Myths around your lapsed car insurance busted: Should you renew your policy if the car isn’t being used at all?

financialexpress.com:

By Nitin Kumar

In an ideal scenario, no insurance policies should ever lapse; however, when it comes to motor insurance, the stakes are even higher. Lapsed policies have no room in motor insurance – as it’s illegal to drive without at least a valid third-party motor insurance policy. Certainly, for overall protection, one should opt for a comprehensive policy that covers damage to your own car as well.

Nevertheless, this isn’t to suggest that policies don’t lapse; indeed, they do. Lapses may occur due to oversight in renewing, or some people may opt not to renew their coverage if the vehicle is not in use. In such cases, policyholders often find themselves uncertain about the appropriate steps to remedy the situation. Misinformation is not new to the insurance industry. Several myths surrounding lapsed policies often end up adversely impacting the consumer or deterring their purchase. While it’s important to be aware of prerequisites to renew your policy, it’s equally important to not be plagued by misinformation.

Here, we debunk some myths around lapsed policies.

A common misconception is that a vehicle inspection is mandatory for renewing lapsed car insurance policies. While inspections may be required in certain cases, it’s not a universal requirement. A third-party cover can be renewed without inspection and bought instantly. Certain insurance providers offer the option to renew a lapsed policy without requiring an inspection, provided the policy has lapsed within a specified timeframe, typically ranging from 1-15 days. This flexibility allows room for potential oversights.

There is a popular misbelief that comprehensive policies mandatorily demand a physical inspection during renewal. Contrary to this, many