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What happens if I miss renewing my vehicle insurance on time?

If you happen to miss the renewal date for your vehicle insurance, it’s important to be aware of the consequences. One significant outcome is that your vehicle will no longer have insurance coverage, which means it’s exposed to potential financial risks in case of accidents, damages, or other unfortunate events. Additionally, driving without insurance is against the law in many jurisdictions, including Malaysia. As a result, you may face legal penalties, fines, or other legal actions if caught driving without the necessary insurance coverage. To avoid these complications and ensure both financial security and legal compliance, it’s crucial to renew on time. But don’t worry if you renew your vehicle using iLyF we will remind you at least 2 weeks before your policy expires.

Published on January 23, 2025

Related Questions

The premium for your vehicle insurance is calculated based on various factors. While specific formulas may vary among insurance providers, common factors considered include:Vehicle TypeSports cars, high-performance vehicles, rear-engine models, and intermediate-performance vehicles will all have higher premium rates than standard cars. This is due to the fact that the cost of vehicle repair will be higher in the event of an accident.Age & GenderYounger, inexperienced drivers inherently pose a greater risk to vehicle insurance providers, resulting in higher premium costs for the rookie driver. For a cheaper premium rate, it is preferable to have a few years of driving experience and a clean driving record. In addition, women tend to drive more safely than males, which enables them to pay less for their insurance.Coverages TypeThe cost of your insurance premium is determined by the coverage and additional benefits it offers. Generally, premium rates are higher with more extensive coverage and benefits. Typically, the cost of insurance increases when it covers both you and the third party.Geographical LocationYour premium rate is determined by where you live and the insurance coverage you purchase. Since accidents, theft, and vandalism are more common in cities than in rural regions, rates are typically higher in urban areas. Even though you live in a rural region, your premium rate will typically be greater if your vehicle is pricey.Driving RecordWhen compared to drivers who have a history of accidents, speeding citations, etc., safe drivers often pay lower premium rates. Pay attention to the road and stay out of any accidents to avoid paying a higher premium cost.Our app will provide the premium amount before you proceed.
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