What To Do if Your Bajaj Allianz Car Insurance Policy Gets Lapsed?

You've just discovered that your car insurance policy has expired. If you are unsure of what to do next, read on! A lapsed car insurance policy means that you have failed to renew your four-wheeler insurance coverage by the due date. 

If you find yourself with an expired car insurance policy despite completing the steps outlined above, don't panic. According to IRDAI regulations, an insured can resurrect his or her dead policy during the revival period. However, your insurer may need you to repay any missing premium payments, as well as pay the penalty, and complete the appropriate paperwork to reinstate your lapsed insurance for your four-wheeler.

What to do if Your Bajaj Allianz Car Insurance Policy Gets Lapsed?

Driving an uninsured four-wheeler on Indian roads is not only illegal, but it also puts you at risk of financial liability if the four-wheeler is involved in an accident. So, how do you go about it? The first step is to comprehend the consequences of a lapsed automobile insurance coverage.

• For a break-in or expired car insurance policy of your four-wheeler, you'll need to re-enter your information and wait for the surveyor to check it across.
• According to the policy, You are eligible for the NCB bonus for your four-wheeler if your coverage is renewed within 90 days. The No Claim Bonus, or NCB, is a discount car insurance companies give for not filing any claims throughout the year. It's a fantastic strategy to lower your car insurance cost gradually. Please find out more about the No Claim Bonus and its advantages.
• The No Claim Bonus will be forfeited if your coverage has expired for 90 days. As a result, premiums will increase.

Here Is the Step-by-Step for Renewing Car Insurance Policy

• Select an Insurance Company

You must select a car insurance company that offers premiums at affordable prices based on the four-wheeler's age and manufacture. You can call your prior insurer and inquire about the renewal procedure to get the best insurance policy for your four-wheeler. Alternatively, you may get estimates from various insurance companies to discover the best bargain when it comes to renewing your car insurance.

• Complete the Four-Wheeler Survey

After you've narrowed down your insurance policy options, you'll need to have your four-wheeler evaluated by a surveyor. When you contact your car insurance, they will set up a time for a surveyor to come out and check your four-wheeler.

• Purchase the Policy

You can purchase car insurance coverage when the survey is completed. Keep in mind that you should do this as soon as feasible. This can assist you to avoid paying hefty fines for driving without insurance and save you money if your four-wheeler is involved in an accident. If your four-wheeler insurance coverage hasn't been renewed in a while, do it as soon as feasible. To avoid future headaches, set a reminder and continue your coverage on time in the future. Check out the car insurance policy offered by Bajaj Allianz General Insurance if you want to renew your policy and obtain complete coverage against physical damage, bodily injury, and third-party liability.

Take Away

Life, as we all know, can be very unexpected. It's possible that a catastrophe is just around the bend, and you're not aware of it. That is why it is critical to plan for unanticipated events and emergencies. A term insurance policy is one way to do this. Even in the case of an unpredictable or unfavourable situation, it can assist keep your family safe.

However, in order to reap the advantages of a term car insurance policy for your four-wheeler, it is necessary to keep it from expiring. Because a lapsed policy puts your family vulnerable, you should make sure that your insurance is active at all times.

Also Read:

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Things to Check Before Buying a Used Car in India

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.