The insurance policy has to be renewed within the period of validity. Any delay in the renewal of the policy renders the policy invalid and you will not be able to avail any benefit of the policy. Also, driving without a valid insurance policy is a legal offence. No Claim BonusYou are eligible for a discount in the premium of a comprehensive insurance policy at the following rate:
20% for the 1st year.
35% for the 2nd year.
50% for the 3rd year.
65% for the 4th year and afterwards
The value of the discount depends upon the insurance claims you have made in that particular year.This discount is adjusted against renewal premium. You can avail the no claim bonus when you renew your policy. In case your policy expires, you can still avail the no claim bonus if you renew the policy within 90 days of its expiry.Incase you are buying a new car you can transfer the no claim bonus from the policy of your old car to the new one.You need to intimate the insurance company in case you sell your car and you are eligible for the no claim bonus. The no claim bonus is adjusted against the premium of a new car, if the purchase is made within a period of three years.
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