Two Wheeler Insurance Renewal Online After Expiry
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Owning at least a third party bike insurance policy is a mandatory requirement for all two-wheeler owners in India as per the Indian Motor Tariff Act. Therefore, riding your bike without an active two wheeler insurance policy is illegal and a punishable offence. Thus, getting your bike insurance renewed in time is of great importance. Nowadays, it is easier for you to renew expired bike insurance policy instantly without any hassle of visiting the branch of your insurance company.
What Happens When Two Wheeler Insurance Policy Gets Expired?
In case if you are riding a bike with expired insurance, then you are bound to face the following consequences:
- Riding a bike on the roads in India without at least a third party bike insurance is illegal and punishable with a fine of Rs. 2,000 and/or up-to 3 months of imprisonment.
- A lapsed policy leads to loss of accumulated NCB benefits which can go up to 50% of the own-damage premium of your insurance plan depending upon the number of claim-free years.
- Moreover, you will be unsafe against any losses emerging because of any third party liability or an accident/mishap.
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How To Renew Bike Insurance Renewal After Policy Expiry Date?
Getting your bike insurance renewed after the expiry date is possible if it gets renewed within the break-in period. This break-in period is a 90 days grace period, wherein the policyholder can get their policy renewed to still retain some benefits like No Claim Bonus.
How To Renew An Expired Bike Insurance Policy?
To renew your expired bike insurance policy, follow the below mentioned steps:
Step 1: Go to InsuranceDekho and provide your bike’s registration number. Then, click on ‘Get your quotes’.
Step 2: Enter the details as required such as your bike’s brand, model etc. Later, fill in your personal details to get the quotes.
Step 3: Compare and choose an insurance policy that is optimum for you depending upon factors like premium, coverage and one that fits within yo
Step 4: Make the necessary payment and your policy will get renewed within a few minutes.
How to Check Bike Insurance Expiry Date Online?
It's critical to verify your policy's expiration date to make sure your bike insurance doesn't lapse. The following steps can be taken to check the expiration date of your bike insurance online:
- Go to the insurer's website by clicking here: Visit your insurance company's official website by logging in. Policyholders can access most insurers' internet portals.
- Access Your Account by Logging in: Enter your login information to access your account. You might need to make an account if you don't already have one.
- Go to insurance specifics: - After logging in, locate the area that shows the specifics of your insurance.
- Verify Expiration Date: - The insurance details section will include the date of your policy's expiration.
- Utilise the portal of the Insurance Information Bureau (IIB): Go to the V-Seva part of the Insurance Information Bureau's (IIB) official website.
- Enter Vehicle Details: - Type in the registration number of your motorcycle along with any other information needed.
- View Insurance information: - The information of your bike's insurance, including the date of expiration, ought to be visible.
- Make Use of Third-Party Portals: By entering the registration number of your bike, you can use third-party portals to check the expiration of your bike insurance.
- Verify by OTP: - An OTP delivered to your registered mobile number may be required in order to validate your request.
- View Insurance Details: - After verification, you can see the specifics of your motorcycle insurance, such as the expiration date.
- Make Use of Mobile Applications: - You can examine your policy details, including the expiration date, by logging into the mobile applications offered by certain insurance firms.
- Customer service: If all else fails, you can always get help determining the expiration date of your bike insurance by contacting the customer service department of your insurance company.
In order to prevent any legal issues or monetary losses, it is recommended to confirm the expiration date of your bike insurance well in advance and to renew your policy on time.
What Needs To Be Done If You Fail to Renew Your Bike Insurance Policy Within The Break-in Period?
Make a note that it is not possible to get your policy renewed after the grace period of 90 days. In such scenarios, you are required to purchase a new policy. However, this leads to loss of accumulated NCB collected over the years.
How Can You Avoid Your Insurance Policy From Getting Lapsed?
To avoid your bike insurance policy to lapse, you can keep in mind the following tips:
- The best method to avoid your policy from lapsing is by getting it renewed on time.
- Sign up for SMS alert services or email for the timely renewal reminder in order to keep a track of the policy’s due date.
- Select a long term bike insurance plan (5 year plan), in order to save yourself from the hassle of annual policy renewals.
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How to Renew a Lapsed/Expired Bike Insurance Policy?
If the date of renewal and the mentioned grace period has been crossed your bike insurance can no longer be renewed. You have to purchase a fresh insurance policy which will require certain documents and an inspection of the two-wheeler. Keep in mind, driving without a third party insurance policy is against the law.
What Happens if You Do Not Renew Your Bike Insurance on Time?
After the expiry date and the grace period, a bike insurance lapses and is no longer valid. In other words, a lapsed policy is the same as not having insurance. You can no longer renew the policy when this happens and will be required to purchase a fresh insurance policy. Additionally, the NCB benefit is only valid for 90 days after the grace period after which it is nullified. Lastly, if this is a third party insurance policy, driving with a lapsed policy can lead to heavy fines and even imprisonment.
How Can You Prevent Your Two-Wheeler Insurance Policy from Lapsing?
People often forget to renew their insurance policies and hence, insurance companies provide the grace period. Additionally, they provide reminders through SMS and/or emails usually. Hence, the best way to prevent your bike insurance from lapsing is by keeping a reminder of the dates and renewing the policy with time in hand. You can also purchase a multi-year insurance policy for your two-wheeler, saving you from the hassle of remembering to renew on time.
What Does it Mean to Lose Your No Claim Bonus?
The No Claim Bonus (NCB) is a reward given by the insurance provider to the policyholder for a claim-free year and timely renewal. This reward is cumulative in nature, in other words, the NCB is higher with every claim-free year, going as high as 50 per cent in the sixth year. However, if you do not renew your policy on time you are no longer eligible for this reward. Often the NCB is offered as premium discounts at the time of renewal, which you will not be offered if the policy lapses.
How to Renew Two-Wheeler Insurance?
The following are the steps to renew bike insurance:
- Step 1: Visit InsuranceDekho website. Select two-wheeler insurance.
- Step 2: Provide your bike number, followed by the fuel type and variant. You can also provide other details in case you do not remember the registration number.
- Step 3: Enter the expiry date of the previous policy and name of insurance provider. If there were any claims in the last year, mention them and press ‘Continue’.
- Step 4: Personal details such as name, phone number and insurance tenure will be required. Next press the ‘Submit and get Quotes’ button.
- Step 5: All the insurance quotes for your category will be available and you can choose the best option for you. This is also when you can select add-ons of your choice.
- Step 6: Select the ‘Buy Now’ option, make the payment and the policy will be issued and sent to your registered email ID.
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