When you purchase a two-wheeler insurance policy, it has an expiry date and needs to be renewed before that. The tenure can vary between one and three years. In India, it is mandatory to have an active insurance policy protecting you against any financial losses or damages arising from an accident or collision to third-party person or property. Also, with the number of accidents increasing with every passing day, most insurers offer a comprehensive policy that protects you and your beloved bike along with third-party liability.
Before your bike insurance expires, it is important to start the process of renewing it. If the insurer wants to inspect your vehicle before renewal, you might have to seek an appointment with the representative for the same. Hence, it is prudent to start this process a few days before the last date of the policy.
However, due to some reason if you miss the date and your policy expires, then ensure that you don’t take your two-wheeler out unless you have managed to renew it. Today, we will offer some guidelines to help you renew your expired bike insurance policy in India.
Steps to renew your expired bike insurance policy
Legal obligations aside, you should never ride your two-wheeler without an active insurance policy. On Indian roads, riding a two-wheeler can be risky and highly prone to accidents. With high volumes of traffic and poor road conditions, even the safest riders can find it difficult to avoid a collision or a mishap. An active insurance policy ensures that you are financially protected if such an unfortunate event occurs.
With life being as busy as it is, there is a possibility that you might forget renewing the bike insurance policy before the expiry date. The moment you realize that your policy has lapsed, stop riding your bike immediately and follow the steps mentioned below to renew it:
Look for an insurance provider
Since the policy has already lapsed, you can buy a policy from any provider. Hence, rather than contacting your existing insurer, research the market, and look for options. There are over a dozen insurance companies offering motor insurance in India. You can go to an aggregator website to compare the various policies. Once you finalize a few, go to their respective websites and get a policy quote using the bike insurance premium calculator. Look at the features and benefits and offered by different policies and choose the one that is best suited to your needs and budget.
Ensure that you renew your policy with 90 days
This is important for bike owners eligible for a No Claim Bonus (NCB). This bonus is offered by insurance companies to responsible bike owners who don’t file claims for a policy period. They offer this as a discount on the own-damage premium amount. Also, this is a progressive bonus. Hence, if you have not filed a claim for 2-3 years, then this can be a substantial discount. However, insurers allow policyholders to continue claiming NCB as long as they renew their policy within 90 days of expiry. Hence, ensure that you don’t delay it beyond that.
Lapsed or not, usually, bike insurance renewal is accompanied by a vehicle inspection. Hence, when you are planning to renew your expired policy, you will have to be prepared for a vehicle inspection by the insurer. This is a charged service in most cases where a surveyor from the company checks your vehicle for existing damage. If the damage is severe, the company might deny the policy too.
Buy the policy
Post-inspection, if the insurance company is willing to offer a policy, then you must ensure that you buy it within the stipulated period. Usually, insurers allow bike owners to buy a policy within 24 hours of the inspection. Hence, be prepared to buy it as soon as the surveyor leaves.
Points to keep in mind while renewing your lapsed bike insurance policy online
- When you renew your policy online, many insurers don’t mandate inspection of the vehicle or the related documentation. This can save a lot of time.
- Online renewal is hassle-free and cost-efficient.
- You can buy a multi-year third-party policy to avoid having to renew it every year. You can club it with one-year own-damage insurance so that you rest assured of the legally mandated coverage for a longer duration.
Remember, driving your bike without an active policy can attract fines and/or imprisonment. Also, when you are renewing the policy, pay attention to the add-ons offered by the provider, and choose the ones that help you get customized comprehensive coverage at the minimal cost.
For most bike owners, their two-wheeler is a necessity, especially in crowded cities and small towns with minimal options for public transport. Hence, not being able to ride a bike for a few days due to the lack of an active policy can be a hassle. Renewing it in time is the best way to ensure that your bike is always protected. However, if you notice the expiry date after it has passed by, then ensure that you quickly buy another policy and avoid potential losses. Good Luck!