What can happen if my commercial taxi insurance plan is not renewed on time?

If you do not renew your commercial taxi insurance plan on time, then the following may occur: 

•  Your policy could lapse which means that you are left without a valid insurance policy. If you are caught by relevant authorities without a valid policy, then you could have to pay a hefty fine and repeated fines may even lead to jail time. 
  
•  You could lose your NCB and miss out on the discount/bonus offered if the commercial taxi insurance plan is not renewed on time. 
  
•  You will have to buy a new policy and allow your taxi to be inspected once again, which might cost you a bit more than if you had renewed your insurance policy on time. 
  

Therefore, it is important that you renew your commercial taxi insurance plan as soon as the renewal date comes near.