Expired Car Insurance Policy

Quite simply, an insurance policy that has not been renewed before or by its expiry date is known as a lapsed or a ‘break-in’ policy. An expired car policy is not viable for two very important reasons:

It’s illegal!

As per Indian Motor laws, it’s not legal to drive without valid car insurance. Offenders are subject to fines and may even face strict action!

It does not make road sense!

Apart from the fact that accidents can happen any time and anywhere, expired policies may also lead to major financial losses!

Reasons to Renew Your Expired Car Insurance

Do you require a little more convincing to renew your expired car insurance policy? Here are a few more reasons:

Protection

Accidents are common and inevitable. If by chance you are involved in one, after your policy has expired, it means you'd have to shell out the money from your own pocket! Not a good idea, right?

Longer Renewal Process

The longer you wait, the harder it will be to find an insurer, and more so for older vehicles. Apart from that, you’ll also have to bear the charges for having your car surveyed. That’s a strict no-no.

No Claim Bonus

Did you know a policy lapsed for more than 90 days could make you lose on your accrued NCB? Think of this way, the NCB raked up over 4 years could stack up to 45-50%. Imagine losing that? Not really.

Things to Do When Your Car Insurance Expires

Contact your insurance agent immediately - This is the first and foremost step which you should take. Your insurance agent is like a relationship manager with the right kind of expertise. The insurance agent might be able to reinstate your lapsed policy without the need to pay a penalty. Also, it is advisable that you do not make any further delays, especially if you have an old car. The worst case scenario would be that you will be required to pay higher premiums.
Avoid driving your car - Accidents can happen anytime and anywhere, do not drive your car if your insurance policy has expired. In case you run into an accident, you will have to pay for the damages caused to yourself, your car and any third party involved.
Purchase the policy immediately - As soon as the inspection is completed by the insurance company, go ahead and buy the insurance policy within 24 hours.
Opt for a new policy - Apart from renewing your policy, this is also a good time to purchase a new car insurance from a different vendor. Online comparison is a good option.
Documentation - In case of new policy purchase, keep your basic documents such as previous year’s policy and Registration Certificate ready. These are the documents which the insurance agent will ask for as a mandatory requirement.
Vehicle survey - When a car insurance policy expires, the insurer will usually send a surveyor to review any pre-existing damages to ensure your eligibility for car insurance. The inspector will decide the predetermined fixed deductible based on the extent of damage, if any. The predetermined fixed deductible is charged in any of your future claims.

Steps for Renewing an Expired Policy

Now that your car insurance policy has expired, don't waste any more time. Just follow these steps!

Step 1

Choose Insurance Policy and Plan

Research and select your policy before you proceed. Based on your car make, model, age and other details, experts can help you find the ideal policy for you.

Step 2

Vehicle Survey Appointment

After finalising on the insurance company, you'll have to schedule a vehicle survey at the earliest. The earlier you do, the easier it gets!

Step 3

Vehicle Survey

A representative from the insurance company will inspect, review and ascertain any pre-existing damages of your vehicle. Based on his observations, insurance may or may not be provided.

Step 4

Buy Policy Immediately

Once the survey has concluded, you can buy a car insurance policy. You should remember that the inspection is valid for 24 hours only, so do not waste any time post your appointment!

Avoid the last-minute rush. Renew your car insurance before it expires.

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Expired Car Insurance? Here’s the Answer!

What are the benefits of expired car insurance renewal?

Your car insurance financially protects you from liabilities and unforeseeable circumstances. By driving with an expired policy, your are not only losing that protection, you are also breaking the Indian Motors law.

Can I renew my expired car insurance?

Yes, but just make sure that you don’t delay the process any further. Better late than never, right? Keep in mind that in case of renewing an expired car insurance policy, your car would have to undergo inspection. Also, if your car insurance has been expired for more than 90 days, then you may lose out on your no-claim bonus benefit too.

Can I renew my expired car insurance policy online?

Currently, you can only initiate the renewal process by contacting Coverfox online. This leads to a simple and quick offline renewal process.

Can the No Claim Bonus on my expired car insurance be transferred?

Yes, you can but there is a catch here. If your car insurance has been expired for more than 90 days ago, you will lose out on your NCB discount benefits.

What are the documents required to renew my expired policy?

The only documents required for renewing you expired car insurance policy are the RC copy and a copy of your previous insurance policy. Your car would have to undergo inspection though. If your car comes out to be 'recommended', then you can move on to insuring it. However, if your car is labelled 'not recommended' by the insurance company [for pre-exsiting damages etc] then you'd have to first get those damages repaired before moving on to insuring your vehicle.

What is a cover note?

It is a temporary document that acts as a proof of insurance that helps insure your vehicle. Valid for 60 days, it is replaced by the renewed policy document.