With so many people staying at home due to the current COVID-19 pandemic, vehicles are often sitting idle, growing more dusty every day.

In this situation, you could say that there is no point renewing motor insurance when the vehicle itself is not being used, and it can’t get damaged.

But you would be wrong. There are many other issues that cars and bikes might face even if they’re just parked in a garage, which is why it’s essential that you renew your car and bike insurance before expiry. 

Know more:

• Car Insurance
• Two Wheeler Insurance

There are many things that could affect your car or bike even if it’s sitting idle during the lockdown. And the good news is that most of these are covered by your motor insurance policy.

However, your insurer can only provide help if you remember to renew your policy on time. Here’s what could happen if you don’t:

Theft

One morning you could wake up and see an empty spot where your beloved car or bike was sitting the night before. Vehicle theft is not uncommon in India. 

Vandalism

Or, it could get vandalised or damaged, either on purpose or by mistake. For example, by kids playing with a ball nearby. Repairing such damages can be quite expensive. 

Natural Calamities

In regions where natural calamities like landslides, earthquakes, and floods are common, they can cause serious damage to a vehicle.

But even if you don’t live in such an area, something as small as a falling tree branch can also hit your vehicle and damage it. 

As we’ve said if you don’t renew your insurance on time, your insurer might be able to honour your claim. Otherwise, you’ll have to pay for all the expenses when this kind of damage occurs yourself.  Other reasons are:

No Claim Rejection

The first thing that the insurance company will review would be the tenure of your car and bike insurance policy. If you raised a claim after it expired, it will be rejected without investigation.

Your No Claim Bonus Cycle will be Secure

Motor insurance companies usually offer a bonus for the years you haven’t made any claims. But you need to keep renewing your policy in time to enjoy its benefit. Otherwise you lose out on your NCB and hence the discount too!

Inspection Won’t Be Required

When you renew your motor insurance policy on time, it can be done in minutes. However, if you do it after the expiry date of the previous policy, insurers might insist that they come and inspect your vehicle for any pre-existing damage, which can expose you to financial liabilities. 

No Hike in Premium

Not renewing your policy on time means that you must buy a new motor insurance plan which can be more costly than renewing the existing one.