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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 bike 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.
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 a no-claim bonus. So, it is important to insure 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 a 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:
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.
If you’ve forgotten to renew your two-wheeler insurance and the police catches you, you will be penalised with a fee of ₹1,000 to ₹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!
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 in bike insurance! 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 as stringent as it used to be 5 years ago. You can now renew an expired two-wheeler insurance policy online, which accomplishes the renewal process in an easy and less time-consuming way.
Additionally, IRDAI observed that most people do not renew their two-wheeler insurance policy on time, and 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 go for a multi-year two-wheeler insurance policy, whereby you purchase the insurance for 3 or 5 years as well.
Why Renew Expired Bike Insurance Policy Online?
Here’s why renewing two-wheeler insurance online is a better idea:
Online bike insurance renewal process is paperless and hassle-free, which requires only your personal and previous policy details, and you are done.
You can easily compare bike insurance renewal prices online on various insurers’ websites, including the features of insurance policies offered by them.
You can renew your policy online as per your convenience, making it less time-consuming with just a few clicks.
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.
Things to Keep in Mind When Your Bike Insurance Policy has Expired
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.
FAQs about Renewing Expired Bike Insurance Policy
What to do if my bike insurance policy expires?
If your bike insurance policy expires, you could face legal trouble and lose financial protection. Contact your insurer immediately to renew your policy or purchase a new one as soon as possible.
What is the maximum time I can get a long-term bike insurance policy for?
For a two-wheeler, you can buy a long-term policy for up to 5 years at once.
What is the penalty of riding without a bike insurance in India?
You can be penalized to up to ₹2000 for the first time and ₹4000 for repeated offence, if you are found riding without a two-wheeler insurance in India.
Can I renew my bike insurance policy before the expiry date?
Yes, you can! And that’s the best thing to do, to avoid being without any cover. It is ideal to renew your policy a few days before your current policy expires.
Can I renew my bike insurance policy after expiry?
Yes, you can renew your bike insurance policy after it expires, but only within the grace period. If you miss the grace period, you will need to buy a new policy.
What is required for online two-wheeler insurance renewal?
To renew your bike insurance online, you’ll need:
- Your full name
- Address
- Vehicle type/make and model details
- Registration number
- Previous policy number
- Any add-ons you want
- Payment details
Can I renew two-wheeler insurance online?
Yes, you can renew your bike insurance online by visiting your insurer’s app or website and following the simple steps.
How do I check my bike insurance policy expiry date?
If you’ve bought your bike insurance policy with Digit, you would have received your bike insurance policy document on your registered email. You can find the expiry date on the same.
How to renew two-wheeler insurance with Digit?
Renewing your existing bike insurance with Digit is quick and easy using their online process. Simply click on the “Renew Digit Policy” button or enter your bike’s registration number to get started. You’ll need to log in using a one-time password and follow the straightforward steps provided.
When will I get my policy document if I renew online?
If you renew your bike insurance policy online with Digit, you typically receive your policy document within minutes of making the payment.
What happens if bike insurance is not renewed?
If you do not renew your bike insurance on time, you may face penalties such as fines, license suspension, and higher premiums when you buy or renew a policy.
What to consider before renewing your bike insurance policy?
Consider the following before renewing your policy:
- Speed of claim settlement
- Claim settlement history of the company
- Customer service availability
- Availability of cashless options
What is the bike insurance renewal price?
The renewal price for bike insurance varies based on factors such as the make and model of the vehicle, its age, your driving history, Insured Declared Value (IDV), chosen add-ons, and the type of coverage.
Is there a grace period for expired bike insurance?
Yes, most insurers offer a grace period of 30 to 90 days to make a payment and avoid a lapse in coverage.
Will my NCB be transferred if I renew my bike insurance?
Yes, most insurers allow you to transfer your No Claim Bonus (NCB) from your previous insurer to your new policy.