Tuesday, April 12, 2022

Applying for Car Loan online - What is grace period in car insurance?



Car Loan

Would you like to own a car? Is it the car of your dreams? Avail a Car Loan from or opt for a pre-approved Car Loan from ICICI Bank at the earliest! You can also use our Car Finder tool to search for your dream car and get the wheels rolling on a new Car Loan. You will also be able to avail Car Loans of up to 100% of on the “on-road” price of the car, with attractive interest rates and tenure up to 7 years.

What is grace period in car insurance?

Car Loan online
Car Loan online



ICICI Bank offers new Car Loans up to 100% of on-road price of the car, with attractive interest rates and tenure up to 7 years. Customers of ICICI Bank can Apply Online by authenticating existing relationship with ICICI Bank and new to bank customers can apply as guests.

Customers can submit the application with the following steps:

Check eligibility
View ‘Offer for you’ and ‘Accept Offer’
Complete application
Upload documents.

apply online Car Loan

Assists customers to search for their dream cars by ‘EMI’, ‘Brand’ or ‘Price’ as per their requirement.
Explore car features through a 360-degree virtual view along with providing a detailed comparison against other brands.
Enables customers to access a wealth of information like prices, mileage, technical specifications, new launches and much more.

It is mandatory to have at least third-party car insurance to legally drive your car on Indian roads. If you fail to renew your car insurance policy on time, you face the risk of heavy expenditure if you meet with an accident. You may also get fined by the police. Fortunately, insurance companies offer car owners a grace period for car insurance renewal.

What is grace period in car insurance?

The grace period is a span of time after your car insurance policy lapses during which you can still renew coverage without losing benefits. This car insurance grace period is given by insurers to give you a bit of extra time to renew insurance. The grace period is given for third-party insurance and comprehensive motor insurance policies.

Insurers understand that you may not be able to renew your coverage at its due date due to certain personal reasons or emergencies. The grace period in car insurance lets you continue your coverage without losing out on the accumulated benefits of your plan. However, it is important to note that your car insurance policy is not active during the grace period, and you cannot make a claim.

Duration of grace period in car insurance

The exact duration of the grace period for car insurance payment can vary between insurance companies. Generally, this period lasts anywhere between two weeks to 30 days. You could consider reaching out to your insurer to ask the exact details of their grace period.

Benefits of the grace period

True to its name, the grace period can prove to be a saving grace. It lets you –
Retain all the benefits of your car insurance policy such as the no-claims bonus
Keep your policy active on the same terms even though you cannot raise any claims
Enjoy the same car insurance premium as well as any discounts that you may get from the no-claim bonus

Therefore, make sure to renew your car insurance policy on time or within the grace period for the peace of mind that continued coverage brings.
Frequently asked questions on grace period in car insurance

Can I renew car insurance online during the grace period?

If your insurer offers you the facility of renewing car insurance online, you can renew your coverage during the grace period online as well. Simply log on to the insurer’s website, provide the details as required, read the terms and conditions, and make your payment.

What happens if I fail to renew car insurance in the grace period?

If you do not renew your car insurance during the grace period, your policy will expire. If your car insurance expires, you will lose the benefits that you have accumulated, such as the no-claims bonus, and you will have to apply for a new car insurance policy which might cost you more than your existing coverage.

Can I raise a claim for third-party damages during the grace period?

No, you cannot raise any kind of claim during the grace period in car insurance.

Disclaimer: For more details on risk factors, terms & conditions please read sales brochure carefully before concluding a sale. *The discount amount will vary subject to vehicle specification and place of registration