Bike Insurance Renewal After Expiry

In India, two-wheelers are one of the most popular vehicles. Perhaps this is not only because of how cost-effective it is but, that it is indeed one the most convenient modes of transport, especially in cities battling constant traffic. Amid our daily travels, one of the most essential things to ride your dear two-wheeler is its two-wheeler insurance. 

A two-wheeler insurance does not only help cover and protect your bike from potential losses and damages but, also keeps you in the good books of law and ensures you don’t need to pay any hefty fines for not having one, given that at least having third-party two-wheeler insurance is mandatory in India.

However, it is possible that most bike owners may forget to renew their two-wheeler insurance. Some may even assume it’s not the need of the hour, or as we all tend to – may procrastinate this until the next time they use their two-wheelers. 

However, this won’t only lead to lengthier processes the next time you need to renew your bike insurance but, you will also lose out on your no claim bonus if your bike insurance already expires. To make this clearer, let’s understand what happens when your bike insurance expires. 

When you can no longer avail yourself of the insurance benefits because of non-payment of the bike insurance premium before the due date or after the grace period, it is called a lapsed or expired bike insurance policy. 

An expired bike insurance policy means that you also lose the financial protection it provides, implying that you won't be covered for any damages or losses in case of an accident, theft, or natural disaster. So, after a two-wheeler insurance policy expires, you will have to pay for any repair costs or third-party liabilities out of your pocket. 

Also, riding without an active bike insurance policy is illegal in India, which can result in hefty penalties, including even imprisonment. You also risk losing insurance benefits such as No Claim Bonus (NCB). 

So, it is important to ensure your bike throughout your life since it helps you protect your bike against a variety of risks associated with the bike at all times.  

If you’re someone whose bike insurance policy has already expired or is going to expire soon...here’s how to renew your bike insurance online. 

Nowadays, renewing the two-wheeler insurance policy is no longer stringent as it used to be five years ago. You can now renew an expired two-wheeler insurance policy online that accomplishes the renewal process in an easy and lesser time process.

Additionally, IRDAI observed that most people do not renew their two-wheeler insurance policy on time and moreover don’t even realize when their policy expires. That’s why you now have the option to renew your policy before its expiry date.

You can also instead go for a multi-year two-wheeler insurance policy whereby you purchase the insurance for three or five years as well. 

So, how does one go about it anyway? Here’s how you can renew expired two-wheeler insurance online:

If you’re not comfortable with the online renewal policy of two-wheelers, you can choose to visit the nearest branch of your desired insurance service provider too.

Here’s why renewing two-wheeler insurance online is a better idea:

• No Documents Required: Online bike insurance renewal process is paperless and hassle-free, which requires only your personal and previous policy details, and you are done.
• Compare Quotes Online: You can easily compare bike insurance renewal prices online on various insurers’ websites, including the features of insurance policies offered by them. 
• Save Time: You can renew your policy online as per your convenience, making it less time-consuming.  
• Easy and Quick: With just a few clicks you can renew your motor insurance policy online easily. 

To avoid lapses in bike insurance renewal, remember the following:

• It is best to choose a long-term bike insurance policy that covers you for up to 3 or 5 years, as this will save you the hassle of renewing bike insurance every year. 
• You can choose an auto-renewal option at the time of buying the insurance policy, if your insurance offers the feature. This way your policy will be renewed automatically without the fear of it getting expired. 
• While buying a bike insurance policy, you can also opt for alert services, like you can set a reminder in Digit app, to help you keep track of the upcoming two-wheeler insurance renewal due date.

The grace period in bike insurance is the extra time given after the expiration of insurance policy, which is generally between 30 to 90 days. Within this period, you can renew your policy without losing benefits like No Claim Bonus (NCB) and more, depending on the insurer. 

However, remember that your two-wheeler won’t be covered under the insurance policy during the grace period, which means that if your bike gets in any accident, you will have to pay for the damage from your pocket. 

Once your expiry date is near, you should ideally renew your two-wheeler insurance policy immediately. However, in some cases this may take you some time and we understand that.

Maybe you want to evaluate some car insurers before making your decision or, you need time until your background check and self-inspection process is complete.

If your bike insurance policy has already expired or  isn’t active yet, here are some things you should do to keep you and your bike safe:

• Avoid riding without a valid two-wheeler insurance policy. After all, you never know what can happen. If you’re caught by a cop or even land up in a small accident, the risks aren’t worth it!
• If you’re confused about changing your bike insurance provider from your previous policy, evaluate your options online and make an informed decision. 
• If you can, opt for a long-term policy when you’re renewing your policy online, this way you don’t need to worry about renewals for some time.
• Ensure your bike’s documents are in place, you’ll need them or some details from the same, to renew your two-wheeler insurance policy.