Did you receive a call from your insurance company, insurance agent, for renewing your car insurance during the lockdown?
Did you say you will think about renewing the policy and get back?
Did you congratulate yourself for saving the premium amount?
Did you use that money for buying that OTT platform subscription or splurge it on other things?
Well, you just made a very big mistake.
The COVID-19 crises looming over all of us have changed the way we live and work. We are now confined to our homes for our own safety; we are working from our homes, our cars are safely parked in our garages or allotted parking slots in the society compound. We hardly step outside our homes until and unless it is unavoidable.
All our groceries, food, and other items are delivered right to our doorstep. We have started spending the weekends by discovering new hobbies for ourselves or going through the boxes with old memories filled in them and stashed safely in the storeroom, or watching those online shows that you always wanted to finish off in a marathon viewing session.
We are all trying our level best to adjust ourselves to the new normal, balancing work and family fun till the situation returns to the previous normal life we enjoyed. Now that those beloved road trips are postponed till life settles back to normal, “Why waste money on renewing car insurance?” if you think this is the best decision, you are making a big mistake.
Reasons for renewing your car insurance in lockdown
Lets us tell you, “Why it is important to renew car insurance despite the lockdown?”
- Breaking the Law - The first thing you would be doing is breaking the law. How do you ask? As per the Indian Motor Vehicles Act, 1988, it is mandatory for the car owners to protect their car with at least a Third Party Liability Only Insurance. A vehicle found running on Indian roads without a valid insurance cover for the first offense is liable for a fine of Rs. 2,000, and for the second offense, the fine amount gets doubled to Rs. 4,000.
- Losing No Claim Bonus - You can very well bid adieu to your accumulated NO Claim Bonus over the many years. Under your comprehensive car insurance policy, for every claim-free year, you receive a no claim bonus. In the first claim-free year, the NCB is 20%, and over just 5 years of accumulation, it can reach as high as 50%. You can use this accumulated No Claim Bonus to bring down your next year’s premium. Now, if you do not renew your car insurance, you can kiss goodbye to your accumulated No Claim Bonus and the money you could have saved on the next year’s renewal premium.
- Natural Disasters - There are a few incidents that can land on your doorstep without informing you. Natural disasters are one of them, and you just can’t control them in any way. Cyclones, Torrential Rains, Flood, Earthquakes, Landslides, Fires can strike your place of stay. The year 2020 saw torrential rains all over the country, damaging property and lives.
Now, if your car gets damaged due to a wall collapsing on it or a tree falling atop it, comprehensive car insurance is your best friend to overcome such a financial tragedy. But have you thought about what will be your financial condition if your car insurance policy has expired, you convinced yourself not to renew it, and your car gets damaged badly by a natural disaster.
So, isn’t it better to renew your car insurance on time than crying your heart out when your car is badly damaged due to a natural disaster?
- Self Ignition - The summer season can be very damaging for the human body as well as for the vehicle itself. If we are not careful, we can suffer a heat stroke. Similarly, if the car is left out in the sun without a proper cover, the heat can cause the leather seats or other materials to self ignite and the whole car can be reduced to cinders in no time at all. A valid comprehensive motor insurance policy will protect you financially in case of a total loss resulting from the self-ignition of the vehicle.
- Theft - The lockdown period has seen a many-fold increase in the number of vehicle theft cases. What will be your situation if you find out that your vehicle has been stolen. If you had renewed your comprehensive car insurance policy, it would have saved you from this loss.
- Higher Premiums - If you do not renew your car insurance policy with the grace period provided by the insurance company, you might have to pay a higher premium later. Why? You ask. Well, your vehicle has to again undergo inspection by an authorized surveyor resulting in a higher premium. Hence timely renewal is more beneficial for you.
How to Renew Car Insurance in lockdown?
Don’t let lockdown get in the way of renewing your car insurance policy on time. The digital presence of online insurance brokers like Coverfox comes to your rescue. Now you can easily Compare/ Buy / Renew various insurance plans like car insurance, bike insurance, term insurance, health insurance from the comfort of your home. On Coverfox, you can perform a detailed comparison of premium, features, benefits of various products available in the Indian insurance market. You can instantly pay premiums on our secure payment portal, and your policy will be delivered to your inbox in just a few minutes.
How to Renew Car Insurance in lockdown Online on Coverfox?
Now that you are aware of the importance of car insurance renewal, it is time to put your thoughts into action. Coverfox will help you renew your car insurance in just 5 minutes. Yes, you got that right!
Step 1 - If you have purchased a policy from Coverfox, log in with your registered user ID and Password.
Step 2 - Select the Renew Here Section from the Car Insurance Tab.
Step 3 - You also have an option to log in with your mobile number and One Time Password. Enter the number which you used to buy a policy from Coverfox.
Step 4 - You can also renew via your policy number. Enter the previous policy number.
Step 5 - Review your existing policy details and renewal premium.
Step 6 - Choose the right quote and make the payment online.
Step 7 - Your policy will be delivered to your inbox within 5 minutes.
As you would protect yourself and your family in these COVID-19 times, it is your responsibility to protect your vehicle by renewing its insurance cover on time without fail. Follow the lockdown guidelines laid down by the government and local authorities, stay safe at your home and renew your car insurance plan despite the lockdown from the comforts of your home by visiting Coverfox.com.
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