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In a populated country like India, two-wheelers make daily commutes time-saving and easier. However, as a responsible vehicle owner, it is essential to purchase bike insurance and renew it regularly, as non-renewal leads to its expiry.
But what is expired two-wheeler insurance? How to renew the vehicle insurance policy online? Here’s everything you should know-
When you purchase bike insurance by paying the premium, the coverage included in the policy is only valid for a specific duration. For instance, let’s assume you purchase two-wheeler insurance with 1-year validity. If you don’t renew the policy before its validity of one year is over, it will expire. Once the policy expires, you’ll no longer be protected under the policy coverage.
In other words, the financial safety net that bike insurance offers against road accidents will no longer be available. Moreover, expired two-wheeler insurance is as good as not having insurance at all. And as 3rd party vehicle insurance is mandatory by law, your expired insurance policy will make you liable for the legal ramifications similar to not having insurance.
No Claim Bonus (NCB) helps reduce policy premiums at the time of renewal up to a specified limit when you don’t file a claim in the previous policy year. However, if you don’t renew your bike insurance before it expires or within the grace period offered by the insurer, you can lose your NCB.
But as the grace period can vary between insurers, it’d be wise to renew your vehicle insurance before it is about to expire so that you can retain the benefits like NCB.
To save bike owners from the hassles of visiting them, leading insurers in India now allow customers to renew their two-wheeler insurance policy online. Here are the steps you can follow for online insurance renewal -
• Visit the official website of the insurer
• Click on ‘Car Insurance Renewal
• Enter your Policy Number and Registered Mobile Number and click on ‘Submit’
• Check the details of your policy, including the policy renewal premium
• You can make changes to the policy, like increase the policy coverage, purchase add-ons, etc., at this stage
• After making the required changes, choose your preferred mode of online payment to pay the policy premium
• Once the payment is verified, the insurer will send the renewed policy documents to your email address
At the time of bike insurance renewal, you can also switch to another insurer. Alternatively, if you want to renew insurance offline, you’ll have to visit the insurer’s nearest office.
Two-wheeler insurance is the most effective way to protect your finances against unfortunate events. Now that you know what an expired bike insurance policy is and how to renew it online, check your policy's validity and renew it before it expires to retain the benefits.
If you’d like to switch to another insurer, compare leading insurance providers based on the coverage, features, premium, add-ons, network garages, and claim filing procedure to choose the best.
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