Steps to Renew a Lapsed Two Wheeler Insurance Plan

Keeping your two-wheeler insurance up-to-date is crucial for ensuring that you, your vehicle, and third parties are protected against any unforeseen incidents. However, there may be times when you miss the renewal date, causing your policy to lapse. In such cases, it’s essential to act swiftly and buy two wheeler insurance online for expired policy. Renewing your policy online is not only convenient but also helps you get back on the road legally without much hassle. Here’s a comprehensive guide on how to renew your expired two-wheeler insurance online. If you do not renew your two-wheeler insurance before the expiry date, then it is regarded as a break-in case. Following are some repercussions if your policy has lapsed:

1. If you choose renew your bike insurance online, then the inspection of your vehicle is not mandatory. But the policy period will start after 3 days of receiving the payment by insurance company.
2. If you choose to renew your expired two wheeler insurance offline, then inspection becomes mandatory and you will have to take your bike to the nearest office of your insurer for inspection along with the necessary documents.

What is a Lapsed Two-Wheeler Insurance Plan?

A lapsed two-wheeler insurance plan refers to a policy that has not been renewed by its due date. This means you are no longer covered under the insurance and may face legal and financial consequences if you continue to use your vehicle. Riding a bike with a lapsed insurance plan can leave you vulnerable to fines, legal issues, and significant financial losses in case of an accident or theft. The good news is that you can buy two wheeler insurance online for expired policy quickly and efficiently, allowing you to regain coverage and peace of mind.

Consequences of a Lapsed Policy

Letting your two-wheeler insurance policy lapse can lead to several complications. Firstly, riding without insurance is illegal in India, and you may face hefty fines or even imprisonment. Secondly, if your bike is involved in an accident during the period of lapsed insurance, you will not be covered for any damages or liabilities. This means you could be responsible for paying all expenses out of your pocket, including third-party damages, medical expenses, and repairs. Additionally, if your policy lapses for more than 90 days, you will lose the No Claim Bonus (NCB) benefits that you might have accumulated over the years, making future premiums more expensive. Hence, it is crucial to renew your policy on time or promptly buy two wheeler insurance online for an expired policy.

1. If the inspection of your vehicle is satisfactory, the insurance company will issue the cover note within 2 working days.
2. If you renew your expired policy after 90 days, then you will lose the NCB benefit.
3. If you renew your insurance after 1 year or more, then your break-in case will be referred to the underwriter.

What Happens When Your Bike Insurance Policy Expires?

It's really important to remember that riding a bike with an expired insurance policy not only leaves you vulnerable on the road but also exposes you to significant financial risk. You won't be covered for any repairs or damages in the unfortunate event of an accident, theft, or natural disaster. Moreover, it's worth noting that riding a bike with lapsed insurance is risky and illegal. You may face hefty fines and, in some cases, imprisonment. Therefore, it's crucial to ensure that your bike insurance is always up to date to protect yourself and others on the road. Read this blog to learn all about things to consider for online two-wheeler insurance for expired policy, how to do it offline, the benefits of renewing your expired policy, and more.

Bike Insurance Renewal: Things to Consider

Here are the various factors to consider before renewing your bike insurance:

1.Riding habits:

Evaluate your riding habits and consider if your current coverage meets your needs.

2.Previous Claims History:

Assess how your previous claims history may impact your No Claim Bonus.

3.Insured Declared Value (IDV):

Review the current IDV of your bike to ensure it reflects its true value.

4.Compare Quotes:

Take the opportunity to compare quotes from different insurers to find the best coverage at an affordable price.

How to Avoid Lapses in Bike Insurance Renewal?

1. Missing a renewal deadline can be a hassle. Here's how to avoid lapses when you buy two-wheeler insurance online for an expired policy:
2. Set reminders for upcoming renewal dates.
3. Most insurance companies send renewal notices beforehand. Act promptly upon receiving them.
4. Consider opting for auto-renewal if offered by your insurer.

Advantages of Bike Insurance Renewal Online

Renewing your online two-wheeler insurance for an expired policy is a convenient and time-saving option. Benefits include:

1. 24X7 Accessibility: 

Suppose you need to renew your coverage late at night or while traveling. With 24/7 accessibility, you can handle it anytime and from any location, giving you the most convenience and freedom.

2. Easy Comparison:

Searching for the greatest insurance coverage may be time-consuming. Fortunately, you can rapidly compare rates from several insurers online, allowing you to make an educated selection with minimal fuss.

3. The Paperless Process:

Gone are the days of filling out interminable forms and dealing with heaps of paperwork. Most insurance processes are now paperless, meaning you can handle everything online without providing any physical documentation.

