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It’s highly recommended that you renew your car insurance policy before the expiry date to avoid penalties and missing out on the NCB (No Claim Bonus). However, if you have forgotten to renew the policy within the specified time, then you should try this:

  • Most insurers offer a grace period after policy expiration. The grace period is a few days offered after the policy renewal date and it varies from one insurer to another. Some offer a grace period of 30 days, while others offer up to 45 days. If you renew the policy within this stipulated date, you can retain the NCB and other benefits of your car insurance. To renew the policy within the grace period, follow the steps listed below: 
    • Log into your insurer’s website, click on policy renewal and provide your policy number.
    • Select the add-ons if required, set the IDV (Insured Declared Value) and complete the payment.

Remember that the NCB is only valid up to 90 days from the policy expiry date. Failing to renew the policy within 90 days makes you lose the No Claim Bonus, and no other benefits are available from the previous plan.

Don’t forget to renew your car insurance policy on time. Failing to do so makes you lose out on the various benefits like NCB. Generally, most car insurance companies send multiple reminders to the policyholder reminding him/her of the upcoming renewal. Look for renewal reminders via different modes – email, SMS or Whatsapp messages.

Make sure to keep an eye out for these reminders and follow the instructions specified. On the safer side, you can set up a reminder on your smartphone alerting you of the due date, so that you can renew the policy on time. 
Make sure to use any of the methods above and renew your car insurance policy to avail the various benefits and to avoid late renewal fines and penalties.

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