Lapsed Two-Wheeler Insurance Plan : All Need to Know

Renewal of your two-wheeler insurance policy is important, as this policy protects you against any out of the blue incidents like accidents, theft, burglary, natural calamities and third-party liability in case of an accident involving your bike. There are many more benefits of two wheeler insurance renewal like No Claim Bonus and the peace of mind that it gives you. Besides, it is illegal in India to drive a vehicle with an expired policy or no bike insurance policy. Two wheeler insurance renewal is must before the expiry of your existing insurance policy. In fact, insurance companies send constant reminders to their customers whose policy is nearing expiration. However, in case you are unable to do it in time, you can always go for two wheeler insurance online renewal after expiry. If you do not renew your two-wheeler insurance before the expiry date, then it is regarded as a break-in case. Following are some repercussions if your policy has lapsed:

1. If you choose renew your bike insurance online, then the inspection of your vehicle is not mandatory. But the policy period will start after 3 days of receiving the payment by insurance company.
2. If you choose to renew your expired two wheeler insurance offline, then inspection becomes mandatory and you will have to take your bike to the nearest office of your insurer for inspection along with the necessary documents.

Usually you will need the following documents for two wheeler insurance renewal after expiry:

1. Previous policy copy or renewal notice sent by your previous insurer
2. RC (Registration Card)
3. Photos
4. Driving license

 

1. If the inspection of your vehicle is satisfactory, the insurance company will issue the cover note within 2 working days.
2. If you renew your expired policy after 90 days, then you will lose the NCB benefit.
3. If you renew your insurance after 1 year or more, then your break-in case will be referred to the underwriter.

An important point to note here is that, insurance companies do not levy any additional charges while you renew expired two wheeler insurance online.

What Happens When Your Bike Insurance Policy Expires?

It's really important to remember that riding a bike with an expired insurance policy not only leaves you vulnerable on the road but also exposes you to significant financial risk. You won't be covered for any repairs or damages in the unfortunate event of an accident, theft, or natural disaster. Moreover, it's worth noting that riding a bike with lapsed insurance is risky and illegal. You may face hefty fines and, in some cases, imprisonment. Therefore, it's crucial to ensure that your bike insurance is always up to date to protect yourself and others on the road. Read this blog to learn all about things to consider for online two-wheeler insurance for expired policy, how to do it offline, the benefits of renewing your expired policy, and more.

Bike Insurance Renewal: Things to Consider

Here are the various factors to consider before renewing your bike insurance:

1.Riding habits:

Evaluate your riding habits and consider if your current coverage meets your needs.

2.Previous Claims History:

Assess how your previous claims history may impact your No Claim Bonus.

3.Insured Declared Value (IDV):

Review the current IDV of your bike to ensure it reflects its true value.

4.Compare Quotes:

Take the opportunity to compare quotes from different insurers to find the best coverage at an affordable price.

How to Avoid Lapses in Bike Insurance Renewal?

1. Missing a renewal deadline can be a hassle. Here's how to avoid lapses when you buy two-wheeler insurance online for an expired policy:
2. Set reminders for upcoming renewal dates.
3. Most insurance companies send renewal notices beforehand. Act promptly upon receiving them.
4. Consider opting for auto-renewal if offered by your insurer.

Advantages of Bike Insurance Renewal Online

Renewing your online two-wheeler insurance for an expired policy is a convenient and time-saving option. Benefits include:

1. 24X7 Accessibility: 

Suppose you need to renew your coverage late at night or while traveling. With 24/7 accessibility, you can handle it anytime and from any location, giving you the most convenience and freedom.

2. Easy Comparison:

Searching for the greatest insurance coverage may be time-consuming. Fortunately, you can rapidly compare rates from several insurers online, allowing you to make an educated selection with minimal fuss.

3. The Paperless Process:

Gone are the days of filling out interminable forms and dealing with heaps of paperwork. Most insurance processes are now paperless, meaning you can handle everything online without providing any physical documentation.

4. Secure Transactions: 

Are you concerned about the safety of your online transactions? Do not be. Online insurance platforms employ secure payment methods to protect your financial information.

How to Renew Bike Insurance Offline?

While online renewal is preferred, you can still renew your policy offline:

1. Visit your insurer's branch office.
2. Carry the required documents like your RC, previous policy copy, and driving license.
3. Make the payment and collect your renewed policy document.

How to renew expired two wheeler insurance online?

The two wheeler insurance online renewal after expiry is a very simple and straightforward process. All you need to do is follow the three easy steps mentioned below:

Choose your insurance company

If you are not satisfied with the services or premium rates provided by your existing insurance company, you have an option of switching your insurer at the time of your two wheeler insurance renewal online. You can compare two wheeler insurance online and get the best deal which suits your requirements.

Enter your vehicle details

Visit the official website of the insurance company that you have chosen and provide the details of your bike/two wheeler. Select the type of insurance policy IDV and the add-ons that you wish to get with your policy.

Buy the policy

Make payment and buy the policy. You will soon receive the softcopy of your policy on your registered mail ID. Hope these simple steps will make your task easy, look our for online bike insurance for your expired policy or even before your policy expires to be on the safer side. Having a two wheeler insurance saves you from the huge expenses that you might have to bear from your pockets in case you or your vehicle gets damaged. Thus, we recommend that you take the reminders from your insurers earnestly and renew your policy in time. In order to further keep a tab on your expenses, calculate your two wheeler premium using two wheeler insurance premium calculator .

FAQs

What is the grace period for two wheeler insurance renewal after expiry? 

This is generally 30-90 days, allowing renewal with potential penalties.

What is the legal penalty for expired bike insurance in India? 

Fines or imprisonment depending on the state's Motor Vehicles Act.

What is “break-in period” in bike insurance? 

The break-in period refers to the time after a bike insurance policy has expired during which you can still renew it, typically with a higher premium. While there is no specific time limit, renewal during this period is subject to certain terms and conditions, which may include a vehicle inspection before the policy is reinstated.

Is it mandatory to opt for add-ons during renewal? 

No, add-ons are optional, but consider their benefits for comprehensive coverage. Is It Better to Do An Offline or Online Two-Wheeler Insurance Renewal? Online renewal is generally faster and simpler, but offline renewal is an option if you prefer personal interaction.   *Standard T&C Apply Note: 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. Note: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions. Claims are subject to terms and conditions set forth under the motor insurance policy.