Countries across the globe have forced a lockdown on their citizens to control the spread of the COVID-19 virus. The COVID-19 lockdown has kept vehicles out from the roads, and are left inactive in their parking spaces. Some are with dead batteries while some with dust-laden.
People are confused about whether to renew their motor policy or not. Many people are allowing their motor policy to expire and are expecting constraints to be lifted before renewing it. However, it’s advisable to renew your motor policy despite the lockdown to keep your vehicles covered against any unforeseen emergency.
Below given reasons explain why it’s important to renew your motor policy even during this crisis:
No Claim Bonus (NCB) can lapse without a renewal
Car insurance providers offer the No Claim Bonus (NCB), and is a kind of discount offered to policyholders for not making any claims during the policy tenure. This discount can be used to decrease your car insurance premium while renewing your motor insurance policy. It begins from a certain percent and increases with every claim-free year. The highest discount from NCB is 50 percent that one can get, with no claims made for five consecutive years. If car insurance is not renewed on time, the policyholder might be at a risk of losing their cumulated NCB discount.
Natural disasters can cause damage to your vehicle
Natural calamities and disasters can occur anytime and come without any warning. Calamities like floods, cyclones, earthquakes, landslides, and fire come uninvited and can cause damage, which is beyond anyone’s control. Therefore, it’s better to keep your motor insurance valid if you would like to stay your vehicles safe during the lockdown.
Excess heat can lead to self-damaging the car
We should cover our vehicles to protect them from the dirt on the outer surface. It also assists in keeping our vehicle protected from the sunlight that may result in heating the outer surface as direct sunlight can affect the car paint and make it weak. Also, the leather used in the interiors of the car can go off from the sun’s rays. In such a case having a legitimate motor insurance can assist you save burning a hole in your pocket for repairs.
Motor insurance lapse can lead to additional expenses
It is advantageous to not let your car or bike insurance lapse, especially after the 30 days grace period of insurance renewal. Also, just in case of a comprehensive policy, when it lapses, the insurance firm will need to get your vehicle verified again before the policy is often renewed.
Zero-touch Insurance – The Saviour
The best way to renew your motor policy during this crisis is through online, i.e. ‘Zero-touch Insurance’. Customers can attend the renewal section of the concerned insurance firm and enter their details like policy number and choose the policy. Once the policy amount has been paid, your policy is going to be renewed with none hassle.