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I have a new Hyundai I10 Car(1 year old, 2000KM Run), i am going abroad for 1 year and during this time i want to keep the car parked in my covered parking in society. My question is, should i renew the insurance policy of this car whereas i know that the car will be off the road for next 1 year, it will be just parked in the parking, so is it ok NOT to renew the insurance policy?? Thanks Rajesh
By Rajesh 12 December 2010
Answers:

If U want to make your journey tensefree, than better re-new insurance, cause these days any thing is possible. As per your statement it seems me that your car is as good as new, have driven only 2000 KM. In my suggestion you should insurance your car instantly. (Wishing U happy journey).

Answer by Jagjit Singh 12 December 2010

Dear Rajesh,

your car will still run the risk of a theft. in this case you can choose to insure your car at a very nominal premium amount. you can declare that for next 1 year you will not be driving the car & based on this insurance companies will provide you the limited cover.

Answer by Amit Baid 12 December 2010

Sir, Insure only against theft.Third party insurance is must I know, but you give an undertaking that during this one year, you will not take this vehicle anywhere. bargain with all insurance companies before taking a final decision.you can take help from the website of different Insurance companies.

Answer by Partha 12 December 2010

Matters can get complicated if the car gets stolen and used for some illegal activities or, worse still, meets with an accident during such un-authorized use. Are you 100% sure of the safety in the parking space? I feel, it will make more sense to sell off the car now and buy a new one, perhaps a better car too, next year...

Answer by Sunil Ghotge 12 December 2010
expert
Expert`s comment:

Hi,
As mentioned above its recommended to renew the policy and it would be handy in case of any thefts, fire or flood water entry etc.

Answer by Shiva Shankar 12 December 2010

Insurance (third party) is mandatory. Hence u will have to insure your car else when you will go for its insurance next year, you will be charged insurance amount for the year it was't insured, with penalty amount.

Answer by S Sharma 03 March 2011

If u r sure about the safety of ur car during the period of it being parked in parking there is no need to get it insured else get it insured

Answer by Bhargava 04 April 2011
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