearing financial loss.
- This delay in renewal may lead you to rejection with renewal or with loading – a fine or penalty.
- You may end up losing No-Claim Bonus.
The good side, if you DO renew the policy:
- Protection from financial losses: You get financial protection in case of unlikely and unforeseen situations such as car accident or vehicle theft. Having insurance save your loads of money.
- Additional costs if delayed for a long time: If you keep on delaying or do not renew for a long time even after the due date, you may not only loose on some money.
- No-Claim Bonus is retained: Suppose you have never made any claims and have been in the good books of the insurer, you get No-Claim Bonus – which is the discount you get on the premium for the next year.
But if your policy expires and you delayed it getting the renewal beyond 90 days of expiry date, or policy lapse you won't get benefits of No-Claim or NCB discounts on the premiums.
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
Procedure for renewal of car insurance policy after the expiry date
A) Choosing Policy:
The first thing is to contact the insurer, immediately.
Or you can compare the different insurance plans provided by various insurers online. Never have been easier than checking online the different plans, compare them and select one with a click.
Wait! Not so straightforward. The important aspect comes with surveying of your car.
B) Vehicle Surveying:
The insurer will sent a surveyor. The surveyor will inspect and take photographs of your car.
To ensure your car is in a condition to get approval from the insurer to get insurance, surveyor will inspect your car, take snaps and make sure of if there is any damage or dent on the car.
A surveyor will determine or ascertain any pre-existing damages.
In case there are some pre-existing damages, the chances are that your vehicle may get rejected for getting insurance, depending on the extent of the damage.
A better option would be, not to delay in renewal procedure after the expiry date. And make sure not to drive unless and until you have a legit, legal insurance documents.
What are all the documents required if car insurance policy lapsed?
i) Vehicle registered or the RTO's address
ii) First registration date
iii) Manufacturer's name and model details
C) Time to buy policy:
Remember: The inspection by the surveyor is valid only for 24 hours. Don't forget this fact!
And if you have already delayed in contacting the insurer, and taking a surveyor appointment, you may be charged for inspection.
In most cases companies may charge for this inspection, irrespective of any damage or not on your car.
Make it fast. Contact insurer, make an appointment for surveying and finally, when all set, buy insurance the very moment, before it slips through your mind.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|