A bike insurance policy is a crucial safeguard for your two-wheeler, protecting you against financial losses in case of accidents, theft, or damages. However, if your bike insurance expires, you risk losing this protection and may also face legal penalties. Most insurance providers have online facilities for policy renewal. It allows insurance subscribers to renew their expired motor insurance conveniently.
It cuts back on the time that is normally required for mandatory inspection by an authorised surveyor.
What happens when your bike insurance policy expires?
When your bike insurance policy expires, your vehicle is left uninsured, which means:
- You are legally liable for damages or injuries caused to third parties.
- You will not receive financial assistance for damages to your bike.
- You may face penalties if caught riding an uninsured vehicle.
- You may lose out on benefits like the No Claim Bonus (NCB), leading to higher premium costs.
- The renewal process may require a fresh vehicle inspection, increasing both time and effort.
Things to do when your bike insurance policy expires
If your bike insurance has expired, take the following steps immediately:
- Avoid Riding the Bike – Using an uninsured vehicle can lead to hefty fines and legal trouble.
- Check the Grace Period – Some insurers offer a grace period after policy expiry, allowing renewal without penalties.
- Compare Policies – Use online platforms to compare various insurers and find a policy that best suits your needs.
- Contact Your Insurer – Inform your existing insurer about the lapse and inquire about the renewal process.
- Undergo Vehicle Inspection (if required) – If the grace period has passed, an inspection may be necessary before renewal.
- Renew Immediately – Opt for a policy that offers comprehensive coverage and additional benefits.
How to renew expired two-wheeler insurance?
Renewing an expired bike insurance policy is simple and can be done online in a few steps:
- Visit the Insurer’s Website – Log in to your insurance provider’s website or a trusted third-party portal.
- Enter Vehicle Details – Provide your bike’s registration number, policy details, and personal information.
- Select a Policy – Choose between third-party bike insurance and comprehensive two-wheeler insurance based on your requirements.
- Review the Premium and NCB Benefits – If applicable, check if you are eligible for NCB benefits.
A process called Break-in is commenced by the insurer when a subscriber seeks renewal of an expired policy. In this procedure, the policy is issued based on successful investigation. Now, a new policy will be issued by the customers without manual investigation. The policy needs to be renewed by online payment through the website or mobile app.
The customer has to upload the self-inspection video on the Insure app as per underwriting guidelines. If the video is uploaded on a working day between 9 AM and 4 PM, the policy will be issued on the same day. The only prerequisites needed are recording in broad daylight with the device’s camera resolution to be 3 MP or above, and a high-speed internet connection for error-free upload. Use the feature to renew your bike insurance today.
Documents required to renew an expired two-wheeler insurance policy
To renew your expired bike insurance, keep the following documents handy:
- Bike registration certificate (RC)
- Previous insurance policy details (if available)
- Personal identification proof (Aadhaar, PAN, or Driving licence)
- Address proof
- Vehicle inspection report (if required)
FAQs
- Can I renew my bike insurance after it has expired?
Yes, you can renew an expired bike insurance policy. However, if the grace period has passed, you may need to undergo a vehicle inspection before renewal.
- What is the penalty for riding a bike without insurance?
In India, riding a bike without valid insurance can result in a fine of up to ₹2,000 for the first offence and ₹4,000 for subsequent offences.
- Will I lose my No Claim Bonus (NCB) if my policy has expired?
If the policy is not renewed within 90 days of expiry, you may lose your accumulated NCB benefits.
- Can I switch insurers while renewing my expired policy?
Yes, you can compare policies and switch to a different insurer if you find a better deal.
Conclusion
Renewing an expired bike insurance policy is a hassle-free process when done online. Whether you opt for third-party or comprehensive two-wheeler insurance, ensure that your bike is always covered to avoid financial and legal troubles. Take prompt action, compare policies, and choose the right coverage to enjoy a smooth and secure riding experience.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.