Bike Insurance Renewal After Expiry
General
Content Writer
Storyteller at heart, Manasvi brings 4 years of content and marketing experience to Digit. Whether it's writing SEO-optimised articles or a researched and insightful blog, she strives to transform ideas into creating impactful and engaging content.
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Content Writer
Storyteller at heart, Manasvi brings 4 years of content and marketing experience to Digit. Whether it's writing SEO-optimised articles or a researched and insightful blog, she strives to transform ideas into creating impactful and engaging content.
Product Head - Motor
Mayur specializes in motor insurance and is responsible for overseeing the development and management of motor insurance products. With expertise in product strategy and market analysis, he focuses on developing customer-centric insurance solutions.
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Product Head - Motor
Mayur specializes in motor insurance and is responsible for overseeing the development and management of motor insurance products. With expertise in product strategy and market analysis, he focuses on developing customer-centric insurance solutions.
Two Wheeler Insurance Renewal Online After Expiry
In India, two-wheelers are one of the most popular vehicles. Perhaps this is not only because of how cost-effective it is but, that it is indeed one the most convenient modes of transport, especially in cities battling constant traffic. Amid our daily travels, one of the most essential things to ride your dear two-wheeler is its two-wheeler insurance.
A two-wheeler insurance does not only help cover and protect your bike from potential losses and damages but, also keeps you in the good books of law and ensures you don’t need to pay any hefty fines for not having one, given that at least having third-party two-wheeler insurance is mandatory in India.
However, it is possible that most bike owners may forget to renew their two-wheeler insurance. Some may even assume it’s not the need of the hour, or as we all tend to – may procrastinate this until the next time they use their two-wheelers.
However, this won’t only lead to lengthier processes the next time you need to renew your bike insurance but, you will also lose out on your no claim bonus if your bike insurance already expires. To make this clearer, let’s understand what happens when your bike insurance expires.
Table of Contents
What Happens When Your Two-Wheeler Insurance Expires?
- When you can no longer avail yourself of the insurance benefits because of non-payment of the bike insurance premium before the due date or after the grace period, it is called a lapsed or expired bike insurance policy.
- An expired bike insurance policy means that you also lose the financial protection it provides, implying that you won't be covered for any damages or losses in case of an accident, theft, or natural disaster. So, after a two-wheeler insurance policy expires, you will have to pay for any repair costs or third-party liabilities out of your pocket.
- Also, riding without an active bike insurance policy is illegal in India, which can result in hefty penalties, including even imprisonment. You also risk losing insurance benefits such as No Claim Bonus (NCB).
- So, it is important to ensure your bike throughout your life since it helps you protect your bike against a variety of risks associated with the bike at all times.
Consequences of Riding Bike with an Expired Policy
Not having an active bike insurance policy can land you in financial as well as legal trouble. Here are other consequences of riding a two-wheeler with an expired insurance policy in India:
Pay the Cost of Losses & Damages
If your two-wheeler insurance has expired and something happens to it post the expiry date, then you will have to pay for its losses and damages yourself. Even if you’re not using your two-wheeler during this lockdown, it is still prone to damages and losses that could occur due to instances such as overheating of the vehicle, theft of the bike or parts of it, damages caused if something hits the bike while parked, etc.
Penalized by Traffic Police
If you’ve forgotten to renew your two-wheeler insurance and the police catches you, you will be penalised with a fee of Rs 1,000 to Rs 2,000. That’s a real bummer, considering it takes way less than that, starting Rs 750 (depending on your type of two-wheeler) to cover for it!
Loss of No Claim Bonus
If you’ve never made a bike insurance claim whilst your policy was active earlier, and you don’t renew it on or before time, then you lose out on your no claim bonus! This means, no renewal discounts on your bike insurance premium.
Renew Expired Bike Insurance Policy
- If you’re someone whose bike insurance policy has already expired or is going to expire soon...here’s how to renew your bike insurance online.
- Nowadays, renewing the two-wheeler insurance policy is no longer stringent as it used to be five years ago. You can now renew an expired two-wheeler insurance policy online that accomplishes the renewal process in an easy and lesser time process.
