Everything You Need to Know About a Lapsed Two-Wheeler Insurance Plan
Renewing your two wheeler insurance policy is crucial, as it provides protection against unexpected events such as accidents, theft, burglary, natural disasters, and third-party liabilities in case of an accident involving your bike. Additional benefits of renewing two-wheeler insurance include a No Claim Bonus and the peace of mind it offers. Moreover, driving without a valid insurance policy or with an expired one is illegal in India. It’s essential to renew your two-wheeler insurance before your current policy expires. Insurance companies typically send regular reminders to customers whose policies are nearing expiration. If you miss the renewal deadline, you can still opt for an online renewal after the policy has lapsed.
It is considered a break-in case if you fail to renew your two-wheeler insurance before the expiration date. Here are some consequences of letting your policy lapse:
- A vehicle inspection is not required when you renew your bike insurance online. However, the policy period will begin three days after the insurance company receives the payment.
- If you decide to renew your expired two wheeler insurance offline, an inspection is mandatory. You’ll need to take your bike to the nearest office of your insurer along with the required documents for the inspection.
You will typically need the following documents for renewing two-wheeler insurance after it has expired:
- A copy of your previous policy or the renewal notice from your former insurer.
- RC (Registration Card)
- Driving license
- Photos
- If your vehicle passes inspection, the insurance company will issue the cover note within two working days.
- If you renew your expired policy after 90 days, you will forfeit the No Claim Bonus (NCB) benefit.
- If you renew your insurance after a year or more, your break-in case will be forwarded to the underwriter.
An important point to remember is that insurance companies do not impose any extra charges when you renew your expired two wheeler insurance online.
What occurs when your Bike Insurance Policy expires?
It’s important to remember that riding a bike with an expired insurance policy not only puts you at risk on the road but also exposes you to considerable financial liability. If an accident, theft, or natural disaster occurs, you won’t have coverage for any repairs or damages.
Additionally, it’s important to highlight that riding a bike with lapsed insurance is both risky and illegal. You could face substantial fines and, in some cases, imprisonment. Therefore, it’s essential to keep your bike insurance up to date to protect yourself and others on the road. Read this blog to discover everything you need to consider for renewing your expired two wheeler insurance online, how to do it offline, the benefits of renewing your expired policy, and more.
Things to Consider for Bike Insurance Renewal
Here are the various factors to consider before renewing your bike insurance:
Previous Claims History
Riding Habits
Assess your riding habits and determine whether your current coverage satisfies your needs.
Compare Quotes
Seize the chance to compare quotes from various insurers to discover the best coverage at a reasonable price.
Insured Declared Value (IDV)
Check the current IDV of your bike to make sure it accurately represents its true value.
How to Avoid Lapses in Bike Insurance Renewal?
- Forgetting a renewal deadline can be troublesome. Here are ways to prevent lapses when you purchase two-wheeler insurance online for an expired policy:
- Set reminders for upcoming renewal dates.
- Most insurance companies send renewal notices in advance. Take action promptly upon receiving them.
- Think about choosing auto-renewal if your insurer provides that option.
Benefits of Renewing Bike Insurance Online
Renewing your two-wheeler insurance online for an expired policy offers a convenient and time-saving solution. The benefits include:
Easy Comparison
Looking for the best insurance coverage can take a lot of time. Luckily, you can quickly compare rates from various insurers online, enabling you to make an informed choice with ease.
Secure Transactions
Are you worried about the safety of your online transactions? There’s no need to be. Online insurance platforms use secure payment methods to safeguard your financial information.
24X7 Accessibility
If you need to renew your coverage late at night or while traveling, you can do so with 24/7 accessibility. This allows you to manage it anytime and from anywhere, providing you with maximum convenience and flexibility.
Paperless Process
The days of filling out endless forms and managing piles of paperwork are over. Most insurance processes are now paperless, allowing you to handle everything online without needing to provide any physical documentation.
How to Renew Your Bike Insurance Offline?
While online renewal is preferred, you can still choose to renew your policy offline:
- Go to your insurer’s branch office.
- Bring the necessary documents, such as your RC, previous policy copy, and driving license.
- Collect your renewed policy document after making the payment.
How to Renew Expired Two-Wheeler Insurance Online?
Renewing your two wheeler insurance online after it has expired is a simple process. Just follow these three easy steps:
Select your Insurance Provider
If you're unhappy with the services or premium rates offered by your current insurer, you can switch providers during your two-wheeler insurance renewal online. You can compare options and choose the best deal that fits your needs.
Provide your vehicle details
Go to the official website of your chosen insurance provider and enter your bike or two-wheeler details. Choose the type of insurance policy, IDV, and any add-ons you want with your coverage.
Purchase the policy
Complete the payment and purchase the policy. You will receive the soft copy of your policy shortly via your registered email ID.
We hope these simple steps make the process easier for you. Whether your policy has expired or is about to, renewing your bike insurance online ensures you're on the safe side. Having two-wheeler insurance protects you from significant out-of-pocket expenses in case of damage to you or your vehicle. Therefore, we recommend taking reminders from your insurer seriously and renewing your policy on time. To manage your expenses better, use a two-wheeler insurance premium calculator to estimate your premium.