How to Renew My Expired Car Insurance?

People often forget to renew their four-wheeler insurance policy, which is a challenge. But, no worries, Shriram Car Insurance have given you the option of renewing your policy online anytime. You can also do the renewal process by going to the insurance company’s nearby branch in person.

 

Driving with expired four-wheeler insurance is an offence that will result in a heavy fine for the policy holder. In addition to breaking the law, you risk losing insurance coverage for your vehicle in the event of an accident.

 

Every year, there are close to 500,000 car accidents on Indian roads, which causes irreparable loss of life and a lot of damage to vehicles. In light of these statistics, it is highly recommended to insure your car on time.

 

If the insured doesn't renew their car insurance within the allotted 90 days of the grace period, they will forfeit any accrued benefits and their policy coverage would expire. One should remember that they will end up losing the NCB discount if they forget to renew within the grace period.

 

Also, the cost of their four-wheeler insurance might shoot up. Shriram General Insurance Company lets you renew expired policies from other companies too.

 

If an individual renews their policy during the grace period, they can keep all the benefits, especially the discounts for not making a claim.

 

What happens if you don't renew your Car insurance?

If you fail to renew the four-wheeler insurance policy within the grace period, the renewal may be denied sometimes. A huge fine will be imposed and you have to face the following issues.

 

• You might have to apply for a new policy and start the process from the beginning.b
• The insurance company could raise the amount of the premium.
• Loss of No Claim Bonus.
• If the car is caught driving without insurance, there may be legal consequences.

 

If an individual forgets to renew their car insurance, they can do it right on the Shriram General Insurance website. Just follow the steps below:

 

1. Start over: If an individual’s policy gets expired, they'll have to start over and choose four-wheeler insurance that fits their needs. If they miss the grace period, some insurance companies will let them renew. The biggest problem is that they will have to pay higher premiums because they will lose their No Claim Bonus. Hence, it is best to renew the policy within 90 days of the lapse date.

 

2.Inspection of the vehicle: When the policy is up for renewal, the insurance company will send a surveyor to look at the car. The company will look at both small and big damages and then decide if the policy should be renewed or not.

 

The insurance company will contact an individual about having their car inspected. The survey is needed to find out the condition of the car and it’s past claims history. The car's condition will also affect how much your car insurance costs.

 

3. Documentation: When it's time to renew the policy, one should keep their old policy ready. The insurance company will ask for information about their car's registration, car number, engine capacity, add-on coverage, driver's licence, etc.

 

One can also choose an add-on from the list, such as:

1. Return to Invoice (It is applicable only for newly purchased cars)

 

2. Roadside Assistance

 

3. Engine Protection

 

4. Zero Depreciation

 

5. No Claim Bonus (NCB) protection, etc.

 

• An individual will need to give their make and model of the car, car's registration number, the location of RTO registration and so on. Also, keep track of any claims that were made during the policy's previous term and the expiration date.
• If an individual fills out the mentioned details, their premium for the four-wheeler insurance will be generated
• Once payment is done, their policy will be renewed.

 

Advantages of Renewing Shriram Car Insurance

Shriram Car Insurance is one of the best Motor Insurance to opt for. There are several reasons to choose Shriram Car Insurance to safeguard your dream car. Some of the benefits are,

 

Coverage for damage by accident and theft: Our insurance policy pays for any payable damage or loss of a vehicle that was caused by an accident. You don't need to buy this separately because it is included in our comprehensive insurance.

 

Zero depreciation coverage: When an individual gets their four-wheeler insurance, they can make full claims without suffering any reduction in the value of the vehicle. This feature lets you get the most out of your insurance policy and also keeps you worry-free. It is an optional add-on cover one can purchase at an additional premium.

 

Online renewal: An individual can get a renewal if they choose to do it online. They can secure the car from the convenience of their home.

 

Final Thoughts

Since four-wheeler insurance is required by law, an uninsured car on the road is against the law and leads to legal penalties. So, try to remember when the policy is due to be renewed. Shriram General Insurance says that renewing the policy two weeks prior to the renewal date is a smart option.

 

Key Highlights

• If the insured doesn't renew their car insurance within the allotted 90 days, they will forfeit any accrued benefits and their policy coverage would expire.
• When the policy is up for renewal, the insurance company will send a surveyor to look at the car.
• Since four-wheeler insurance is required by law, an uninsured car on the road is against the law and one needs to face legal consequences.

 

FAQ

1.How do I renew my expired car insurance?

An individual can renew a policy that has lapsed both online and in person. For online renewal, they can go to the insurer's website, enter the necessary information and renew their policy. Keep all car documentation accessible when renewing online.

 

2.What happens if you forget to renew your car insurance?

If you don't renew the four-wheeler insurance policy at the right time, it will expire and you will lose the accumulated NCB benefits of your policy.

 

3.What is the grace period for car insurance renewal?

Shriram Car Insurance policy have a grace period of 90 days. It also depends on the insurance company's policy. After the grace period, one can also renew their policy, but they have to pay more along with the mentioned penalty.