Apart from being a mandatory requirement, an insurance policy for bike offers financial protection to the bike owner. You can opt for a third party bike insurance policy, own damage policy, or a comprehensive two-wheeler insurance policy. Every bike insurance policy has a validity term. The insurer charges a premium to offer coverage for the said policy term. The most common policy term is one year. Hence, if you have purchased 2 wheeler insurance online with a policy term of one year, then you need to renew it every year. If you miss the renewal date, then you can be left with a lapsed or an expired bike insurance policy. In two wheeler insurance expired or lapsed policy is the same as not having a policy. Hence, you are not legally allowed to ride your bike in the country. While you can renew your insurance policy for bike online, in this article, we will share the steps that you can take to reinstate your bike insurance policy once it expires.
Things to remember if your bike insurance policy expires or lapses
If you fail to renew your bike insurance policy on or before the expiry date, then it lapses. This means that you are no longer covered by the policy. Hence, you are not allowed to ride your bike in the country. Also, any accumulated benefits are lost and you are left with no choice but to purchase a new bike insurance plan,
The first thing that you need to know is that many insurers offer a grace period allowing bike owners to renew their policies after the expiry date without losing any benefits. Therefore, the first thing you must do is talk to your insurance provider and follow the instructions offered by them.
While some insurers might allow you to do a self-inspection for renewal, others might insist on a professional inspecting the bike before the policy is renewed. You might also be required to submit certain documents like copies of the registration certificate of the vehicle, driving license, etc.
The next thing that you need to know is that failing to renew your policy will result in all benefits becoming non-functional. Also, if you don’t renew your policy within 90 days from the expiry date, then it gets permanently lapsed and cannot be recovered.
How to reinstate your expired bike insurance policy
You can reinstate a lapsed bike insurance policy offline and online. Here is a quick look at the process:
- Online policy renewal: One of the easiest and most hassle-free ways of reinstating your bike insurance policy is renewing it online. Today, every insurance provider offers an online policy to buy and renew a bike insurance plan. To reinstate your lapsed policy, you need to visit the website of the insurance provider, submit the required documents, select the plan, and choose add-on covers and deductibles as per your requirements.
- Offline policy renewal: You can also renew your policy offline by visiting the office of the insurance provider. Carry the original policy documents. Also, some insurers might want to inspect the vehicle before reinstating it. Hence, make sure that you have time to get it inspected to complete the process.
Summing Up
As a bike owner, it is prudent to ensure that the policy is renewed within time to avoid being left with an expired policy. However, if you are unable to renew it on time and the policy lapses, then make sure that you talk to your insurance provider as soon as you can. While there is a grace period for renewing a lapsed policy, avoid delaying it until the last moment to ensure a hassle-free process.