How to Renew Two Wheeler Insurance Policy Online After Expiry?
Updated On Feb 14, 2022
Are you wondering what to do with your expired two-wheeler insurance? In this article, we will tell you everything you need to know about it.
Every two-wheeler owner is required to own at least a third party bike insurance plan to drive a bike or scooter in India. Driving without insurance is illegal in the country, as per the Indian Motor Tariff. Therefore, it is advised to purchase a bike insurance plan without fail and continue to renew it on time. Not renewing the bike insurance policy on time could result in the lapse of the policy. It makes your bike uninsured, which may lapse your sense of security and peace of mind.
The process of renewing bike insurance can easily be done online today rather than visiting the insurance company's branch office. Despite the fact that you may have missed the renewal deadline, the policy can still be revived if you don't renew on time. The first step in knowing that process is to understand what lapsed insurance coverage is.
What Is a Lapsed Bike Insurance Policy?
Two-wheeler insurance policies lapse if they are not renewed on time or before their due dates. As soon as a policy lapse, it becomes unusable since all its benefits become void.
What Happens When a Two Wheeler Insurance Policy Lapses?
A bike insurance policy gets lapsed on not paying the premium for the renewal of the policy on time. After this, a break-in period of 90 days comes in effect, which is the period during which the plan can be reinstated before getting terminated. During this break-in duration, no benefits of the policy are active to be availed.
When policy gets lapsed, you lose coverage against the financial liabilities towards a third party and also become unprotected against any bike-related damage or loss arising out of an accident, theft, or a mishap. In such cases, you will have to bear all the expenses on your own. In addition to these, driving without insurance is illegal, which may get you penalised as well on being caught.
Another loss which you come closer to, with the policy lapse, is the No Claim Bonus (NCB) benefit, which you may have accumulated with your bike insurance over the years. This benefit ranges from 20% to 50% of discount on the premium of the policy and can be lost if the plan is not renewed even in the break-in period of 90 days as you cannot renew a lapsed policy after this period. In such scenarios, you have to purchase a fresh policy and again have to go through the complete process of documentation and inspection of your bike, besides other formalities.
What to Do if Your Two-Wheeler Insurance Has Expired?
Many insurance companies remind their policyholders through texts or calls as their insurance plan’s expiry date is coming and you should get it renewed soon. But, still somehow you could fail to renew your plan on time due to specific situations. However, if you have missed your two wheeler insurance policy renewal date, you should immediately get in touch with your insurance company.
If you have lost track of your two wheeler insurance policy renewal date or have missed it to renew it on time, the first step you can undertake is to call up your insurance company and ask for the policy renewal related assistance. Your insurance provider may renew your insurance policy without imposing any penalty on you, if it is only a few days past the due date. Moreover, insurance providers can avoid vehicle inspection in situations where you have been trying to pay for the insurance policy before it expired.
How to Renew Your Bike Insurance Policy Online After Expiry
There are two ways to renew a lapsed two wheeler insurance plan i.e., online and offline. Here are the following steps to renew your policy through an online mode:
Step 1: Visit the official website of two wheeler insurance company.
Step 2: Enter the required two wheeler details which may include existing policy details, registration number of your bike and so on.
Step 3: Make the payment for the renewal of the plan through available payment methods.
Step 4: Your two wheeler insurance policy will be renewed and after the process gets completed, you will get the policy documents via email.
But, if you want to renew your lapsed policy through offline mode, you will have to visit the branch of your insurance company with all the necessary documents. In this method, the executives may even ask for the inspection of your bike before issuing a new policy in addition to verification of your documents.
How to Avoid Lapses in Insurance Renewal?
To avoid any lapse in insurance renewal process is to renew your two wheeler insurance policy on time. It is quite simple to keep track of the expiry date of the due date of your insurance plan by registering yourself for email or SMS alert service. On the other hand, you can avoid these hassles by just choosing for a long-term two-wheeler insurance policy as many insurance providers also provide long-term insurance policies with policy coverage of up to 3 years. To opt for a long-term two wheeler insurance policy can secure you from the hassles of yearly renewals while providing a range of policy benefits.
The information provided above about the lapsed two-wheeler insurance policy should have clearly illustrated the consequences of failing to renew your plan on time. You should therefore request an email or SMS alert service from your insurance provider to keep track of the due date. You might find this article helpful in understanding the importance of timely renewals and the steps involved in renewing lapsed bike insurance plans. When purchasing insurance for your two-wheeler, the best option is to do it online, on a reputed website like Insurancedekho. This way you can compare different bike insurance companies, the quotes they offer and their cashless garages only with a few clicks. Moreover, you can also renew an existing policy and check your premium amount on the premium calculator. There are three main types of bike insurance. Third-party insurance is compulsory and covers third party liabilities in case of a mishap. The second, standalone-own damage cover, provide compensation for the damages to the policyholder’s two-wheeler in case of an unfortunate event. Third, is the comprehensive plan that covers both own-damages and third-party liabilities under a single premium. Additionally, with the latter two, you can also purchase add-on covers to further strengthen your insurance policy.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.