Anyone that owns a bike or plans to buy one knows that two-wheeler insurance is a mandatory purchase. For every two-wheeler riding on the road in India, it is neither smart nor legal to drive without insurance. Therefore, it is recommended that you purchase and renew your bike insurance on time.
Two-wheeler insurance can be easily renewed online, and you will not have to bother visiting the branch office of the insurance company. There is a grace period of 90 days in which the insurer can make the policy a break-in so that you can still avail certain benefits like NCB. However, after this 90-day period, you will have to buy a new policy and restart it without any benefits. But we often miss out on the timely renewal of insurance. However, this does not mean that you cannot renew your two wheeler insurance policy.
What happens if do not renew your policy on time?
The policy lapses when you do not pay the premium to renew the policy on time. As a result, there is no benefit in the break-in period, which means that the old policy has expired, and there is no new policy that is in force.
If you fail to renew your policy within 90 days, your policy will be terminated. This means you will lose all coverage and attached benefits permanently. This includes the no claim bonus (NCB) that you have accumulated over the years with your bike insurance. Moreover, you would have to buy a new policy. When buying a new policy, you would have to face a higher premium. In addition, you may have to bear the cost of any loss or damage caused to a third-party. So, the best way to avoid such a situation is to renew your policy in a timely manner. In that case, you can save both money and time by doing your two wheeler insurance renewal online. * Standard T&C Apply
How can you renew your lapsed policy?
Keep in mind that you will not be able to renew a lapsed policy after 90 days. In such cases, you will need to purchase a new policy, which will require you to inspect the vehicle along with the required documents and other formalities.
Renewing your two-wheeler insurance is mandatory because driving without insurance is a punishable offense under the law. Due to the convenience of renewing your bike insurance policy online, the whole process is now simplified.
Insurers will remind customers by reminder text or call when the policy expiration date is near. However, there may be some situations when you miss renewing on time. So, if you have missed your policy renewal date, here is how you can renew your bike insurance policy:
- Contact your insurance company
If you miss your policy renewal date, the first step is to call your insurance company and ask for help. If you renew a few days before the due date, your insurance company will not charge you any penalty or late fees for renewing your policy. *
- Renew your current policy online or offline
When renewing your lapsed third party bike insurance policy, you have the option of online as well as offline renewal. For the online mode, you can visit the insurance company’s website, enter the required details, and renew your policy online. When renewing online, keep all the documents of the vehicle with you so that you do not have to enter the details. If you renew offline, you will need to contact your insurance company and they may ask you to get your vehicle inspected before issuing a new policy. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.