Expired Bike Insurance Know More About Renewal & Its Benefits
Every biker is required by the Motor Vehicles Act of 1988 to maintain a current two-wheeler insurance policy. To keep your policy active, you should renew it on time. There may be circumstances, though, where this does not occur. You can use the information in this article to learn how to renew your bike insurance online if it has already expired.
Bike insurance renewal after the expiry
- You can upgrade to comprehensive bike insurance if third-party bike insurance previously covered your bike. It will provide complete coverage for your bike.
- You should consider switching to a new insurer if you are not happy with the level of service your current insurance company provides.
- You can mention any modifications to your bike during renewal if necessary. Even though the premium might increase slightly, you’ll still get the required coverage.
Your two-wheeler insurance should be renewed well in advance of its expiration. You risk facing penalties for having no insurance coverage if your bike insurance is invalid. However, if your bike insurance has run out, follow these steps to renew a two-wheeler insurance policy online.
- You can modify your insurance policy’s coverage when it is time for renewal. Therefore, be sure that you understand your new obligations
- Enter information about your two-wheelerthe previous policy on the website of your previous insurer (or the new insurer)
- Choose a bike insurance plan that satisfies your needs
- Set the bike’s “IDV” (current market value), also known as the insured declared value
- Receive the policy document in your inbox after making a payment online
As soon as you receive the policy document, be sure to double-check the information. If there are any differences, contact the insureruse the policy endorsement procedure to make the necessary adjustments.
What Happens If Your Two-Wheeler Insurance Is Not Renewed?
The following are the effects of failing timely bike policy renewal by the due date.
1. Penalties under the law
Every bike owner must have third-party bike insurance to ride on Indian roads, per the Motor Vehicles Act of 1988. For the first offence, breaking this law can result in a fine of Rs. 2,000 or up to three months in jail.
2. Unreimbursed costs
The policy won’t financially cover you if you don’t renew your expired bike insurance. Therefore, if an unfortunate accident occurs, you will be responsible for paying for everything alone. You won’t be able to make a bike insurance claim.
3. A reduction in no-claim bonuses (NCB)*
An NCB is a premium reduction for successfully finishing a claim-free policy term in bike insurance. After five consecutive claim-free terms, you are eligible for up to 50% concessions.*
4. Purchase insurance from scratch
You should start over when purchasing a new policy if you decide not to renew your bike insurance. Your two-wheeler may be inspected as part of this. This process may require more timemoney than timely bike insurance renewal. So choose the easier wayensure prompt bike insurance renewal.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms,conditions, please read the sales brochure/policy wording carefully before concluding a sale.