- Additionally, IRDAI observed that most people do not renew their two-wheeler insurance policy on time and moreover don’t even realize when their policy expires. That’s why you now have the option to renew your policy before its expiry date.
- You can also instead go for a multi-year two-wheeler insurance policy whereby you purchase the insurance for three or five years as well.
How to Renew Two-Wheeler Insurance with Digit?
Login
Login to Digit App or website and go to the ‘My Policy’ section.
Select Policy
Select the policy pending for renewal and click on ‘Renew Policy.’
Choose a Plan
Next, select the add-ons and tenure and confirm the details, and move to the next step.
Make Payment
Complete the payment and mandatory KYC verification process.
That's It!
You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the Digit App.
How to Renew Expired Two-Wheeler Policy Offline?
- If you’re not comfortable with the online renewal policy of two-wheelers, you can choose to visit the nearest branch of your desired insurance service provider too.
Why Renew Bike Insurance Policy Online?
Here’s why renewing two-wheeler insurance online is a better idea:
- No Documents Required: Online bike insurance renewal process is paperless and hassle-free, which requires only your personal and previous policy details, and you are done.
- Compare Quotes Online: You can easily compare bike insurance renewal prices online on various insurers’ websites, including the features of insurance policies offered by them.
- Save Time: You can renew your policy online as per your convenience, making it less time-consuming.
- Easy and Quick: With just a few clicks you can renew your motor insurance policy online easily.
How to Avoid Lapses in Bike Insurance Renewal?
To avoid lapses in bike insurance renewal, remember the following:
- It is best to choose a long-term bike insurance policy that covers you for up to 3 or 5 years, as this will save you the hassle of renewing bike insurance every year.
- You can choose an auto-renewal option at the time of buying the insurance policy, if your insurance offers the feature. This way your policy will be renewed automatically without the fear of it getting expired.
- While buying a bike insurance policy, you can also opt for alert services, like you can set a reminder in Digit app, to help you keep track of the upcoming two-wheeler insurance renewal due date.
How to Check the Expiry Date of Your Bike Insurance Policy Online?
VAHAN Website
Visit the website of the Ministry of Road Transport and Highways – VAHAN.
Enter Vehicle Number
Click on "Know your vehicle” and provide your vehicle number and verification code.
Check Details
Then click on “Search Vehicle” to know the policy status of your bike insurance, including its expiry date.
How to Check Bike Insurance Expiry Online via Digit App?
If you have bought bike insurance policy from Digit, you can check bike insurance policy expiry date online easily through its app.
Go to 'My Policy'
Login to Digit's app and go to the ‘My Policy’ section.
Select Policy
Click on the bike insurance policy that you want to check the expiry date for and the policy will open, containing all the details.
Check Policy Document
You can also check the insurance expiry date in the policy document as well, which you will receive on your registered email.
What is the Grace Period in Bike Insurance?
- The grace period in bike insurance is the extra time given after the expiration of insurance policy, which is generally between 30 to 90 days. Within this period, you can renew your policy without losing benefits like No Claim Bonus (NCB) and more, depending on the insurer.
- However, remember that your two-wheeler won’t be covered under the insurance policy during the grace period, which means that if your bike gets in any accident, you will have to pay for the damage from your pocket.
Things to Keep in Mind When Your Bike Insurance Policy has Expired
Once your expiry date is near, you should ideally renew your two-wheeler insurance policy immediately. However, in some cases this may take you some time and we understand that.
Maybe you want to evaluate some car insurers before making your decision or, you need time until your background check and self-inspection process is complete.
If your bike insurance policy has already expired or isn’t active yet, here are some things you should do to keep you and your bike safe:
- Avoid riding without a valid two-wheeler insurance policy. After all, you never know what can happen. If you’re caught by a cop or even land up in a small accident, the risks aren’t worth it!
- If you’re confused about changing your bike insurance provider from your previous policy, evaluate your options online and make an informed decision.
- If you can, opt for a long-term policy when you’re renewing your policy online, this way you don’t need to worry about renewals for some time.
- Ensure your bike’s documents are in place, you’ll need them or some details from the same, to renew your two-wheeler insurance policy.
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