Car insurance
vikas
(Querist) 31 January 2017
This query is : Resolved
Hello i dont have money to pay car insurance for next 2 months. And my due date is today. I will make my car stand at my home for next 2 months untill i pay my insurance. I wanted to know.. Will i fase any penalty or legal consequences if i delay insurance for 2 months.. Kindly advice. Thanks in advance
J K Agrawal
(Expert) 31 January 2017
If you break policy, you will loose No claim bonus discount which is 20% to 45%.
However you can obtain policy by claiming discount under GR 31 of IMT.
GR.31. Provide Concession for Laid-Up Vehicles A pro-rata return of premium for the period during which the vehicle is so laid up, which return will be credited to the insured in consideration of suspension of the insurer’s liability under the policy during the period of lay-up.
The credited return of premium will be deducted from the next renewal premium. This cannot be given as cash refund even if the policy is not renewed with the same insurer.
even in lay off period your vehicle will be insured against fire and theft only if you have comprehensive policy.
For further detail consult insurance Agent with reference to GR 31.
Sudhir Kumar, Advocate
(Expert) 01 February 2017
basically it is commercial query and you have not even consulted the insurance company.
Rajendra K Goyal
(Expert) 01 February 2017
Discuss in detail with your Insurance Company representative.
ramesh
(Expert) 03 February 2017
As advised by Expert Agrawal sir, you will lose no claim bonus if you have not renewed within 90 days of expiry. As far as getting the benefit of 2 months layoff of your vehicle, from insurance and consequential benefits in advance, you have to inform with the insurer with original certificate of insurance.