4. Secure Transactions: 

Are you concerned about the safety of your online transactions? Do not be. Online insurance platforms employ secure payment methods to protect your financial information.

How to Renew Expired Two Wheeler Insurance Online?

The two wheeler insurance online renewal after expiry is a very simple and straightforward process. All you need to do is follow the three easy steps mentioned below:

Choose your insurance company

If you are not satisfied with the services or premium rates provided by your existing insurance company, you have an option of switching your insurer at the time of your two wheeler insurance renewal online. You can compare two wheeler insurance online and get the best deal which suits your requirements.

Enter your vehicle details

Visit the official website of the insurance company that you have chosen and provide the details of your bike/two wheeler. Select the type of insurance policy IDV and the add-ons that you wish to get with your policy.

Buy the policy

Make payment and buy the policy. You will soon receive the softcopy of your policy on your registered mail ID. Hope these simple steps will make your task easy, look our for online bike insurance for your expired policy or even before your policy expires to be on the safer side. Having a two wheeler insurance saves you from the huge expenses that you might have to bear from your pockets in case you or your vehicle gets damaged. Thus, we recommend that you take the reminders from your insurers earnestly and renew your policy in time. In order to further keep a tab on your expenses, calculate your two wheeler premium using two wheeler insurance premium calculator

How to Renew Expired Two-Wheeler Insurance Offline?

While renewing your two-wheeler insurance online is the easiest option, you can also opt for offline renewal. Here’s how:

1. Visit the Insurer's Office: Go to the nearest branch of your insurance provider with the necessary documents such as your RC, previous policy copy, and driving licence.
2. Vehicle Inspection: The insurance company may require an inspection of your bike to assess its condition before issuing a new policy. This step is mandatory in case of a lapsed policy.
3. Make the Payment: Once the inspection is done, you can make the payment and get the policy renewed. You will receive the physical copy of your policy document within a few working days.

Steps to Ensure You Don't Miss Your Policy Renewal

Missing a policy renewal date can be avoided with a few simple steps:

1. Set Reminders: Mark your calendar or set reminders on your phone a month before the renewal date. This will give you enough time to renew the policy without any last-minute hassle.
2. Opt for Auto-Renewal: Some insurers offer auto-renewal options, which can be activated so that your policy gets renewed automatically before it expires.
3. Update Contact Information: Ensure that your insurer has your correct contact details so you receive timely reminders about your policy renewal.

Conclusion

Renewing your expired two-wheeler insurance online is an efficient and hassle-free process. It not only saves you time but also provides the flexibility to compare different policies and choose the one that best suits your needs. Whether you choose to renew your policy online or offline, remember that timely renewal is crucial to avoid legal complications and financial losses. Take advantage of user-friendly platforms like Bajaj Allianz General Insurance Company to easily buy two wheeler insurance online for expired policy and get back on the road with confidence.

FAQs

How many days before two-wheeler insurance can be renewed?

You can renew your two-wheeler insurance policy up to 30 days before its expiry date to avoid lapses and penalties.

How to pay online bike insurance?

Visit the insurer's website, enter your policy and vehicle details, choose the plan, and make the payment through secure online methods such as net banking, credit/debit cards, or UPI.

Can we renew insurance policy after expiry online?

Yes, you can easily renew your expired two-wheeler insurance policy online by visiting the insurer’s website, entering your details, and making the payment.

Is it safe to renew insurance online?

Yes, online insurance platforms use secure payment gateways to ensure the safety of your financial information during transactions.

How much does two-wheeler insurance cost?

The cost of two-wheeler insurance varies based on factors like the bike’s make, model, age, location, and the type of coverage chosen.

What is the grace period for two wheeler insurance renewal after expiry? 

This is generally 30-90 days, allowing renewal with potential penalties.

What is the legal penalty for expired bike insurance in India? 

Fines or imprisonment depending on the state's Motor Vehicles Act.

What is “break-in period” in bike insurance? 

The break-in period refers to the time after a bike insurance policy has expired during which you can still renew it, typically with a higher premium. While there is no specific time limit, renewal during this period is subject to certain terms and conditions, which may include a vehicle inspection before the policy is reinstated.

Is it mandatory to opt for add-ons during renewal? 

No, add-ons are optional, but consider their benefits for comprehensive coverage.

Is It Better to Do An Offline or Online Two-Wheeler Insurance Renewal?

Online renewal is generally faster and simpler, but offline renewal is an option if you prefer personal interaction.   *Standard T&C Apply Note: Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale. Note: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions. Claims are subject to terms and conditions set forth under the motor insurance policy.