The Indian government has mandated that all bikes operating on public roads in India must have at least a third-party insurance cover. This policy was implemented to improve traffic safety and safeguard drivers’ interests. Therefore, riding a bike without proper two-wheeler insurance coverage is prohibited and punished by law. Consequently, getting your bike insurance renew before it expires is crucial. You may continue your coverage online quickly without going to your insurance provider’s office.
Consequences of Expired Two Wheeler Insurance Plan
The insurance expires when you don’t pay the premium for bike insurance and renew the plan on time. Following this, a break-in term of 90 days comes in, during which you can renew the policy before it is canceled. No benefits under the insurance plan can be used during this grace period. Without at least third-party bike insurance, it is unlawful to ride a bike on Indian roads, and violators face a 2,000 rupee fine or up to three months imprisonment.
Your coverage for any liability that you may owe to a third party might terminate when your insurance plan ends. You no longer get protection from any bike loss or damage brought on by an accident, robbery, or other situations. In these circumstances, you are in charge of covering all expenses.
The No Claim Bonus (NCB) advantage you may have accrued over the years with your bike insurance is another loss if your coverage expires. This savings on the insurance premium, which varies from 20% to 50%, might be lost if the policy is not renewed, even within the break-in period of ninety days, since you cannot renew an expired policy beyond this time. In such cases, you must buy a new policy and review all the requirements, including examining your bike and verifying your ownership.
Bike Insurance Calculator
The online tool known as the “bike insurance calculator” enables you to quickly and easily determine the cost of two-wheeler insurance by entering a few vehicle-specific information such as the vehicle’s make, registration number, model, variation, RTO, and year of purchase. You can get a good notion of insurance quotes from several insurers by calculating the premium before buying a two-wheeler policy, which aids in helping you make the best purchasing choice.
Steps to Using a Bike Insurance Calculator
It’s simple to figure out the cost of a bike insurance policy. Follow the steps given below to calculate your bike insurance premium using the bike insurance calculator.
- Provide information on your two-wheeler insurance, including the model and manufacturer.
- Include the vehicle’s ex-showroom price, city, and purchase year
- Select and enter the information for any prior year claim against your bicycle to see it.
- You will see your two-insured wheeler’s declared value and premium quotation.
- Choose the plan (Comprehensive/Third Party) per your needs.
- Decide on additional bike insurance coverage options.
What Must You Do if Your Bike Insurance is Expiring?
The expiration date of your insurance plan is approaching, and you should get your bike insurance to renew soon; many insurance firms remind their subscribers by messages or calls. However, owing to unavoidable circumstances, you can still manage to miss the deadline for renewing your plan. You must immediately call your insurance company if you forget to renew your bike insurance coverage.
Call your insurer and ask for assistance with the insurance renewal procedure if you can’t recall when your two-wheeler insurance plan is due for renewal or if you didn’t renew it in time. If your insurance policy is just a few days over the due date, your insurance company may renew it without charging additional fees. Additionally, insurance companies may skip a vehicle inspection if you try for bike insurance renewal before it expires.
How to Get a Bike Insurance Plan After it Expires?
If you get a bike insurance renewal plan before the grace period ends, your insurance plan will not get lapsed. Insurance providers now make care to notify policyholders to continue their coverage. However, the insurance will expire if you still forget to renew it before the expiry date.
Some plans serve as a break-in, and the policyholders will be subject to certain sanctions. Some insurance firms allow these policyholders to renew their coverage with reasonable notice. However, your insurance will get stopped if the grace time for the expiration of your policy has passed. It would help if you took a new policy as soon as possible. The following options are available to you:
- Renew Online: This is the quickest and simplest method to renew your two-wheeler insurance. When you renew your insurance policy online, there is no need to have your bike inspected, and the new policy term will begin three days after you purchase it.
- Renew Offline: If you don’t have an internet connection or live near your insurance company, you may be able to renew your policy offline. Bring your bike, a copy of the prior policy or notice of bike insurance renew, the RC (Registration Card), pictures, and your driver’s license to the insurance company’s office for the vehicle inspection. After the inspection, if everything is acceptable, the insurance firm will release the policy documentation in 2 working days.
How to Prevent lapses in Insurance Renewal?
It’s essential to timely renew your two-wheeler insurance coverage to prevent any lapses in the renewal procedure. Signing up for an SMS or email alert service makes it pretty easy to stay on top of your insurance plan’s due date and expiration. But if you choose a long-term two-wheeler insurance policy—which many insurance companies offer—you may avoid these headaches since the policy coverage can last up to three years. In addition to providing several policy advantages, choosing long-term two-wheeler insurance coverage may protect you against the difficulties of regular renewals.
Online insurance shopping on a reputable website is your best bet when buying coverage for your two-wheeler. Doing so may quickly and easily compare several bike insurance providers, their pricing, and their cashless garages. Additionally, you can renew existing insurance and use the bike insurance calculator to determine your monthly payment. You may acquire add-on covers with the latter two to boost your insurance coverage even further.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales