Across the country, there has been a maddening rush to renew lapsed insurance policies by motorists, thanks to the new Motor Vehicles Act that has imposed heftier fines for those driving uninsured vehicles. Apart from the fine, there are other reasons why you should renew your lapsed motor insurance policy (a policy that was not renewed before its expiry date).
One, if you hit a third-party vehicle and the vehicle is damaged or the person driving it suffers bodily injury or dies and there is a legal proceeding on you, you will have to settle it personally. Had your vehicle been insured, the insurance company would have stepped-in and paid for the damages. Note that the liability is unlimited in the case of injury or death of a third party in a road accident; the compensation is decided by the court or is mutually agreed upon. Further, if you do not renew your policy on time and it has lapsed for more than 90 days, you will be losing the no-claim bonus.
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