Grace Period in Car Insurance

For driving a car on Indian roads, one must opt for third party insurance. As the condition of the Indian roads are very well known. The government of India has mandated it by the Motor Vehicle Act. If you skip insuring your car on time, then you are inviting penalties on your end. 

What is the Grace period in Car Insurance?

A window of time frame offered by the insurance company to the insurer after completing the insurance policy, to renew the car insurance and avail all the benefits. Being in a chaotic life, it is quite possible to stick to personal work or emergency situations one can forget or not be able to renew the policy on time. For such a condition, the insurer offers a grace period to every insured. Grace period is beneficial for the customer, as it offers all the benefits that can be availed at the time of renewal of policy on the expiry date. 

Benefits of Grace period 

·         One can avail all the benefits in the given Grace period. 

·         The time of the Grace period may vary from company to company, but the average time is two weeks to 2 months. 

·         Without losing any discounts customers can opt for car insurance India during the grace period. 

·         Take advantage of the same premium that might get from the insurer when your policy expires.

·         One can get car insurance online in the grace period. You have to visit the insurance company and complete the formality and pay for the premium (before paying for it please read the conditions). 

In the time frame of a grace period, the customer can’t register for the claim. The claim can only be collected when the car is insured under the policy tenure. Thus, the grace period is the time offered by the insurance company which is offered after the expiry of the policy. Hence, grace period is a great offering by the insurance companies for their customers.