Timely renewal of an existing four-wheeler insurance policy is as important as buying a new one. When you fail to renew your motor insurance policy within the expiry period, it lapses. And you can not raise a claim or expect any coverage with a lapsed car insurance policy. Therefore, to safeguard your car against unforeseen repair-related expenses and keep your insurance plan active, you must opt for car insurance renewal before its expiry date.
If you are looking for the process of car insurance renewal after an accident, you are in the right place. This article will provide you with a complete guide for car policy renewal. Keep reading!
How Does Car Insurance Renewal After Accident Work?
When you purchase a car insurance policy, it comes with an expiry date. You need to renew the policy before the stated expiry date; otherwise, it will lapse. In short, it becomes useless as it won’t provide any coverage when it is not active.
Having said that, there can be two cases of car insurance renewal after your car has met with an accident:
- Accident Prior to the Expiry of Car Policy
- Accident Post the Expiry of Car Insurance Policy
To have a better understanding, let’s discuss both scenarios for the renewal of car insurance in detail:
- Case 1: Accident Prior to the Expiry of Car Policy
If your car meets with an accident before your car insurance plan expires, then you can raise the claim under the existing plan. You can do so by notifying the company about the accident and filling out a claim form that is available on the insurance provider’s website. The insurer will verify the claim request and get your car fixed in a cashless manner at one of the network garages.
In this case, you have sufficient time to renew your plan or buy a new insurance scheme if the renewal date is around the corner. However, note that you will lose your No Claim Bonus points as you have made a claim. So, you will not be able to avail of extra discounts at the time of renewing the policy.
- Case 2: Accident Post the Expiry of Car Insurance Policy
If you fail to renew your car policy before its date of expiry, it becomes inactive, and you lose all the coverage.
But the good thing is that reputed insurance providers like Tata AIG offer a 90-day grace period during which you can renew your policy and retain all the benefits it provides, including the NCB points. But if you renew the policy after this grace period, your No Claims bonus points will be lost, and you will not get an additional discount on your renewal or new purchase.
[Note: You will not be able to raise a claim when your policy is inactive, even in your grace period. So, you have to get your car repaired at your own expense.]
How to Renew Car Insurance Policy After an Accident?
As discussed above, you cannot file a claim with your expired car policy after an accident. So, once you have got your car repaired, you can proceed to renew the policy if you are within the grace period offered by your insurance company. Otherwise, you can always proceed to buy a car insurance policy that matches your requirement.
When done online, car insurance renewal is a simple and quick process. All you need to do is follow the below steps:
- Visit the official website of your insurance provider and select the policy renewal option.
- Enter your car registration number along with your existing policy number.
- Enter your personal as well as car details. Also, select the type of coverage and add-ons if you want any.
- Place the quote request.
Once that is done, you will receive a quote from the insurer. If you are satisfied with the pricing, proceed to make the payment, and you are done. You will get confirmation via email or text as per your given contact details.
In case you are not satisfied with your existing policy, you can go ahead to buy a new policy that matches your requirements and budget. At this time, you can also purchase add-ons to make your policy more comprehensive.
If your car meets an accident post the expiry of your car insurance, you can not raise the claim, and you have to pay for the repair cost from your pocket. Once that is done, you can either renew the existing policy within the provided grace period or purchase a new one. We have shared the detailed car policy renewal process in this guide.
Hope it helps!