Renew Expired Bike Insurance Policy

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:

• Legal Trouble
  Riding your two-wheeler without a third-party bike insurance policy is an illegal and punishable offense in India. You are liable to pay a fine of ₹ 2,000 and/or imprisonment of 3 months.
• Say Goodbye to NCB
  A lapsed bike insurance policy means you will lose the accumulated (NCB) on your next own-damage bike insurance policy renewal. That's a discount you won't get on your next premium, which means a higher premium.
• No Financial Safety Net
  If something unfortunate happens, like an accident, theft, or even minor damage. In this case, you'll have to bear the entire cost out of pocket. No active policy means zero assistance from the two-wheeler insurance company.

How to Renew Expired Two-Wheeler Insurance Policy?

Renewing a 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, explained below:

1. Renew Bike Insurance Online Via Policybazaar.com

   First, you should check if there is any grace period for bike insurance renewal. Usually, bike insurance companies 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.

2. Renew Bike Insurance Offline

   You can also visit the nearest branch of your insurance provider or contact your insurance agent to renew the policy in case you have purchased it offline. In some cases, your bike may undergo a physical inspection before policy issuance if it has been expired for a longer period.

Documents Required for Renewal of Lapsed Bike Insurance Policy

Keep the following documents ready to renew your lapsed bike insurance policy:

• Copy of previous policy (if available)
• Registration Certificate (RC) of the bike
• Identity & address proof
• Vehicle inspection report (if applicable)

Things to Consider While Renewing Expired Bike Insurance Policy

There are other essential points that you should consider while renewing lapsed two-wheeler insurance policy:

• Compare First, Buy Later: 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
• Switch Insurer If Not Satisfied: You can easily switch to another insurer if you are dissatisfied with your existing insurer
• Check for NCB: In the preceding years, if you have not filed for any claims then you are eligible for a No Claim Bonus (NCB) benefit
• Avoid Riding Uninsured Vehicle: 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.
• Consider Add-ons: This might be a good time to opt for extra coverage like zero depreciation cover, NCB protection cover, 24x7-roadside assistance cover, etc., depending on the needs.

How to Avoid Lapses in Bike Insurance Renewal?

To avoid lapses in bike insurance renewal, you can follow the below tips-

• Choose Long-term Plans: 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 advantages.
• Enable Alerts: 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.
• Download Insurer Apps: Install the insurer's app if they have one. It will remind you on time so that you can renew it in a few taps.
• Set Your Own Reminder: You can also set reminders to your phone calendars before the actual date so you have got time to do it.

Note: Read the policy wordings carefully to understand the policy coverage, its exclusions, etc.

Benefits of Renewing Expired 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:

• Easy Access to Assistance: In case of any query, you can always avail customer service assistance throughout the process of renewal.
• No Paperwork: Less to zero paperwork and documentation when you are renewing the policy online.
• Easy Comparison: 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.
• No Previous Policy Information Required: 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.
• No Additional Cost: You don't have to bear any additional charges during the renewal process, and the renewed policy will be issued swiftly.