Understanding the Grace Period for Two-Wheeler Insurance Renewal

How Does the Grace Period Benefit You?

The grace period is like a small window that your insurer offers you in case the policy expires. Let’s take a quick look at its importance for policyholders.

A Second Chance for Renewal

The grace period primarily serves as a second chance for the policyholder to renew the plan even after its expiry date.r

Note: Please be aware that if your car suffers any damage during the grace period, you will not be eligible to make a claim. Your policy must be active to avail of the coverage.

Protection from Legal Liabilities

Under the Motor Vehicle Act 1988, it is mandatory for every vehicle owner to have valid third-party liability only motor vehicle insurance. Grace period ensures that the policyholder doesn’t face legal liabilities for merely missing a renewal deadline.

Did You Know that around 60% of the insurance plans are brought online for easy renewal? 1

Retention of Benefits

A grace period under a two-wheeler insurance plan ensures the retention of various types of coverages and benefits promised to the policyholder under the plan. For instance, renewing the two-wheeler insurance policy within the grace period can help in claiming benefits under NCB, which can help reduce the premium for the next policy year.

If you do not renew your bike insurance policy within 90 days of policy expiry, you will lose out on all of your accrued no-claim bonus.

Hasslefree Renewal

Failing to renew an insurance plan before the expiry date can lead to individuals purchasing a fresh insurance plan, which usually becomes a hassle. However, with a grace period, policyholders can avoid the application and inspection process.

Pro Tip: You can renew your insurance plan with Jio Insurance Broking in just a few minutes.

Grace Period for Two-Wheeler Insurance Renewal: Ensuring Timely Renewal

In today’s time, when life gets busy, missing a few deadlines, like renewing an insurance plan, is common. Now, while insurance companies offer grace periods to renew two-wheeler insurance, it is up to the policyholders to make the most out of it.

Here are some tried and tested methods to ensure that your motor vehicle insurance policy never lapses:

Set Reminders

An effective way to avoid policy lapse is to set reminders for deadlines. You can use your phone’s calendar to set reminders or download apps that send you timely notifications and reminders.

Opt for A Long-Term Plan

Another way to avoid policy lapse is to opt for a long-term plan rather than an annual plan. You can invest in an insurance plan that offers coverage for 3 to 5 years.

Pro Tip: You can get exciting discounts and benefits for opting for a long-term motor insurance plan.

Turn On Renewal Alerts

Mostly, insurance companies offer all policyholders an option to turn on renewal alerts to avoid the lapsing of insurance plans. Ensure that you sign up for these alerts at the time of policy purchase.

Don’t Ignore Insurer’s Call

It is common for many of us to avoid answering calls from unknown numbers. However, remember that insurance companies usually contact the policyholder before the plan's expiry. Ensure you don't miss these calls.

Over to You

Riding your two-wheeler on Indian streets requires you to have a valid insurance plan in place. In addition to being a legal mandate, your vehicle insurance covers financial liabilities that may arise due to an accident, theft, explosion, or other incidents involving your vehicle. With insurance companies offering multiple ways to avoid policy lapses, it is up to you to make the most of them.

Renewing your two-wheeler vehicle insurance becomes simpler through the Jio Insurance Broking portal. Here you can explore, compare and renew insurance plans seamlessly.