A grace period is a certain period of time provided by insurance companies so that you can renew your insurance policy after the plan has expired. You could also enjoy all the benefits provided by the no claim bonus at this time from the benefits you have earned in the previous years after not raising any claims.
Wondering how that happens? Let us explain to you. Imagine you have one percentage of discount on the premium amount for not raising any claims from the previous year. In that case, the discount shall also be applicable if the policy is renewed during the whole grace period. But you won’t be able to raise claims during your grace period.
Even if you have some extra time in hand to understand and renew your policy, it is important that you keep the car insured during all times so that you can get the necessary financial aid for any kind of damage or loss. Your vehicle will also not be inspected if you renew the policy post its expiry date.
What is the duration of the grace period?
The grace period is usually a time that lasts somewhere between 15-30 days. It also depends on the terms and conditions of any policy provided by your insurance policy. You can also renew once the grace period is over in case you need to pay any extra amounts.
What should you do after the insurance has expired?
There are a couple of things you should keep in mind in case the insurance expires. First, make sure to connect with the insurer and let them about the policy expiration. You can also connect with them via email, call, or website. Next, don’t drive the car until your insurance has been renewed. Going against this law can lead to legal actions. Also, make sure to review the plan and make necessary changes as and when needed.
What do you get after renewing your policy on time?
Some of the benefits you can expect to receive after you buy Car Insurance Online include keeping your NCB that you may have earned. The company you work for shall also provide you with policies that fall at the same rate. This will help your policies remain active during the period. However, if there is a catch of sorts, then your car will not experience any loss or damage. You should not raise claims during any grace period but you can also get NCB benefits.
It is important for you to renew your policy on time in order to receive coverage as well as hassle-free services from the insurer. When you don’t renew your policy on time, you invite a lot of difficulties into your life. Since it is a lot easier to renew the policy online, many experts also recommend that you purchase the policy on the internet apart from renewing the policy which can be calculated as per the premium rates. Then you can compare various plans when you are sitting at your home without experiencing any kind of hassles.