I am having my Hyundai - Car Insurance with Bajaj Allianz Office. I made a claim last year of Rs. 50000/-. My policy has been expired as I didn't received renewal notice ontime. What do I do if I do not renew on time?
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I am having my Hyundai - Car Insurance with Bajaj Allianz Office. I made a claim last year of Rs. 50000/-. My policy has been expired as I didn't received renewal notice ontime. What do I do if I do not renew on time?
Your policy has already lapsed. It is the normal practice of any Insurance Company to send the renewal notices to their customers, but sometimes they do fail to issue such notices. But in this case, no penalty need be paid and all you have to do is to contact the Insurance Office and you may be asked to fill up one more proposal form and pay the premium to cover the risk a fresh.
Insurance company try their best to remind their client's for renewals. However it is not mandatory and the onus lies on the insured to renew their policies. You can visit the insurance companies office and pay the premium. However you must note that in the event of a loss before the payment of the premium, the Insurance Company would not be responsible and the claim would be repudiated.