Naveen: Hey Ramesh, I just realized my car insurance expired last week. I’ve been juggling office deadlines and totally forgot!
Ramesh: Oh ho, Naveen! That’s like forgetting your anniversary—harmless at first, but can explode anytime! And trust me, if your car gets even a scratch now, you’ll be footing the whole bill.
Naveen: Haha, fair point! But I haven’t taken the car out. Can I still renew it online?
Ramesh: Yes it’s quite possible insurance companies usually offer a grace period for car insurance renewal, though it’s not mandated by the IRDAI. The grace period typically ranges from 30 to 90 days, but the exact duration is determined by the individual insurer. It’s like the grace period after missing a train—you can still catch the next one.
Naveen: Phew! What about my No Claim Bonus? I was banking on that 20% discount!
Ramesh: Ah, the NCB is like a loyalty reward card at your favorite tea point —valid only if you keep visiting. You have 90 days from the expiry date. After that, poof! The discount’s gone.
Naveen: Duly noted! Also, I might sell my car next month. Should I just leave the insurance as is for the buyer?
Ramesh: Big no-no! Selling a car without transferring the insurance is like handing over your house keys but keeping the nameplate. For the first 14 days, only third-party cover continues. The buyer won’t be covered for own damage unless they get it transferred.
Naveen: Interesting! So my NCB goes with me, right?
Ramesh: Exactly! Think of it like frequent flyer miles. You earned them, not the car! You can use it for your next car’s policy, but the new owner can’t.
Naveen: Makes sense. When I renew, should I go with the same insurer or explore others?
Ramesh: Depends. If your current insurer treats you well—good claim support, decent premium—stick with them. If not, it’s like a bad gym membership. Dump it! Other insurers may offer better rates, even loyalty or switcher discounts.
Naveen: Hmm… anything else I should watch out for?
Ramesh: Definitely. Don’t blindly accept the Insured Declared Value (IDV) they give—check if it reflects your car’s actual worth. And consider add-ons like zero depreciation or engine protection. Think of them like seatbelts—you don’t need them until you do.
Naveen: Engine protection? Really?
Ramesh: Absolutely! Monsoon in India is like a wildcard IPL match—anything can happen. One flooded street, and your engine’s gone. The add-on saves you from a massive bill.
Naveen: This is gold, Ramesh! I never thought insurance could be this interesting.
Ramesh: Bro, insurance is like a helmet. You won’t feel the need… until you crash. Always better to be 5 minutes early than 5 lakhs sorry!
Naveen: Haha, true that! Let’s renew this thing ASAP.
Ramesh: Done. Sending you options now. And this time, let’s set a reminder on your mobile phone, like you do for cricket matches!
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