Riding a bike offers freedom and convenience, but maintaining a valid bike insurance policy is just as important as wearing a helmet. Unfortunately, many bike owners forget or delay their bike insurance renewal, leading to policy expiration.
An expired insurance policy puts you at financial risk and can result in legal penalties. The good news is that renewing bike insurance online is a quick and hassle-free process.
This guide will walk you through the types of two-wheeler insurance and the steps to get your policy back on track effortlessly.
Types of Two-Wheeler Insurance
Before proceeding with two-wheeler insurance, it is important to understand the different types of two-wheeler insurance policies:
- Third-Party Insurance: This is the most basic and legally mandated policy that covers damages caused to a third party, including injury or property damage.
- Comprehensive Insurance: A comprehensive bike insurance policy covers third-party liabilities and damages to your own vehicle caused by accidents, theft, natural disasters, and man-made incidents.
- Own Damage Insurance: This is a standalone policy covering only the insured bike’s damages, excluding third-party liabilities.
When Should You Renew Your Bike Insurance Policy?
You should renew your bike insurance before the expiration date mentioned in the policy document. Insurance companies usually provide reminders via SMS, email, or phone calls. Renewing on time ensures continuous coverage and prevents unnecessary hassles related to policy lapses.
What Happens if Bike Insurance Policy is Expired?
If your bike insurance renewal online is not completed before expiry, your policy becomes inactive. This means:
- No financial coverage is available in case of accidents, theft, or damages.
- Loss of No Claim Bonus (NCB) offers discounts on premiums.
- Possible legal complications, as riding without a valid two-wheeler insurance is illegal in most regions.
What are the Consequences of Expired Bike Insurance?
Failing to renew your online bike insurance on time can lead to several issues:
- Legal Penalties: Riding without valid bike insurance can result in fines or even legal action.
- Financial Burden: Any repair or medical expenses arising from an accident will have to be borne by you.
- Vehicle Inspection: If your bike insurance renewal is delayed for an extended period, insurers may require a bike inspection before issuing a new policy.
- Higher Premiums: You may have to pay a higher premium due to loss of accumulated benefits like the No Claim Bonus (NCB).
Steps to Renew Expired Bike Insurance Online
Renewing your bike insurance online is a simple process. Follow these steps:
- Visit the Insurance Provider’s Website: Choose a reputable company offering online bike insurance renewal services.
- Enter Policy Details: Provide details of your previous bike insurance policy or vehicle registration number.
- Choose Coverage: Select third-party, comprehensive, or own-damage coverage per your needs.
- Calculate Premium: Use the online premium calculator to estimate the cost of your bike insurance renewal online.
- Submit Necessary Documents: Some insurers may require additional documents, such as an RC book, previous policy details, and KYC documents.
- Bike Inspection (If Required): If your policy has been expired for a long time, an inspection may be necessary.
- Make Payment: Complete the transaction via net banking, credit/debit card, or UPI.
- Receive Policy Document: Once payment is confirmed, the insurer will send the new two-wheeler insurance policy document to your registered email.
How Can You Prevent Lapse of Bike Insurance Policy?
To avoid policy expiry, consider these preventive measures:
- Set Renewal Reminders: Mark your calendar or enable auto-reminders from your insurer.
- Opt for Long-Term Policies: Some insurers offer multi-year two-wheeler insurance renewal, reducing the risk of policy lapse.
- Use Auto-Debit Option: Many insurance providers allow automatic payments to renew your bike insurance online without manual intervention.
- Update Contact Details: Ensure your mobile number and email are updated with the insurer to receive timely reminders.
Points to Keep in Mind Before Renewing an Expired Bike Insurance
- Compare Policies: Check different insurers and compare coverage benefits, premiums, and customer reviews before finalising your bike insurance renewal online.
- Check for Discounts: Some insurers offer discounts on two-wheeler renewals even after expiry.
- Verify IDV (Insured Declared Value): Ensure your bike’s IDV is appropriately valued, as this affects premium costs and claim amounts.
- Understand Policy Terms: Read the fine print regarding claim settlement ratio, add-ons, and exclusions before renewing two-wheeler insurance online.
- Seek Expert Advice: If you are unsure, consult an insurance advisor to choose the best plan for your needs.
Timely bike insurance renewal is essential to avoid financial and legal troubles. Even if your policy has expired, you can easily renew it through online bike insurance methods.
Always stay proactive in tracking your two-wheeler insurance renewal date, compare plans before renewing, and ensure continuous coverage for a stress-free biking experience.
