Two-wheeler insurance is an insurance policy that will provide you with financial protection for your bike against any damages from an accident, theft or serious incidents. Along with this, the bike insurance plan will cover financial losses against any third-party liabilities. Thus, it is of paramount importance to not only buy but renew your bike insurance on time. There are various options available in the market, but you can pick the two-wheeler insurance renewal online option for a hassle-free process.
What is bike insurance?
In a bike insurance policy, you have to pay a premium amount to the insurance company for a specified tenure to benefit from the plan’s insurance benefits. Many insurers provide bike insurance prices on the website. For instance, you can check the TATA AIG bike insurance price by visiting their official website. Along with this, they also provide a two-wheeler insurance premium calculator, which will help you select the most optimal bike insurance policy after comparing other policies. However, once the plan reaches the end of the tenure, you will need to renew the plan to maintain the plan in effect. It is important to get the insurance plan renewed on time.
What will happen if you fail to renew your two-wheeler insurance on time?
If you don’t renew your two-wheeler insurance on time, your insurance company will provide you with a 90 days grace period to get the policy renewal done. The grace period will ensure you get to retain the No-Claim Bonus that you have accumulated over the years. However, if you fail to get the policy renewed even in the grace period, your bike insurance policy will lapse. With a lapsed insurance policy, the insurance company is not liable to provide you with any financial assistance if something happens to your bike. Any claim you file after the policy has lapsed will not be considered valid by the insurance provider.
Implications of not Renewing your Bike Insurance on Time:
- The coverage under which you have purchased the plan expires in the situation.
- The insurer will not be liable to provide you with any insurance coverage if your vehicle gets damaged or is the cause of damage to any third party. You will have to handle all the expenses personally.
- You will be fined if you are caught by the traffic police, as your insurance policy would not be valid anymore.
- If your bike gets stolen, your insurance company will not be liable to provide you with your vehicle’s IDV.
- You will lose out on the No-Claim Bonus (NCB) that you may have accumulated over the years of owning the plan.
Therefore, to avoid losing out on your insurance coverage and other associated benefits, you must renew your bike insurance before the lapse of the policy. The following section will provide you with information on how you can renew your insurance policy.
How to renew a bike insurance policy?
There are two ways in which you can renew your policy as follows:
Offline Renewal of Policy:
In the past, people were renewing their bike insurance policies offline ever since the insurance policy was launched. It is an optimal method if you are not comfortable using internet-oriented devices like smartphones and computers.
Renewing the plan offline can be quite time-consuming, as it involves a ton of paperwork. You will have to apply for a renewal plan with the relevant documents at the insurance company’s office. After the application is submitted, the insurance company will inspect the bike. If the bike passes the inspection, the insurance provider will agree to insure the bike, and you will receive the policy document through the post. You can drive your vehicle legally on the road once you have received the policy documents. Renewing the insurance policy offline can be a bit costly compared to the online process because of the commissions and operational costs involved.
Online Renewal of Policy:
Renewing a bike insurance plan online is easy and much faster compared to the offline method. To carry out the renewal of the policy online, you will need to visit your insurer’s website or through their official app. You can follow the steps given below:
- Visit your insurer’s website or to their mobile app.
- Go to the renewal section and enter the required information like the policy number, date of birth, etc.
- Make the payment for the renewal of the bike insurance plan, and your bike insurance process will be done.
Online bike insurance renewal is efficient, as you can do it from the comfort of your home at any time, and you will not have to pay any extra charges. You can follow these methods to get the renewal done on time. However, what should you do if you want to renew a lapsed bike insurance policy?
How to renew a lapsed bike insurance?
When you are renewing your insurance policy, your policy has not expired or lapsed yet and is still a good insurance plan. However, a lapsed insurance policy means the policy is not a valid document and must be renewed after it has lapsed. An important reason to renew a lapsed insurance policy is that your insurance company will cover you if something unfortunate happens to your two-wheeler. To renew a lapsed insurance policy online, you can follow the steps listed below:
- Visit your insurer’s official website or mobile app and log in with your credentials.
- Once you log in, the insurer’s web portal will let you know if the policy has lapsed or expired.
- You can select the renewal option and make the payment to renew the insurance plan.
With these steps, you can get your lapsed insurance policy renewed. However, you may have to let go of some benefits like the No-Claim Bonus. Therefore, you must check with your insurer on the terms and conditions for renewing the bike insurance plan.
Summing up:
If you are a bike insurance policyholder, you must stay up to date with the renewals of the plan. You can renew the plan by following a few simple steps. If you fail to renew the plan on time, you will get a grace period to retain the NCB. If you fail to renew the plan in the grace period, your policy will lapse, and you will lose out on the insurance coverage and the NCB.