Tick Tock! That is the sound of your motor insurance renewal coming up. All motor insurance policies are valid for up to one year. Once the expiry date comes up, you have to renew your insurance or you won’t be able to operate your vehicle on the road.
The validity date of your motor insurance policy is indicated on the insurance certificate – the round disc displayed on the inside of the windshield. During traffic check points, one of the first thing the police or road traffic officers will do is verify the validity of your insurance.
If you have an invalid (or expired) certificate, your vehicle will be branded with a ‘Not-For-Use’ sticker and you may be issued with a fine. Not only would your car be inoperable but you would be required to have it towed or to quickly go to the nearest insurance office for a valid insurance certificate.
To help you avoid going over the expiry date, here are some useful tips:
- Schedule a reminder at least three months before: Sacos will send you a reminder letter or email once your renewal is coming. It can happen however that we no longer have an up-to-date information on your home/business address or your email address and you might miss a reminder from us. By scheduling one in your phone calendar at least three months before the expiry date, you will provide yourself with sufficient time to save and to renew your insurance.
- Save a fraction of the premium before the due date: If money is one of the main causes for the delayed payment, you can save for your premium well in advance. Motor insurance premium is paid on an annual basis, this leaves you with quite some time to prepare for your next payment. You can do this in several ways –
- Save a third (1/3) of the premium cost every month for the remaining three months. E.g: If your premium is SCR6,000 and is due in January, save SCR2,000 every month from October to December.
- Save one quarter (1/4) of the premium cost every four months. E.g: If your premium is SCR9,000 and is due in January, save SCR2,250 in March, June, September and December.
- Save a twelfth (1/12) of the premium cost every month for a whole year. E.g: If your premium is SR12,000 and is due in January, save SCR1,000 every year from January to December.
- Pay by monthly instalment (Full Comprehensive customers): If you are running low on cash by the due date, subject to approval, you can pay your premium by instalment. You will be required to pay a third of the premium cost every month for three months until the premium is fully paid. However, you will be issued with an insurance certificate that is valid for one month only until the insurance is paid fully.
- Pay early: Make your payment at least one month before the due date: If you want to avoid the hassle of a last minute payment, you can pay for your insurance in advance.
Remember, operating an uninsured vehicle on the road is not legal. If you get into an accident, we will not be able to provide you with coverage. Not only will you have to incur the cost of damage to your vehicle, but you will also be personally liable for damage caused to third parties.