Every two-wheeler owner’s responsibility is to have third-party insurance, owing to the Motor Vehicles Act 1988. Read on to learn about the consequences that might occur if you fail to renew or buy bike insurance for your vehicle.
What happens if you delay your bike insurance renewal?
Your bike insurance aids you in case of sudden accidents, theft, or loss of property (your two-wheeler). Additionally, it covers the third party’s loss.
Thus it is crucial for a two-wheeler owner to purchase or do bike insurance renewal for protection during an untimely misfortune and to cover up for financial obligations apart from being a necessity. To acclaim such benefits, one should renew their purchased bike insurance promptly.
An expired two-wheeler insurance policy: Everything you need to know
A lapsed two-wheeler insurance refers to the renewal of the same after its benefit period is completed or subdued. In such a circumstance, the insurance provider is not responsible for covering any damages done to the vehicle insured or its owner.
One of the many possible reasons for this is the policyholder’s payment failure as per the rules of the insurance-providing firm. It may lead to discontinuing your privileges attached to the insurance policy.
How do I easily renew my expired or lapsed bike insurance policy online?
Most insurance-providing firms and companies now offer online services to buy and renew insurance. The process has been simplified for customer convenience and has been modified to serve them in the best way.
How to renew your two-wheeler insurance if it has run out
Both offline and online options are available for renewing the subdued or expired insurance. For obvious reasons, the online option is much quicker and easier than the offline one. You can do the online renewal of your two-wheeler by either contacting your insurance-providing firm or by following the below-mentioned steps:
- Step 1: Go to your insurance provider’s website or mobile app.
- Step 2: To view your insurance, enter a few facts, such as your policy number and the start date of your policy.
- Step 3: Finish renewing your bike and pay for your insurance coverage renewal.
One might also choose the more conventional offline option, which involves paying the renewal sum in person at an insurance company branch. You must bring your policy document and other supporting documentation for your bike insurance coverage. After checking the paperwork, the insurer will renew the coverage.
Remember that you could have to forgo some benefits, such as the No Claim Bonus (NCB). Check your insurance provider’s terms and restrictions for renewing expired bike insurance with your insurance provider.
Offline renewal of an expired two-wheeler policy
Bajaj Allianz also offers an offline bike/2-wheeler insurance renewal facility. People who are not very comfortable utilizing internet-enabled devices can use this facility.
As the offline approach of renewing bike insurance requires many documents and proofs to be submitted, it is all the more time-consuming and tiring.
The steps for the same involve:
- First, apply for the renewal of the bike insurance.
- Next, the insurance firm takes time to inspect the vehicle to be insured.
- Later, you shall receive a mail once the request has been approved.
Due to operational expenses and fees, purchasing or renewing bike insurance offline can be more expensive than doing it online.
What happens if you don’t renew your bike insurance policy by the due date?
The following are the outcomes of a delayed insurance renewal for your two-wheeler vehicles.
- Costly Penalties
- No Claim Bonus Lost (NCB)
- Legal Obligations
- Protracted Process
- Lack of a safety net for finances
How can bike insurance renewal delays be prevented?
There may be instances where you forget to renew your bike insurance coverage, even though insurance providers send you reminders. Here are some strategies suggested by the Bajaj Allianz two-wheeler insurance for preventing two-wheeler insurance renewal lapses:It is straightforward to add optional add-ons to your Bajaj Allianz insurance policy. You can buy additional riders by paying a nominal fee and improve your policy coverage. Add-ons like consumable covers, cover all the consumable items of a bike, like oil filters, fuel filters, nuts and bolts, screws, etc. Add-ons like roadside assistance are essential as they help you if you are stuck somewhere in the middle of a road due to a mechanical breakdown. Other add-ons are key loss cover, zero deprivation cover, engine safe cover, etc.
- To stay updated about the insurance’s expiration date, sign up for SMS or email alerts.
- Choose online bike insurance to save time on branch visits while renewing your coverage. Online insurance can make the renewal procedure easier and faster.
In conclusion
Thus, purchasing or renewing a collapsed or expired bike/ two-wheeler insurance is the responsibility of every individual as per the Indian government’s laws. Also, it helps the policyholder in time of need and protects the insured property against untimely damage or repairs. Opting for an offline or online renewal depends on the policyholder’s choice. Both methods involve certain steps to be followed, which are as per convenience and for the betterment of the policyholder only.
Therefore, checking your e insurance expiry before the policy lapses is imperative. You can check this from your insurance policy document or the vahan parivahan portal.