Does a few days' delay in renewing car insurance have any impact?
1 Answers
Car insurance being expired for a few days does not have much impact on renewal, but if the expiration period is too long, it will have some effect on renewal. Specifically, if the compulsory traffic insurance is renewed after being expired for three months, the policyholder will no longer enjoy discounts. For commercial car insurance, if it is renewed after being expired for three months, certain additional fees will be added to the original premium. Currently, apart from affecting the premium, car insurance expiration also has significant impacts in other aspects. Compulsory Traffic Insurance: Compulsory Traffic Insurance, officially known as Motor Vehicle Traffic Accident Liability Compulsory Insurance, is a mandatory liability insurance where the insurance company compensates within the liability limits for personal injuries or property losses caused by the insured vehicle in a road traffic accident. Since it is a compulsory insurance, if the policyholder drives without renewing the expired compulsory traffic insurance, they will be fined twice the minimum premium according to laws and regulations. Commercial Car Insurance: If commercial car insurance is not renewed in time, resulting in a lapse of coverage, the insurance company can directly refuse to compensate for any claims made during the lapse period.