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Chuks Udo Okonta
When the comprehensive motor policy of Mrs. Irene Atanda, expired, as an insurance executive that knows what to do, she did the contrary by deciding to delay the renewal, only for the vehicle to be burgled leaving her to bear their risks.
Similar situations happened to many celebrities who lost their homes and properties in the California, United States fire inferno that happened recently.
When an insurance policy expires, there is always that temptation to use the renewal money to solve other pressing needs, but the temptation often leave a sour taste in the mouth of the uninsured.
According Mrs. Atanda, when her vehicle was burgled, she held the incident secret without informing her friends and colleagues, knowing that they would question her decision to delay the renewal as an insurer of repute.
She noted that the incident is an experience she could never forget, as she spent fabulously to fix the vehicle.
The purpose of this article is to highlight the danger of delaying your policy renewal.
Now that there is an enforcement on third party motor insurance by the Police, motorists should never attempt to risk delaying their renewal, for they can be arrested and asked to pay amount above the required premium.
Dangers of delayed policy renewal
*Arrest
Those who delayed their policy renewal stand been arrested by the Police for breaking the law.
*Vehicle burgled
Those who delayed their policy renewal, may suffer burglary just like Mrs. Atanda.
*Expenditure
Delayed policy renewal can trigger unplanned expenditure.
*Embarrassment
As every normal person desires honour and peace, delayed policy renewal can bring about dishonour and embarrassment.
Don’t run out cover, ensure you are all around insured. Insurance companies should also assist their policyholders by sending policy renewal notices.
Just like paid television providers, policyholders should be closely marked and followed up to ensure they retain their policies.
