To lawfully operate your vehicle on Indian roads, you must have third-party liability insurance at the very least. If you don’t renew your auto insurance on time, you run the danger of incurring significant expenses in the event of an accident. The police may potentially issue you a fine. Thankfully, car owners have a grace period for renewing their auto insurance.
The grace period is the period of time following the expiration of your auto insurance policy when you can renew your coverage without losing any advantages. This grace period for auto insurance is provided by the insurers to offer you a little more time to renew your coverage. For third-party insurance and comprehensive auto insurance coverage, a grace period is provided.
Insurance companies are aware that, in some cases, personal circumstances or crises may prevent you from renewing your coverage when it is due. The grace period in auto insurance enables you to keep receiving benefits from your plan’s accrued benefits while maintaining your coverage. To be clear, you cannot file a claim during the grace period and your auto insurance coverage is not active.
Duration of grace period in car insurance
Various insurance companies may have different grace periods for vehicle insurance payments. This time frame typically lasts between two weeks and thirty days. You can think about getting in touch with your insurer to learn the specifics of their grace period.
Benefits of the grace period
The grace period may well prove to be a saving grace, as its name suggests. It allows you to
Keep your auto insurance policy’s advantages, such as the no-claims bonus, in place.
Despite the fact that you cannot make any claims, keep your policy active under the same conditions.
Take advantage of the same vehicle insurance rate as well as any reductions you may be eligible for due to your no-claims bonus.
For the piece of mind that comes with continuing coverage, make sure you renew your auto insurance policy on time or within the grace period.
Can I renew car insurance online during the grace period?
If you have the option to renew your auto insurance online through your insurer, you can do it during the grace period as well. Log on to the insurer’s website, fill out the necessary information, review the terms and conditions, and then submit your money.
What happens if I fail to renew car insurance in the grace period?
Your policy will expire if you don’t renew your auto insurance within the grace period. The advantages you have accrued, including as the no-claims bonus, will be lost if your auto insurance expires, and you will have to apply for a new policy that could be more expensive than your current protection.
Can I raise a claim for third-party damages during the grace period?
No, during the grace period for car insurance you cannot make any sort of claim.
Disclaimer: Before finalizing a sale, carefully read the sales brochure for further information on risk factors, terms, and conditions.
The discount amount will change depending on the vehicle’s specifications and registration location.