The Risks of Letting Your Two Wheeler Insurance Expire

As a two-wheeler owner, you must be aware of policy renewal or an expiry date that is mentioned in your policy documents. But what if you forget to renew it on time and your insurance policy gets lapsed? To know its consequences read this article and get your two-wheeler insurance policy updated on time.

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What is a Lapsed Two-wheeler Insurance Policy?

A two-wheeler insurance policy is considered an expired or lapsed policy when you do not renew it even after your grace period is over. Your insurer offers you a grace period of 90 days, wherein you can renew your policy and retain your accumulated bonus of NCB. In case you are unable to renew your insurance policy during this period, you are bound to compensate for the expenses related to the mishap.

Consequences of Not Renewing Your Two-wheeler Insurance Policy On Time

If you do not renew your bike insurance policy, there are several benefits that you end up losing, and you have to face several consequences also. Below we have discussed a few of them-

1.Costly Fines

In India, you must have at least a third party bike insurance to legally ride your vehicle. If you are caught riding your bike with a lapsed or expired two-wheeler insurance policy, for the first offense a fine of Rs 2000 will be imposed on you or imprisonment of up to 3 months, and if you get caught without third-party insurance for the second time, a penalty of Rs 4000 or imprisonment of up to 3 months.

2.Legal Liabilities

Your third-party insurance policy covers all the financial and legal liabilities towards the damages or loss caused to the third party in a mishap. In case you are riding your bike with an expired policy and meet with an unwanted mishap, you have to bear all the financial expenses and legal liabilities on your own.

3.Loosing Accumulated NCB

When you do not renew your policy in the grace period of 90 days after the date of expiry, you end up losing your accumulated No Claim Bonus. No Claim Bonus (NCB) is the discount benefit given to the policyholder for not raising a single claim and for riding safely. This discount can go up to 50% when you don't raise any claim for five consecutive years. Even when you switch your insurance policy to another provider, you can still avail of the accumulated bonus, but make sure you do not have an expired or lapsed policy.

4.No Protection for 'Own Damages' (OD)

When you have comprehensive two-wheeler insurance, you are protected against all the own damages that might affect your bike, for example- damages to the bike due to crashes, theft, natural or man-made disasters, etc. In case you missed renewing your bike insurance policy on time and face any of these emergencies, your bike is not protected Against any financial expenses. Hence, you have to compensate for all the Own Damage (OD) expenses on your own.

5.Time Taking Process

In case you missed out on renewing your insurance policy, you might have to go through the entire process of buying a new one. This can be quite a lengthy and time-consuming process for you. Buying a new insurance cover means you have to go through a vehicle inspection conducted by the dedicated surveyor. Also, you end up losing the accumulated discount called NCB and have to pay a higher premium because of the silly mistake of not remembering the expiry date.

5 Ways to Avoid Lapses in Two-wheeler Insurance Policy

There are several ways by which you can easily keep track of the due date and avoid the expiration of your policy. Read below to know these ways-

1. Sign Up for the SMS or email reminder option offered by your insurer. They will keep you updated with the due date of renewing your bike insurance policy.

2. Choose renewal of two-wheeler insurance online over offline mode. When you renew your two-wheeler insurance online, you automatically get calls from the insurer for renewing the policy.

3. Do not forget to take calls from your insurer. Usually, policyholders choose to ignore calls intentionally and unintentionally. Therefore, when your insurer tries to connect with you, answer their calls and get your policy renewed on time.

4. When you receive any emails from your insurance company, choose to read them. They also send reminder emails in your registered email id. Thus, open and read those emails.

5. Prefer buying a long-term insurance policy over annual plans, because it will save you from the hassles of renewals every year, and these plans are offered to you at discounted premium rates.

Why Choose Renewing Your Two-wheeler Insurance Online?

A busy schedule seems to be a part of life, no matter where you are at and what you are doing. This is why your insurer offers a grace period of 90 days, wherein you can renew your policy online. Below we have discussed a few advantages of renewal your two-wheeler insurance policy online-

  • It is a simple process. You can renew your policy online at the comfort of your home. All you need is a stable internet connection and a working smartphone or laptop to access your insurer's website.
  • You don't have to pay additional charges for online renewal.
  • Renewing a bike insurance policy is an instant process, and also you can compare various other plans before renewing or buying the insurance coverage.
  • Buying/renewing two-wheeler insurance online means you will be regularly updated with emails, SMS, and calls from your insurer regarding any updates or expiry dates.

Points to Keep in Mind Before Renewing Your Two-wheeler Insurance Online

Renewing your insurance policy online is a hassle-free process. Though, there are certain things that you must consider before renewing it. Read below to get updated with these points-

  • Review your policy coverage precisely before clicking on the payment option.
  • Add or remove any add-on cover you want to. Consider adding only required coverage because adding cover means increasing the premium amount. So, choose your add-on covers wisely.
  • Before making the payment, get yourself updated with all the terms & conditions of your bike insurance policy. In case you have any doubt about it, connect with your insurer immediately.

Summing It Up

In the above paragraphs, we have discussed all the consequences you might face when you do not renew your two-wheeler insurance policy on time. So, make sure you avoid any lapses in your policy and have adequate coverage for your bike.

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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^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