What Happens When Your Bike Insurance Policy Expires?
When the insurance benefits are stopped or ended due to non-payment of the premium amount by the due date or significantly after the grace period, it turns out to be a lapsed or expired bike insurance policy.
If you are riding an uninsured bike or you hold an expired insurance policy, then you have to face the following consequences-
- Riding your vehicle without a third-party bike insurance policy is an illegal and punishable offense in India. You are liable to pay a fine of Rs 2,000 and/or imprisonment of 3 months
- A lapsed bike insurance policy means you will lose the accumulated (NCB) on your own-damage premium
- Last and more importantly you will remain unsafe against the several risks that might cause damage to your own vehicle and third party.
How to Renew Lapsed Two-wheeler Insurance?
Please note that renewing lapsed bike insurance policy means you have to start over again. Moreover, there is a possibility that the coverage requirements would have changed in the past year, so you can change or customize it this year.
There are 2 ways to renew a lapsed bike insurance plan-
- Renew Bike Insurance Online
- Renew Bike Insurance Offline
First, you should check if there is any grace period for bike insurance renewal. Usually, insurers offer a grace period that can range up to 90 days with or without penalties or late charges. To avoid any confusion, it is advised to connect with your customer care team or insurance executive and know the grace period to renew the policy after the given due date.
If you have bought your bike insurance policy from Policybazaar.com, you can follow these steps to renew your bike insurance policy online-
Step 1- Visit the official website of Policybazaar Insurance Brokers Private Limited and find the 'renew your policy' tab on the top right of the page and click on 'two-wheeler renewal'
Step 2- Enter your bike number and click on 'view prices'
Step 3- You will get multiple plans offered by different bike insurance companies in India
Step 4- Compare and choose any type of plan as per your need & budget. You can also opt for add-on covers with a comprehensive bike insurance plan
Step 5- Once done, fill in the proposal form which includes- vehicle owner details, nominee details, and vehicle details
Step 6- At last, you will pay the displayed bike insurance premium amount using any of the favourable modes- UPI, net banking, or debit & credit card.
Note- The insurer will send a copy of your renewed 2-wheeler insurance policy to your registered email id after a few seconds after you have completed the payment.
Lapsed Bike Insurance Renewal: Things to Consider
There are other essential points that you should consider while renewing lapsed two-wheeler insurance policy -
- Always compare two-wheeler insurance policies as you have a plethora of options in the market. Accordingly, choose the one that suits your requirements & budget
- You can easily switch to another insurer if you are dissatisfied with your existing insurer
- In the preceding years, if you have not filed for any claims then you are eligible for a No Claim Bonus (NCB) benefit
- Last but not least, avoid riding in an uninsured two-wheeler vehicle at all costs. Keep track of your policy renewal due date & renew your policy much in advance.
How to Avoid Lapses in Bike Insurance Renewal?
To avoid lapses in bike insurance renewal, you can follow the below tips-
- The smart way to avoid a lapse in the policy is to simply choose long-term coverage for up to 3 or 5 years. This will not only save you from yearly renewals but also offer palpable advantages.
- While buying a policy opt for services like email alert or SMS alert. It will help you to keep track of upcoming renewal dates and other important alerts.
Note- Read the policy wordings carefully to understand the policy coverage, its exclusions, etc.
Benefits of Renewing a Lapsed Bike Insurance Policy Online
It is possible that despite continuous reminders from your insurer, you might miss renewing the two-wheeler insurance, leading to the lapse of the policy. Don’t be in a state of panic, rather go online and renew the lapsed policy.
Renewing the bike insurance policy online has its share of advantages, which have been enumerated below-
- In case of any query, you can always avail customer service assistance throughout the process of renewal
- Less to zero paperwork and documentation when you are renewing the policy online
- You can compare diverse plans from the multiple bike insurance plans available in the market and choose the policy which fulfils your requirements and fits your budget
- If the policy has lapsed for more than 90 days (passed the grace period) then you don’t need to provide information about the last insurance company
- You don’t have to bear any additional charges during the renewal process
- Lastly, the renewed policy will be issued swiftly.
Ensure that you don’t let your two-wheeler insurance get lapsed to avoid the hassles. It is better to be safe than sorry. In case you forget to renew it, you can refer to the above information and renew your bike insurance online as early as possible.
Two Wheeler insurance articles
29 Feb 2024In India, owning a bike is not just a mode of transportation; it
21 Feb 2024Breaking, violating, or disobeying traffic rules is an offence
15 Feb 2024Every bike insurance policy comes with specific clauses. One of
09 Feb 2024If you are cruising the bustling streets of your city in your
11 Jan 2024When it comes to two-wheelers in India, having third-party bike
^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.
^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.
#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.
*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)
#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.
*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis