If you are somebody who made the choice to spend a number of lakh rupees to get the car of your alternative, you’d have additionally made the choice to spend a number of thousand rupees to make sure the car would not push you into spending a bomb on it in case of an accident.
However, when it comes to renewal of insurance, many car-owners fail to achieve this. Around 60 per cent of autos in our nation are uninsured and this large share of uninsured autos is even an even bigger difficulty contemplating that over 5 lakh accidents get reported in India yearly with over 1.5 lakh deaths. Moreover, as per the newest figures launched by the National Crime Records Bureau, nearly 2.5 lakh autos are stolen in India annually out of which solely round 25 per cent are recovered.
Importance of Insurance
Buyinga complete car insurance on-line can defend you from a monetary setback ifyou are on the receiving finish of those statistics. A proper car insurance policy not solely covers the price of repairs in case your automobile is concerned in an accident, it additionally protects you from monetary and authorized hardships. Moreover, a complete car cowl additionally protects you from the monetary losses due to automobile theft, pure and artifical disasters and even mechanical breakdowns.
Of course motor insurance in India is additionally necessary as per the Motor Vehicles Act. And whatever the insurance firm that you simply purchase your car or two wheeler insurance from, it wants to be renewed at common intervals. During the renewal, you may select to proceed with your present insurer, or change to one other insurer that caters to your necessities higher.
With on-line services, the renewal course of is now extraordinarily handy and streamlined. Renewing insurance on-line is fairly straightforward and in reality is a time-saving course of as you do not have to contact an agent or go to the insurance firm workplace. Renewing your motor insurance before expiry will preserve you and your automobile protected always.
Here’s why you need to renew your car insurance policy before expiry:
1. If you don’t renew – you’re breaking the legislation!
The first and the foremost motive to renew your car insurance on time is to abide by the Motor Vehicles Act, 1988. Under this legislation, a person discovered driving avehicle with out legitimate insurance may be fined Rs 2,000 for the primary offence and Rs 4,000 fora subsequent offence. Moreover, you could even face imprisonment up to three months. Whether your 4 wheeleris on the highway or off it, it has to be insured at the very least with a third celebration car insurance policy.
2. Lapse of the No Claim Bonus (NCB)
We know that one of many advantages of car insurance is that the insurer is liable to pay for any damages incurred through the policy tenure, however there is additionally a reward for the accountable drivers who’ve managed to preserve their car protected for a mentioned policy yr. This reward comes within the type of NCB, which is a concession on the premium paid throughout complete car insurance renewal.
If the car proprietor has not made a declare through the time period of the policy interval, he/she is entitled to an NCB by the insurance firm, which might go up to even 50 per cent of the annual premium. However, if the insurance expires, there is a risk of a lapse of the NCB. To reap the advantages of NCB, it is necessary to renew the car insurance policy effectively in time.
3. Rejection of a declare
Due to the lockdown and the pandemic at massive, your car may be in restricted use however that doesn’t alter the potential for an uncertainty – be it due to an unlucky accident or perhaps a tree falling on the car whereas it is parked. You can’t foresee a mishap, and in such occasions car insurance acts as a defend. Renewal of the policy is extraordinarily essential in case you would need to make a declare. If the car insurance is not renewed and also you ask for a declare after its expiry, your declare can be rejected with none additional investigations.
4. Theft, vandalism and different threats
Theft is one of many main crimes in India and sadly automobile theft is on an increase. Did you recognize that about 125 automobiles are stolen per day in Delhi alone? Across the nation, there are 2.5 lakh circumstances reported of car thefts yearly.With such a rising crime charge, car insurance is extremely required. Insurance firms additionally defend you financially towards automobile theft so long as your complete insurance policy is legitimate.
Vandalism – the act of deliberate injury to public or non-public property is additionally widespread in our nation. The automobiles parked in unsecured colonies or at public properties can develop into a simple goal for the mob or miscreants. Another risk to your car is extra warmth that may lead to self-damaging of the car. Insurance can defend your car from these threats and canopy the bills or losses incurred. So, it is crucial that you simply safeguard your car towards these prospects by renewing your car insurance policy on time in order that it by no means lapses and your car is all the time protected.
Choose the best insurance firm
Other than understanding the significance of insurance, it is additionally crucial that you simply select a dependable service-provider. One of probably the most trusted insurers that you may go for is Bajaj Allianz General Insurance.
Along with on-line buy and car insurance renewal facility, Bajaj Allianz ensures versatile and cashless declare settlement at over 4,000 garages throughout the nation. Just punch in your pin code and discover the closest storage. With one of many highest declare settlement ratio within the nation, Bajaj Allianz additionally supplies a 24×7 name and roadside help add-on, at any time of the day. The better part is in case you change your insurer to Bajaj Allianz, it permits the switch of No Claim Bonus up to 50 per cent primarily based on earlier policy particulars. This ensures that you simply don’t find yourself dropping your NCB from your earlier insurer.
Taking precautions and sustaining social distancing is the necessity of the hour however one thing asnecessary as a car insurance renewal shouldn’t be placed on maintain. The best and the mosthassle-free means to renew the policy is on-line. You can consider your quote with the carinsurance premium calculator on the Bajaj Allianz web site and pay on-line. It is protected, fast and simple!Insurance is the subject material of solicitation. For extra particulars on advantages, exclusions, limitations, phrases and circumstances, please learn gross sales brochure/policy wording rigorously before concluding a sale.
Disclaimer: This content material has been distributed by Bajaj Allianz General Insurance. No TNIE journalist is concerned within the creation of this content material.