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Right Time to Renew Car Insurance Policy

Right Time to Renew Car Insurance Policy
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When is The Right Time to Renew Your Car Insurance Policy?

Buying and maintaining a car is an expensive affair. It is only natural for you to feel the need to safeguard it and be financially prepared for unforeseen emergencies.

Car owners prefer to maintain a car insurance policy, as car repairs are expensive. In case of accidents, the cost an owner must pay is significantly higher if he or she doesn’t have a car insurance in place. So, if you’re planning to buy a car, ensure to have a car insurance plan in place.

If you already have a car and car insurance policy in place, then all you need to do is ensure that you renew it before it gets lapsed or expired. Otherwise the benefits you have reaped will go waste.

What happens if you don’t renew your car insurance?

First, you won’t have the safety net on your vehicle anymore. If there are any repairs that take place, you will have to shell out the money from your own pocket during that event. When it comes to accidents, your car insurance policy helps you pay for your damages as well as the other party’s damages if you were at fault. Without a car insurance in place, you might find it difficult to manage this financial setback. This also raises a flag with the traffic police. So it’s best to renew your car insurance policy before it gets lapsed.

What’s the best time to renew your car insurance?

The most logical answer is before it expires. To be on the safe side, it is best to renew your car insurance policy about 45 days before the date of renewal. Renewal of your car insurance policy gives you the satisfaction of knowing that losses incurred due to car damage will be covered, if any unforeseen accident or mishaps occur.

Choose the auto-renewal option

In today’s world, everyone is living a busy life. Due to this it becomes difficult to track the renewal dates of car insurance policies. The best way to get out of that situation is to opt for an auto-renewal of your car insurance policy. Therefore, no matter what happens, your insurance will not lapse or expire. Most banks allow you to give standing instructions to auto pay car insurance policy.

What happens if your policy has already expired?

Most car insurance companies and third-party car insurance companies grant a grace period, if you’ve forgotten to renew your car insurance policy on time. However, if you miss this grace period as well, then the policy ceases to exist. You might have to invest in a new policy after understanding the car insurance quotes available in the market. It’s best to avoid such a lapse.
Renewal of your car insurance policy is a good practice and should be done in a timely manner in the best interest of your car.

 
 
 
 

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