Reasons to Renew Expired Bike Insurance at Once
May 19, 2021

Why Should You Renew Expired Bike Insurance Immediately?

The law makes it mandatory for all two-wheeler registered in the country to have a valid copy of the Registration Certificate, pollution certificate and a bike insurance policy while plying on the streets. Not only is it illegal to ride your bike without these documents, but it also attracts hefty penalties. Who wants to get themselves fined for non-compliance with some minor requirements? Moreover, an insurance policy helps to safeguard yourself and protect the safety of others as well. Hence, it is recommended to purchase and timely renew your bike insurance policy. But at times it might so happen that you skip renewing your bike insurance policy. This article elaborates on why it is necessary to renew expired bike insurance immediately. What are the consequences of missing your bike insurance renewal date? Your bike insurance policy lapses when you do not pay the renewal premium on time. It leads to a gap in the coverage of your insurance policy and is also known as the break-in period. During this time, the insurance company does not provide any policy benefits. Further, if you fail to renew on time, it is termed as an expired bike insurance policy. If you do not renew expired bike insurance, within a period of 90 days, you also forego the no-claim benefits. This No-Claim Bonus (NCB) offers a concession in the renewal premium for every claim-free policy year which starts from 20% and goes all the way up to 50%. This in turn requires you to buy a new insurance policy which may cost higher since there are no more renewal benefits in the form of NCB. Moreover, if you do not renew expired two-wheeler insurance policy, your bike will not be protected against any damages arising due to accident or even theft. Thus, to avoid this uncertainty of theft and accidents, it is best to undertake bike insurance renewal before the expiry. Can you reinstate an expired two-wheeler insurance policy? The answer to the above question is yes as well as no. In situations where you renew expired bike insurance within 90 days of its lapse, you can reinstate the same policy with benefits like no-claim bonus and take advantage of reduced premiums. On the other hand, if you renew expired two wheeler insurance after 90 days, you lose all your policy benefits. Moreover, it will be treated as a fresh policy purchase and you will be required to submit all necessary documents for this insurance policy. View our complete guide on two wheeler insurance renewal online after expiry. How to avoid a lapse in the renewal of your bike insurance cover? To avoid a lapse of your bike insurance plan, the best way is to remember the due date for renewal. You can also sign-up for a reminder service offered by your insurance company for e-mails or SMS alerts. Further, you can also set your own personal reminder in case you are someone who checks their calendar regularly. A solution to this is buying a long-term bike insurance policy. With this insurance cover, you can at least get coverage for third-party losses for up to five years. So, make sure to renew expired bike insurance timely to enjoy continued coverage. This helps to avail a continuous policy coverage along with all the renewal benefits without any gaps.

Was this article helpful? Rate it

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Like this article? Share it with your friends!

Share Your Thoughts. Leave a Comment Below!

Leave a Reply

Your email address will not be published. All fields are required