“Hey there! Your car insurance is expiring next month so be sure to renew it on time.” How many times have we cringed at the sight of such messages? Some of us even go to the extent of blocking them. But, is it such a great idea? According to our COCOBarometer, every one of two respondents says that the car insurance company or agent not reminding them to renew their insurance policy is the main reason for a lapsed car insurance or bike insurance policy. Therefore, vehicle insurance renewal reminders are more important that we think.
Right from the time we wake up in the morning until we go to bed, we are constantly surrounded by reminders of what needs to be done. From an alarm clock to wake you up in the morning to a post-it note put up on your desk reminding you of the tasks that need to be tackled, there are reminders everywhere. Even when you check into a hotel, the desk asks whether you would like a wake-up call in the morning. So, reminders to carry out necessary tasks are important. Car insurance renewal reminders even more so, as missing your car insurance renewal date can cost you time and money. A simple message by your vehicle insurance provider to remind you to renew your motor insurance policy before it lapses can save you much trouble.
Your car insurance provider usually sends out renewal reminders a few weeks prior to the car insurance expiry date. However, many a time such messages go unread. Moreover, if you haven’t set personal reminders to renew your car insurance, you might miss your motor insurance renewal date altogether, as this is usually an annual event. So, what happens when you don’t renew your car insurance on time? To begin with, your vehicle insurance is no longer valid – even if you may not be aware of this at the time, so, any claim you make during this period will not be honored by the car insurance company. If your car is involved in an accident during this period, and thus needs repairs, you will have to bear all the expenses yourself. Various studies reveal that often people find out that their car insurance has expired when they are caught by a traffic officer who demand to see their insurance policy. According to Motor Vehicles Act, it is compulsory of all vehicles to have a minimum of third party insurance so if you are caught driving without a vehicle insurance policy, you may attract a fine and/or even face imprisonment.
Do you know that No Claim Bonus (NCB) is an important part of your car insurance/bike insurance policy? Car insurance providers offer NCB discount to policyholders that do not make any claims during the policy tenure. With every claim-free year, the percentage of the discount increases. Policyholders can even get up to 50% discount on car insurance and bike insurance policy as a result of NCB accumulation. However, they may stand at a risk of losing their NCB if they don’t renew their car insurance policy on time. This can result in a loss of thousands of rupees for vehicle insurance policyholders. Therefore, to ensure you don’t lose out on your No Claim Bonus, renew your motor insurance policy before the due date.
You may feel tempted to block your car insurance service from sending any messages but think again. You have to renew your car insurance policy only once a year, but without any reminder do you think you would remember to renew it on the exact day it expires? A little nudge certainly doesn’t hurt, right? The following examples justify so. Some studies show that reminder messages from healthcare service providers help people show up to their medical appointments? Another study found out that young Americans are more likely to vote if they are sent a reminder text message. So, the next time you get renewal reminder message from your car insurance provider just renew your car insurance policy.
The views, thoughts, and opinions expressed in the artefact above are for marketing purposes only. Before concluding the sale, please refer to policy wordings and prospectus
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