Bharti AXA provides a comprehensive cover for your car,so you can drive hassle-free.
Ride without worries, with Bharti AXA long term two wheeler insurance plan.
Safeguard the health of your loved ones with a wide range of Bharti AXA health insurance plans.
Secure your joyous family trips with Bharti AXA international travel insurance cover.
Earlier buying an insurance policy and its renewal was really a very cumbersome process. With the advent of technology, the whole procedure has become so much simpler. In fact, the majority of service providers offer the option of completing the entire buying and renewal of policies online to their customers.
While the insurance companies have their own websites where you can get this done, another option is to use third party aggregator sites too. You can primarily use these sites to compare the various benefits offered by the insurance companies at the time of buying or renewing their car insurance policies.
Grace Period After the Car Insurance Expires
There is no grace period after insurance expires under law. It all depends on the insurance companies. The grace period for the insurance plan may vary from 3 days to 30 days as per the terms and conditions of the policy issued by the insurance company. The customer must check about the car insurance grace period at the time of buying the insurance policy.
Consequences of Not Renewing Car Insurance Before Expiry
Under the Motor Vehicles Act driving cars on Indian roads without third party car insurance is illegal. Such action may invite imposition of penalties and fines. It is advisable to renew your car insurance before its expiry date.
Furthermore, if the car owner is involved in any car accident after the expiry of the car insurance policy, but before its renewal, then there is a possibility of the owner being entangled in third party legal hassles.
The Outcome of Not Renewing Car Insurance Within the Grace Period
The grace period after insurance expires varies between various insurance companies. The car insurance can be renewed even after expiry of the grace period. The practice usually followed by the insurance companies is that they will charge some sort of a late payment fee if the delay is reasonable, say, within one month of the car insurance grace period.
But if the delay in renewing the car insurance is excessive then the possibility is that the insurance company may cancel the policy itself. After the cancellation of the car insurance policy by the insurance company, no claims of the car owner will be acceptable. This situation may leave the car owner exposed to legal and financial liabilities. The car owner should also not drive the car until the renewal process is complete.
So, it is prudent for the car owner to renew the car insurance in time to avoid extra payment.
No Claim Bonus (NCB)
Many insurance companies offer no claim bonuses for safe driving which results in no claims to the insurance company. This no claim bonus is a discount offered to the customers at the time of renewal of the car insurance policy.
But this bonus or discount is available to the car owner only up to ninety days from the date of expiry of your car insurance.
Some insurance companies may conduct an inspection of the vehicle if the renewal is not made within the grace period. But many insurance companies offer relaxation from such stipulation. However, it is mandatory to carry out an inspection of the vehicle if the insurance renewal is not done within ninety days of the date of expiry.
Change of Insurance Company at The Time of Renewal
A car owner can buy insurance coverage from one insurance company and renew with another. If the owner has not been satisfied with the benefits and services of the insurance company, the best to time for the review of that policy is just before the expiry of the current insurance policy.
Important facts to be kept in mind at the time of renewal are:
In case the owner has opted for a new insurance company for renewal purpose then the new customer link should be visited to get the insurance coverage.
Checklist Before Renewal
Remember to go through this checklist at the time of policy renewal.
Please don’t wait for the grace period but get your renewal of the insurance policy done before the expiry date and enjoy a burden less drive.
136 BRANCHES ACROSS INDIA
27+ MILLION POLICIES ISSUED
24/7 CLAIM ASISTANCE
Disclaimer :The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice for Travel/Health/Motor. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.
We are facing issues in connecting to the Payment Gateway, please try after sometime or call 022-6118-8888
We are facing some technical difficulties while fetching your quote. We will get back to you as soon as we are able to get your Quote. Apologies for the inconvenience caused to you.