Third-party premium has changed from 1st June. Renew now
Two Wheeler Insurance Renewal Online 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.
Given the lockdown we’ve been enduring for the past three weeks, it’s 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.
What happens when your Two Wheeler Insurance expires?
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 your two-wheeler insurance has expired and something happens to it post the expiry date, then you will have to pay for its losses and damages yourself. Even if you’re not using your two-wheeler during this lockdown, it is still prone to damages and losses that could occur due to instances such as overheating of the vehicle, theft of the bike or parts of it, damages caused if something hits the bike while parked, etc.
If you’ve forgotten to renew your two-wheeler insurance and the police catches you, you will be penalised with a fee of Rs 1,000 to Rs 2,000. That’s a real bummer, considering it takes way less than that, starting Rs 750 (depending on your type of two-wheeler) to cover for it!
If you’ve never made a bike insurance claim whilst your policy was active earlier, and you don’t renew it on or before time, then you lose out on your no claim bonus! This means, no renewal discounts on your bike insurance premium.
When you buy a bike insurance, specifically a comprehensive or own damage cover then there is a process of self-inspection involved before your policy is activated. If you don’t renew your bike insurance policy on time, you’ll have to go through the inspection process again, which means it’s only going to take longer to renew your policy!
How to Renew Expired Bike Insurance Online?
If you’re someone who’s bike insurance policy has already expired, or is going to expire soon...here’s how to renew your bike insurance online.
Nowadays, renewing a two-wheeler insurance policy is no more 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, The Insurance Development and Regulatory Authority of India 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:
Renewing your Two-wheeler insurance with Digit Insurance
- Check the Two Wheeler Insurance Premium Calculator to calculate the premium amount for your vehicle.
- Visit Digit’s bike insurance renewal page.
- Fill your two-wheeler details and proceed by clicking on Get Quote button. Ensure that you have entered all correct and up-to-date information.
- Select the type of policy you want i.e. Third-party policy or Comprehensive policy.
- Select the right add-ons for your two-wheeler (optional).
- Share the required details and make a payment
- Once the payment is completed you will get a digital policy in the form of a PDF and your Third-Party Policy will immediately be activated. However, you will be asked to take pictures/videos of your two-wheeler for initial inspection, after the approval of the same your complete policy (including own damages) will be activated as well.
- Download the PDF for the digital copy and keep it secure.
Renew Expired Two-wheeler policy offline
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. However, considering the ongoing lockdown and pandemic, it’s best to renew your two-wheeler policy online.
Things to keep in mind when your Bike insurance policy has Expired
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.
FAQs about Renewing Expired Bike Insurance Policy
What is the maximum time I can get a long-term bike insurance policy for?
For a two-wheeler, you can buy a long-term policy to up to 5 years at once.
What is the penalty of riding without a bike insurance in India?
You can be penalized to up to Rs 1,000 for the first time and Rs 2,000 for repeated offence, if you are found riding without a two-wheeler insurance in India.
Can I renew my bike insurance policy before the expiry date?
Yes, you can! And that’s the best thing to do, to avoid being without any cover. It is ideal to renew your policy few days before your current policy expires.
How do I check my bike insurance policy expiry date?
If you’ve bought your bike insurance policy with Digit, you would have received your bike insurance policy document on your registered email. You can find the expiry date on the same.