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Expired Two Wheeler Insurance Policy
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Buying an insurance policy for your two-wheeler is important, renewing that policy regularly and timely is equally important. Your policy protects you against different incidents that can cause damage to your two-wheeler, accidents, natural calamities, thefts and third-party liabilities to name a few. Apart from this, a renewal can also benefit in other ways in the form of non-stop protection and No Claim Bonus.
Renewing your two-wheeler insurance policy is, therefore, imperative. Most insurance companies send regular reminders to the policyholders whose policy is going to expire soon. In such a scenario not renewing your policy can prove to be a big mistake. As a policyholder, you must make sure that all your premiums are paid on time and your policy is renewed before the expiry date is reached.
However, if for some reasons you could not get your two-wheeler insurance policy renewed and it has now expired, it is time to do some quick and effective damage-control. Read on to see how quickly you can renew your lapsed two wheeler insurance.
About Lapsed Two Wheeler Insurance Policy
When you buy a two-wheeler insurance policy it lasts for specific policy tenure, a policy can be for a year, 2 or even 3 years OD policy, along with the 1-year TP policy. When you do not renew the policy after the tenure gets over the coverage stops and the policy lapses.
Suppose you bought two-wheeler insurance on 23 October 2018, the policy would expire at the midnight of 22 October 2019. And if on 23 October 2019 if you do not renew the policy you would not be able to enjoy any benefits.
Consequences of Expired Two Wheeler Insurance Policy
1. Missing Out Benefits
A small negligence can prove to be quite unfortunate as you would lose out on various policy benefits and coverage. If your two-wheeler faces any damage during this period, you will have to pay for all the repair cost yourself.
2. Non-Compliance of Law
The Motor Vehicle Act, 1988 mandates that every two-wheeler vehicle that moves on the road must have insurance. Not renewing your policy in time will cause it to lapse and it will be treated invalid. If you are caught without valid two-wheeler insurance you can face penalties and other legal troubles.
3. Loss of NCB
No Claim Bonus is a discount that you get in the form of a discount when you do not make a claim during a policy year and with every year the discount increases. When you do not renew your policy within 90 days from the date of expiry, all the accumulated NCB will be lost.
4. Higher Premiums
Non-renewal of the policy will make you forego all the benefits that you could have received, such as premium discounts or NCB. You will end up paying more. When renewing the policy after the expiry, the company reserves the right to change the premium amount.
5. Mandatory Survey
You would require to have a mandatory survey of your bike whenever you plan to renew the same. Once the bike insurance expires, a surveyor appointed by the insurance company needs to submit a mandatory survey report to the insurance company, before your two-wheeler insurance plan can be revived or a fresh plan can be taken.
Steps to Renew Expired Two Wheeler Insurance Online
The consequences of an expired policy can be severe, however, renewal is a simple and quick process. You need to carefully follow the steps given below:
Step 1- Selection of the Policy
If you are not satisfied with the current policy, you can always switch to another plan or select a different insurance company. There are various insurance aggregator websites that would help you compare different two-wheeler insurance plans and their premiums.
Step 2 - The Surveyor’s Visit
When you renew a lapsed policy the insurance company will send a surveyor on the behalf of the company who would assess the bike. The policy will be renewed on the basis of the report submitted.
Step 3 - Buying the Policy
Once you get a confirmation from the company/the surveyor you can make the payment and renew the policy. Keep in mind that the inspection by the surveyor will be valid only for 24 hours, if you do not renew the policy within this period you would have to request the company to send the surveyor again.
There are certain two-wheeler insurance companies that offer policy renewal without assessing the two-wheeler, while there are some who assess your two-wheeler through a video call. When you renew the policy you must speak to the company customer care executive to find about the procedure they follow.
Things to Consider When Your Two Wheeler Insurance Policy Expires
1. Inform the Insurance Company
Whenever you realise that your policy has expired, you must get in touch with the insurance company and seek their help in the renewal process in the easiest and quickest possible way.
2. Avoid Using the Two-Wheeler
When you know that your two-wheeler is not insured under a valid policy it is only wise that you avoid taking it out on the road. Being in an accident under such circumstances will not only put you under the financial burden of repair costs but also get you into legal trouble.
3. Promptly Renew/Buy a New Policy
Spend as little time as possible without an insurance cover. Make up your mind quickly whether you want to renew the same policy or switch to a new one and then purchase the same.
4. Keep all the Paperwork Handy
At the time of renewal, you may be asked to submit a few documents.
You would require:
- Previous Insurance Policy papers
- Copy of the RC
- Driver’s License
- Photographs of your two-wheeler, if asked by the company
Expired Bike Insurance FAQs
1. Can I renew my bike insurance policy before the expiry date?
Yes, you can. Rather it is recommended that you renew your policy before it expires because that way there is no break in your policy and your bike is not without the insurance cover even for a day.
2. Is no claim bonus on my expired bike insurance be transferable?
If you renew your expired policy within 90 days only then you would be able to retain the NCB.
3. How to check the expiry date on my bike insurance policy?
Most insurance companies send regular notifications to all policyholders whose insurance policy is nearing its expiry. Nevertheless, you can call the customer care to check the date, go and check it from the official website or check the date mentioned on your policy papers.
4. How much fine I have to pay if caught with an expired bike policy?
If you are caught with an invalid insurance policy for a first time offence the fine you have to pay is INR 2,000, after which it is increased to INR 4,000.
5. What important add-on Covers I Can Include while renewing my bike insurance?
A few common add-on are given below, however, it is recommended that you check your bike insurance company for the same:
- Zero Depreciation
- Roadside Assistance
- Helmet Cover
- Consumable Cover
- Lost Key Replacement
6. What is the maximum tenure for which I can get a bike insurance policy?
If you have bought a bike after 1 September 2018 you need to purchase third-party insurance for a period of 3 years as a long-term cover. A standalone OD cover or a comprehensive bike insurance policy can be bought for a period of 1 or 2 or 3 years also. However, it is recommended that you check your bike insurance company for the same.
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