This is the process by which an insured updates or renews their insurance policy and associated registration to maintain current coverage and comply with legal requirements for vehicle circulation or other obligations.
Main elements:
- Payment of the renewal premium.
- Updating the insured’s or insured property’s information.
- Verification of the validity of the previous policy.
- Issuance of updated documents confirming coverage.
Importance:
- Ensures that insurance coverage remains current.
- Enables compliance with legal requirements for operating the vehicle or business.
- Avoids penalties, fines, or lack of protection in the event of an incident.