When you purchase an insurance policy for your bike, the insurance provider offers coverage for a fixed term on the payment of a fixed premium. Usually, the term of a bike insurance policy is one year unless you opt for a long-term policy. You are required to renew the policy on or before the expiry date to keep it in force. If you miss the renewal date, then your policy can expire or lapse. In this article, we will offer a complete guide to expired bike insurance plans.
The Motor Vehicles Act of 1988 makes it mandatory for all two-wheelers to have a bike insurance policy that offers coverage for third-party liabilities. However, third-party liability plans do not offer coverage for damages to the insured bike. Hence, many bike owners opt for a comprehensive two-wheeler insurance plan. They compare providers and plans and use an online bike insurance calculator to find the best plan for their two-wheeler at affordable premiums.
Two-Wheeler Insurance Expired?
Every bike insurance policy is valid for a fixed term – typically one year. As a policyholder, you are required to renew the policy on or before the expiry date. Failure to do so can result in the policy expiring or lapsing. This means that you don’t have an active policy. Also, all benefits and discounts accumulated by you will lapse with the expiry of the policy. Here is what happens when your two-wheeler insurance policy expires:
- You lose any accumulated No Claim Bonus (NCB) discount. Most insurance providers give a grace period of around 90 days before the NCB discount is nullified. They also hike the premium for the next policy term.
- You will be exposed to the risk of third-party liabilities if your bike meets with an accident
- If your bike gets damaged due to an accident, collision, fire, theft, natural disasters, or man-made disasters, then you will have to bear the cost of repair and/or replacement of parts
Expired Two-wheeler Insurance Renewal
If your bike insurance policy has expired, then you can renew it online or offline. Here is a quick look at both the processes:
-
Online Bike Insurance for Expired Policy
Most insurance providers allow bike owners to renew 2 wheeler insurance online in a hassle-free manner. Here are the steps:
- Login to the website of the insurance company where you want to renew the bike insurance policy
- Enter the registration number of your bike and the expired policy number
- Enter all the details as specified by the website
- Choose the add-on covers
- Review the premium amount
- Pay the premium using the online payment modes available
- Receive the policy documents on your registered email address
Hence, you can renew an insurance policy for bike online within no time.
-
Offline Renewal of Bike Insurance Policy
You can also renew your expired bike insurance policy offline by visiting the branch of the insurance provider. You will be required to carry the documents to support the renewal. Therefore, make sure that you talk to your insurer and get a list of documents needed for offline renewal before visiting the office.
Tips to Ensure That Your Policy Does not Lapse
- Set a reminder for at least one month in advance of the expiry date so that you don’t miss it
- Most insurers send reminders to policyholders before the expiry date. Subscribe to such reminders
- Go through the terms and conditions surrounding policy lapse to know how the provider treats delays in renewal
- Opt for a long-term bike insurance policy so that you don’t have to worry about renewing it every year
Conclusion
Remember, it is illegal to ride a bike in India without an active bike insurance policy. If you forget to renew your policy in time and it lapses, then you cannot legally ride the bike. Also, if your bike meets with an accident during this time, then you will have to bear the consequences of any damage to your bike or a third-party person or property due to an accident involving your bike. Hence, make sure that you renew your bike insurance policy before it expires.
