What is the grace period for car insurance lapse?
1 Answers
There is no specific grace period for car insurance lapse, but it is advisable to renew the insurance as soon as possible before it lapses to avoid affecting the annual vehicle inspection and other protections. Here are 3 key points to consider when purchasing insurance: Avoid duplicate insurance: When purchasing insurance, avoid duplicate coverage. Even if the owner duplicates coverage for a particular type of insurance, they will not receive excess compensation in case of a claim. Avoid over-insurance or under-insurance: Over-insurance or under-insurance does not provide effective coverage. According to Article 39 of the Insurance Law: The sum insured shall not exceed the insured value. If it exceeds the insured value, the excess portion is invalid. If the sum insured is lower than the insured value, unless otherwise stipulated in the contract, the insurer shall bear the liability for compensation in proportion to the ratio of the sum insured to the insured value. Carefully review the insurance documents: Check whether the third copy is printed on white carbonless paper with light brown anti-counterfeiting background patterns, whether the upper left corner is printed with the words "Supervised by the China Insurance Regulatory Commission," and whether the upper right corner is printed with the words "Limited for sale in ×× province, city, or autonomous region."
