A car owner is lawfully bound to buy third-party insurance as per the Motor Vehicles Act, 1988 and renew it in a timely manner. All-inclusive car insurance should also be renewed to avail the benefits and to avoid penalty. Renewal period is the time period where your car insurance is still in effect, but the insurance provider doesn’t rectify the damages caused to your vehicle in this time period. In any case, if you fail to renew your insurance policy within the stipulated time, the policy will lapse.
In the present day scenario online transactions are a blessing.. One can renew their car insurance renewal online in the blink of an eye, regardless of the initial mode of purchase. Most of the insurance providers have the facility to buy/renew their policies using electronic payment systems such as RTGS (real time gross settlement) and NEFT (national electronic funds transfer).
The need …