All car policies have expiration dates that must be met before they can be renewed. As a car owner, you should know the validity period of your car insurance policy.
In general, every car insurance policy comes with a validity of 1 year after which it has to be renewed. If you fail to renew your car insurance on time, it expires. Once your insurance has expired, therefore your car is fully at risk.
Driving a car without valid insurance can lead you to financial losses. In case if anything happens to your car, you are not liable to receive any kind of cover. This is why you must ensure that your car insurance is always valid. If not, here are 5 things to keep in mind and what you ought to do if your policy expires.
Contact your insurer to inform your expired car insurance
First thing first, you should contact your insurance provider at the earliest.
Your insurer may still offer a grace period for a standard renewal of your lapsed policy. Otherwise, you need to apply for a new auto insurance policy.
Those who have an insurance agent may contact their agent to assist them in such a situation. They would have expertise in the matter. They could reinstate the insurance policy and save you from paying any kind of penalty.
Either way, please don’t delay renewing your insurance. You may need to pay higher premiums due to the unnecessary delay.
Avoid driving till you renew your expired car insurance
Driving without valid insurance can be detrimental to you.
You are not liable to receive any coverage even for the slightest damage in the event of a car accident. You may need to foot the bill for your car damage and for that of any third party involved as well.
For your convenience, you may opt for online renewal. Kindly check whether your insurance provider has an option of renewing your policy online.
Purchase a new policy
You need to purchase a new policy if your insurer has cancelled your policy on the grounds of non-payment of premium. It is up to you whether to reinstate one that is similar to your lapsed policy or switch to a new insurance policy.
If you have been considering switching insurance providers, now is a good time to do research and evaluate different plans before deciding on a policy.
Choose a policy that suits your needs and budget.
Prepare all the necessary documents
Make sure to keep your documents ready once you have decided on the policy. Some of the important documents and vehicle details that should go into this file include:
- Your MyKad’s details
- Your driving licence
- Vehicle ownership certificate (VOC)
- Your lapsed car insurance policy document
Make it a point to pay your next premium on time
Be careful in the future. Keep in mind that your policy will lapse if you did not renew it before the expiry date.
Pay your monthly premiums on time to avoid your car insurance from lapsing. On top of that, make sure you know the end date of your policy.
For your convenience, we recommend you use Bjak which is one of the biggest insurance comparison sites in Malaysia. Comparing insurance policies at Bjak is easy as you can do it completely online. Wherever you are, you can conveniently compare up to 15 insurance quotations for free.
In addition, Bjak’s team will conveniently remind you to renew your insurance prior to the expiry date. Let Bjak help make sure that you will not be missing to pay the premium on time.
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