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Is it possible to renew my vehicle insurance on iLyF if it has already expired?

Absolutely! You can renew your vehicle insurance with us, even if it has expired, as long as it’s within three (3) years of the expiry date. We recommend taking advantage of the grace period to ensure a smooth renewal process. Missing the grace period, unfortunately, results in the loss of any No Claim Discount (NCD) you may have earned over the years for not making claims.

The grace period serves as an additional timeframe after the due date, allowing you to pay the premium without any coverage gaps. For car insurance policies, this grace period typically ranges from 10 to 31 days after the expiration date, though it may vary by provider. The specific duration of the insurance grace period is outlined in your insurance policy contract. Please double-check this information with your insurer to ensure accuracy.

Published on January 23, 2025

Related Questions

No Claim Discount (NCD) is a discount given by insurance companies for not making any claims during the policy period. It’s a way to incentivize safe and responsible driving. The NCD is usually represented as a percentage and is applied to the renewal premium of the insurance policy. Here’s an example to illustrate how NCD works:Let’s say you have a car insurance policy and during the policy term (usually 1 year), you haven’t made any claims. At the time of renewal, the insurance company may offer you an NCD of 20% for your next policy term. Here’s how the premium calculation might work:Current Insurance Premium: RM 1,000 (without NCD)NCD Percentage: 20%NCD Discount: 20% of RM 1,000 = RM 200Premium for Next Policy Term: RM 1,000 – RM 200 = RM 800So, with a 20% NCD, your insurance premium for the next policy term would be RM 800 instead of RM 1,000.The NCD percentage increases with each claim-free year, typically up to a certain maximum, offering higher discounts on the premium. The NCD rates for private cars, motorcycles, and commercial vehicles are as follows:No-Claim PeriodPrivate CarMotorcycleCommercial Vehicle1st year0%0%0%2nd year25%15%15%3rd year30%20%20%4th year38.33%25%25%5th year45%25%25%6th year onwards55%25%25%However, if you make a claim during a policy term, your NCD may be reduced in the subsequent policy term, leading to a lower NCD discount and a higher premium. It’s important to maintain safe driving practices to maximize and retain your NCD, resulting in lower insurance premiums over time.
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