5 Things You Should Know About Expired Two-wheeler Insurance

11/05/2018 RAWAT 0 Comments

Riding your bike without an active bike insurance policy may invite a ton of problems. In this article, we will discuss them. Keep reading to know more.

#1 You Do Not Have A Financial Backup

An expired policy does not provide any kind of financial protection in case of mishaps. You cannot raise a claim after your bike insurance policy has expired. If you do, it will simply get rejected. You may be vulnerable to a host of perils that were otherwise covered under your bike insurance policy. These perils may include injuries, damage to the insured bike, damage to any third-party, theft, damage due to a natural calamity, damage due to a man-made calamity, etc.

#2 Your NCB May Reset

If you have a comprehensive bike insurance policy, and if you did not make a claim when your policy was active, you may be entitled to a No Claim Bonus (NCB). This is a discount you may receive at the cost of the policy. NCB can be as high as 50%, but you need to renew your policy in a timely manner and not raise a claim in order to avail this discount.

#3 You Need To Pay Fines

Since buying at least a third-party bike insurance policy is mandatory as per The Motor Vehicles Act, 1988, you need to pay fines for not having an active bike insurance cover. The fine can be Rs. 1000 and/or up to 3 months of imprisonment.

#4 Your Premium May Increase

One of the advantages of renewing your bike insurance policy in time is that your premium decreases. This can be a result of a couple of factors like your claim history, NCB, etc. If there is a break-in policy, your insurer may charge you more premium.

#5 How To Renew A Lapsed Policy?

Apart from bike insurance being mandatory, one should get a cover because it is highly beneficial in the time of need. One cannot, be prepared for an unfortunate event or save money keeping in mind that he/she may have to visit a hospital or for compensating the third party in case of mishaps. This is where a bike insurance comes into the picture.

If you used to ride your bike without insurance, or simply forgot to renew the policy, you can still buy an insurance cover for yourself. Nowadays, a convenient alternative to buying a policy offline is to purchase two wheeler insurance online. It saves time and also to some extent, your money.

To renew two wheeler insurance online, visit an insurer’s website and create an account. Navigate to bike insurance page and proceed to buy two wheeler insurance online. Next, you need to select from either third-party bike insurance or comprehensive bike insurance. Buying a third-party bike insurance is mandatory as per law. However, the comprehensive policy will provide a wider coverage. This policy will make your bike insurance online renewal a smooth process as you can claim for third-party damages, own, damage, theft, damage due to natural calamities, damage due to man-made calamities, etc.

To proceed with the bike insurance online renewal, set the IDV that is the Insured declared value of your bike. Setting the right amount is important. If you set a lower value, you may receive a lower claim amount in case of theft or complete damage. But if you set a higher amount, you may pay a higher premium for buying two wheeler insurance.

Next step is to select the relevant add-ons. Choose the ones which are most suitable for you. Buying Zero Depreciation and Roadside Assistance Add-on will be beneficial if your bike is less than 5 years old. Next, move to make the payment. At this stage, your insurer may request an inspection as your previous policy had lapsed. You will receive the policy after your insurer approves the insurance.