What happens if your car insurance expires
Car insurance expired and not sure what to do? Here are 5 things to take care of when your car insurance expires:
Talk to your car insurance company’s representative
Car insurance details in Pakistan can not be easily managed. It is very likely that your car insurance expires and you may have forgotten about the renewal already! Many times, a good car insurance company in Pakistan will make sure to send you timely reminders for the renewal of your policy so you are not penalized for late submission of fees. With your lapsed car insurance, you are most likely to lose accrued benefits of your motor insurance policy, like a no-claim bonus, etc. You could also end up paying an extra amount for the renewal of your car insurance as a penalty along with the renewal fee. So, as soon as your car insurance expires, talk to the insurance company and provide all required details that may include:
- Your vehicle registration number
- Your policy details
- Other personal details
- The reason for the lapse in payment/renewal
- Any other information that may be required by the agent in case they plan to waive off any additional cost/expense
Don’t take a risk of driving your car without insurance
When you know your car’s insurance is not intact, driving your car will only be a risk. In case of accident, damage, theft or loss, your expenses will not be covered and you will be liable to bear the cost all by yourself! You can also get your insurance policy renewed online if your insurance company provides you the option of online policy buying and renewals. In that case, your renewal is just a click away.
Get yourself a new policy ASAP
As soon as your policy expires, or your car insurance is canceled because of non-payment for renewal, the best way forward is to get yourself a new policy as soon as possible. You can get the same one renewed or even explore more policies from other car insurance companies. You can compare the prices and plans and choose a better car insurance plan that may have a less annual premium.
Do not repeat the same mistake in future
Make sure you don’t repeat the mistake of not renewing your car insurance policy on time because you must have learned a lesson that without your car insurance policy, there is a lot of risk to your vehicle and you may end up paying huge amounts for the financial loss, accidental damage, car theft
Always remain up to date
With so many things happening in your life, you must organize yourself and assign priority to each task so in the future you know exactly which expense is coming up next and you can do your financial planning in advance and may be able to avoid unpleasant surprises in the future. Uninsured vehicles always put you at financial risk should you come across an accident or mishap.
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