Auto insurance policy extension has been provided by the Indian government to ensure that all the motorists do not suffer because of the lockdown…
Most of the manufacturers have extended the warranty periods as well as the service timelines for customers who had their last dates during the current lockdown imposed due to the Coronavirus pandemic. But what if your auto insurance policy is expiring during these days?
Here is the much needed relief for you. Ministry of Finance has provided a relaxation in the time period for your 2-wheeler and car insurance policies. Due to the prevailing situation because of the Corona Virus Disease, it has amended the section 64VB of the Insurance Act, 1938, which did not allow coverage without payment premium.
After the lockdown date of 21st April initially announced, Nirmala Sitharaman, India’s Finance Minister, has declared the new relaxed date as 15 May 2020 in a circular which she also shared on her Twitter account. This means that if your policy renewal date falls between 25 March and 3rd May 2020 (both dates included), you can now get it renewed till 15th May 2020.
If your policy expires during the lockdown period, you are entitled to get continuation of coverage and benefits like no claim bonus, etc. You can also renew your policy on time if you wish to.
Source – Twitter