Renewal of lapsed bike insurance
Here are the steps you need to follow for expired two-wheeler insurance plan renewal online
As per the Motor Vehicles Act, 1988, driving without or with an expired vehicle insurance policy is illegal, and it can result in fines and imprisonment. Apart from that, in case of any accidents, you will have to bear all the expenses and associated costs from your own pocket, increasing your financial burden.
Thus, if you are an existing motorcycle owner, it is only ideal to complete your bike insurance renewal or get a new policy as per your needs. It will safeguard your financial interests.
Process of renewing lapsed bike insurance online
Here are the steps you need to follow for expired two-wheeler insurance plan renewal online:
Step 1: To renew your bike insurance process, you need to visit the online portal of your insurance provider.
Step 2: After that, you need to provide the bike registration number and current policy details to get the pricing details.
Step 3: The insurance provider might ask for additional details, too, such as the brand name of the two-wheeler, model number, etc. Along with that, certain personal details should be provided as well.
Step 4: After that, you need to complete the necessary payments and get your two-wheeler insurance renewed.
Avoid missing your bike insurance plan renewal date
A key way out would be to go for a long-term bike insurance policy. This is because it will reduce the hassle of renewing policies every year. The coverage for such policies is generally available for up to 3 years.
In order to protect yourself from getting into legal complications, make sure you do not miss the renewal date of your two-wheeler insurance plan. In this regard, to keep track of policy renewal dates, you can avail of the SMS alert facility offered by most of the two wheeler insurance companies in India. After getting notifications, you can use the online method mentioned above to renew your insurance plans immediately.
Impacts of driving with an expired bike insurance
According to the Motor Vehicles Act, possessing at least a third party insurance plan is mandatory for all two-wheeler owners. Also, the insurance plan must be active when they are driving. This means, in case someone drives with a lapsed insurance plan, it will be considered illegal, and the person will have to face certain penalties for this. This has been widely covered in Indian news to make people aware about the norms.
Following are some negative repercussions that you have to deal with in case of a lapsed two-wheeler insurance policy:
- In case of riding a two-wheeler on the streets of India without a valid insurance policy, the owner will be penalised with either up to 3 months of imprisonment or a fine of Rs. 2,000.
- In case the two-wheeler gets damaged due to any driving mishap or the owner and the third-party face some accidental injuries, there will not be any financial coverage provided. As the bike insurance plan is already expired, you as an owner will have to deal with all these expenses; the insurer will not be liable to cover such damages.
- Policyholders will not be able to avail of the No Claim Bonus benefits once the policy expires. Note that there is a grace period for the renewal of bike insurance policies, and once this time period exceeds, you, as a policyholder, will not be able to claim NCB benefits.
Apart from NCB, several other facilities are available on bike insurance plans. Insurance aggregators online list two-wheeler insurance plans from leading companies that will meet all your requirements and fit your financial plan to create a monthly budget accordingly.
Even after taking necessary actions, if you miss your bike insurance plan renewal date, the first step will be to get in touch with your insurer and ask for assistance. In case it has been just a few days past your bike insurance renewal due date, the insurer might waive the penalty. Thus, safeguard your financial and legal interests with an easy online policy renewal.