It is important to renew your bike insurance policy as it can protect you against financial losses due to unforeseen accidents, mishaps, theft, and natural or man-made calamities involving your bike. Every bike insurance policy has a term for which it is valid.
Policyholders are required to renew the policy before or on its expiry. This allows you to retain your NCB (No Claim Bonus) and ensures that you are protected against any third-party or damage to your own vehicle, depending on the type of policy you have.
Also, it is illegal to ride a two-wheeler without a valid third-party insurance policy in India. However, there can be times when bike owners miss the renewal date and end up with an expired policy. While this should be avoided, you can renew your two-wheeler insurance policy even after its expiry.
Implications of an Expired Bike Insurance Policy
Renewing your bike insurance policy can be done offline by visiting the office of the insurer or your insurance agent. However, most insurers offer two wheeler insurance renewal online via their websites too. This can help save time and effort and allow you to renew your policy quickly and in a hassle-free manner. However, if you forget to renew expired two-wheeler insurance online, then you might have to face certain repercussions, including:
- Legal penalties and fines if you are caught riding your two-wheeler without a valid bike insurance policy.
- Loss of NCB benefit if you fail to renew your two-wheeler insurance policy within the permitted grace period.
- You might have to get the vehicle inspected and bear additional charges.
How to Renew Your Bike Insurance Online?
You can undertake the two-wheeler insurance renewal online in a hassle-free manner. You might need to keep some documents ready like a copy of the expired two-wheeler insurance, RC of your bike, driving licence, and the latest photographs of your two-wheeler. Here are some simple steps to renew your bike insurance policy online:
- Choose the insurance provider
If you are not satisfied with the services offered by your current insurance provider, then you can take this time to compare two wheeler insurance providers and choose the one that meets your requirements. There are many online platforms that allow you to compare providers and plans. Make sure that you know what you need from the provider before you start looking for one.
- Choose the insurance plan and add-ons
After finalising the insurance provider, go through the plans offered along with the add-on covers. For example, if you are opting for a comprehensive two-wheeler insurance policy, then add-on covers can help you customise the policy according to your specific needs. However, add-on covers also increase the premium. Hence, make sure that you choose the plan and add-ons carefully.
- Submit application
Visit the website of the two-wheeler insurance provider and submit an application for a two-wheeler insurance policy. Provide all the details of the vehicle along with any other information as required by the insurer. The website will offer different modes of payment. Make sure that you make the required payment to purchase the policy. The insurer will send a softcopy of the policy to your email address once the payment and application are processed.
You can also renew your expired two-wheeler insurance policy offline by visiting the branch office of the insurance provider with all the necessary documents. However, in such cases, most insurers insist on the physical inspection of the bike.
Remember, it is illegal to ride a bike without a valid bike insurance policy. Also, if your bike meets with an accident or mishap or undergoes damage due to a natural or man-made disaster, then without an active insurance policy, you will have to bear the costs of all such damages to your bike or to any third party. Hence, it is prudent to renew your bike insurance policy within time. However, if you miss the renewal date, then talk to your insurer about the grace period within which you can renew it without losing out on any benefits. The steps mentioned above can help you renew your policy with ease. Good Luck!