Why it is important to renew motor insurance despite the pandemic
Motor insurance covers the risk of your vehicle getting damage due to cyclone, earthquake.
Insurance Despite the Pandemic Natural calamities, building collapse, stone falling, fire, theft etc, while your vehicle station.
The impact of the COVID-19 outbreak has devastate the global economy and with many countries in extended lockdown.
There has been a seismic shift in customer behavior and business operations.
For vehicle owners, an impact has been reduce usage.
Which means that a majority of owners might be wondering if renewing the motor policy is something they can afford to procrastinate about.
Non Accidental risks:
Loss of No Claim Bonus years
Re-Inspection of Vehicle –
Renewal can become costlier –
Attracting penalty –
Driving without a valid insurance can be a huge problem.
You can end up in paying penalty of Rs 2000 for first offence.
Rs. 4000 for subsequent offence as per Motor Act 2019.
Liability only policy (Third party insurance) is mandatory for all vehicles.
At least liability only policy should be renew as there to use vehicle in public place as per Motor vehicle Act 1988.
If these reasons were not enough.
Most insurers are offering add benefits to vehicle owners to help them adapt to the new normal.
Examples include – online renewal facilities, roadside help like services.
Seamless claim assessment and settlement, self inspection app/link, etc.
Thus, as we can see, a single motor renewal on time can give you many benefits.
So don’t let lockdown come in between you and your motor insurance.