Car insurance is essentially a contract between car-owners and car insurance companies. In this agreement, you pay a premium on your car insurance plan and the car insurer covers all the damages in return. However, if you fail to pay car insurance premium in time, you would not only have to pay a hefty penalty but your car will also not be covered for theft and damages. If your car insurance policy remains lapsed for more than three months, you will also lose out on the NCB that you have accumulated over the years. Therefore, if your vehicle insurance becomes null and void, you should take evasive action to get the coverage back in force.
Reasons behind lapsed car insurance policy
Consequences of having a lapsed car insurance plan Allowing your car insurance online policy to expire can lead to several different serious implications. The following scenarios are very much on the cards if you are being caught driving without a valid car insurance plan.
What you should do to reactivate your lapsed car insurance policy? When you realize the bitter truth that your car insurance plan is expired and no longer cover the risks that it used to, you need to make the following steps.
Managing a lapsed car insurance plan is not difficult if you follow these steps without a mistake.
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