Is There A Grace Period For Bike Insurance Renewal?
Published On Mar 03, 2021 10:00 AM By InsuranceDekho
We are all aware of the fact that, it is important to get bike insurance for all the vehicles plying on the Indian roads. Also, riding your bike without any insurance policy is illegal,therefore, it is advisable to get your bike insurance policy renewed on time. However, we often miss out on renewing the bike insurance policy before the expiry date. Read on to know more if there is any grace period for a bike insurance policy.
The grace period is the additional time duration offered by the insurance company to the policyholder in order to get their policy renewed by paying a premium. This period between the policy expiry and policy renewal is also referred to as the break-in period in motor insurance. In simpler terms, it is a duration during which you can get your insurance policy renewed in case it has already expired, and you failed to get it renewed by that time. Although it is always advisable to get your insurance policy renewed prior to the expiry date, however, in case you miss to do that, then you can make use of the break-in period.
Important Points About Bike Insurance Policy Renewal
Highlighted below are few of the important points regarding bike insurance policy renewal:
- Bike Insurance Grace Period: Generally, there isn’t any sort of grace period or break-in period for bike insurance or a two-wheeler insurance plan. It simply means that, in case an insurance plan reaches renewal due date and you miss to pay the premium in time, the insurance plan would lapse or expire. If that happens, you will also miss out on all the benefits of the existing insurance plan.
- Indian Motor Tariff Act: As per the Indian Motor Tariff Act, all the two-wheelers plying on the public roads in India, need to have at least a third party bike insurance plan all the time. This is the reason why insurance companies do not offer a grace period for two-wheeler insurance policy renewal. With the help of this rule, a policyholder can claim insurance benefits anytime at the time of an accident. The insurance plan not only offers coverage to own vehicle but also covers the damages caused to another vehicle during the time of an accident with the insured vehicle be it be it any loss, death or injury to a third party property or individual.
- Renewal of Bike Insurance Policy: You can get your bike insurance plan renewed both online as well as offline. However, getting your policy renewed online is much more convenient when compared to offline renewal of the policy. Online renewal takes even less than 15 minutes and does not involve much paperwork. Also, you can opt for a long term policy like a three or five year insurance policy in order to save on the premium.
It is highly significant to get your policy renewed on time, failing which, you can lose out on the benefits as well as the coverage for your vehicle. Also, riding a two-wheeler which is not insured is not permitted as per the Indian Motor Tariff Act. Therefore, to avoid any penalty or fine upon getting caught without an insurance policy by the cops, it is important to get your insurance policy renewed on time. Also, you can go for long term bike insurance plans for 3 years or 5 years in order to avoid getting it renewed on a yearly basis.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.