Purchasing an insurance policy for bike should be your fundamental responsibility. However, being aware of its expiration date is just as important. Fortunately, renewing your bike insurance is a hassle-free process.
Read further to know more about the renewal procedure for expired insurance policy for bike in detail.
All About an Expired Bike Insurance Policy
Generally, a two-wheeler insurance policy is valid for up to 5 years from the time it commences. You have the liberty to choose from various coverage tenures available from 1, 2, 3, or 5 years as per your convenience.
Note that it is extremely crucial to track the expiration date of your bike insurance policy, for the bike insurance renewal process.
When a two-wheeler insurance policy is not renewed by its expiration date, it becomes a lapsed insurance policy. This implies that you no longer have two-wheeler insurance coverage, which can lead to severe repercussions if you decide to continue riding your bike as usual.
Consequences of Not Renewing Your Bike Insurance Policy on Time
Legal Troubles
Riding with an expired bike insurance can land you in legal trouble. You could face penalties of up to ₹2000 and in some cases even time behind bars.
Loss of No Claim Bonus (NCB)
If your lapsed policy has exceeded the 90-day period before its renewal, you risk losing your No Claim Bonus (NCB).
NCB is known to offer you valuable discounts on future premiums. Thus, losing it might result in a significantly increased cost when you decide to proceed with a two-wheeler insurance renewal online after expiry.
Liability Risks
If another vehicle is damaged due to your bike, or if anyone else is injured while your bike is at fault, you could be held liable for all associated repair and medical costs as your policy is no longer active.
Need for Re-inspection
Once you have passed your 90-day lapse period of expired insurance, renewing it requires a physical inspection of your bike by the insurer. This inconvenient process is also time-consuming for both you and the insurer company.
Financial Burden from Damages
If you are involved in an accident or your bike suffers damage while your insurance is lapsed, you will have to pay for all repair costs by yourself. It may lead to some really hefty out-of-pocket expenses.
How to renew Two-Wheeler Insurance Online After Expiry
Fortunately, you can easily opt for an expired bike insurance renewal process. It is a quick way to answer your “bike insurance expired, how to renew?” question. Here’s a way to process your bike insurance renewal after expiry:
Step 1: Start with Your Insurer
First things first, head over to your insurance provider’s website and look for the “Motor Insurance” section, then click on “Bike Insurance”.
Step 2: Enter The Details
Once there, you will be asked for your bike’s registration number. Go ahead and enter it.
Step 3: Previous Insurance History
Next, fill in details from your previous insurance policy, including any claims you have made. If you have not made any claims, just enter your NCB value.
Step 4: Choose Your Policy Type
Now is the time to pick the type of bike insurance you want. Don’t forget to check if there are any add-on options available for expired bike insurance renewal. Credible insurers like TATA AIG offer a lot of useful add-on coverage options to choose from.
Step 5: Get Quotes and Pay
Click on “Get Quotes” to see what the premiums look like based on what you have selected. Once you are happy with the quotes, proceed to make your payment to complete the process of two-wheeler insurance renewal online after expiry.
Conclusion
To wrap this up, renewing your expired bike insurance policy is just as important as purchasing a new one. It not only helps you maintain continuous coverage but also allows you to make informed decisions about your insurance needs.
Don’t let a lapsed two-wheeler insurance hold you back from having the journey of your life!
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