It is mandatory to have an active insurance policy for bikes plying Indian roads. The Motor Vehicles Act 1988 makes it compulsory for all two-wheelers to have an active third party bike insurance policy to ply on Indian roads. These policies are valid for a fixed term. Bike owners are required to renew the policies on or before the expiry date to keep them in force. However, if you miss out on renewing it within the stipulated time, then the policy can expire or lapse. This is equivalent to not having a policy at all. Therefore, you cannot ride your bike until you renew the expired bike insurance policy.
In recent years, most insurance providers have started offering 2-wheeler insurance online allowing bike owners to purchase a policy without leaving their home or office. These providers also offer an expired two-wheeler insurance renewal process to help you renew an expired policy in a hassle-free manner. In this article, we will talk about how you can easily get online bike insurance for an expired policy.
What is An Expired Bike Insurance Policy?
Every bike insurance policy has a term for which it is valid. You pay a premium for the selected coverage for the said term. These policies need to be renewed before the end of the term. If you are not happy with your current plan or the services of your current provider, then you can buy a new policy. However, you must ensure that it is done before its last date. Failure to do so can result in the policy lapsing. This is an expired bike insurance policy.
What Happens If My Bike Insurance Expires?
A two-wheeler insurance expired policy is equal to not having a bike insurance policy at all. For the policy to offer benefits, it is important for it to be active and in force. This means that you need to renew it before the last date. Hence, if your bike insurance policy has expired, then for all purposes, you don’t have a bike insurance policy at all! This means that you will be liable to pay fines and have to bear all expenses if your bike meets with an accident and causes damage to third-party property or person.
How Much is the Fine for Expired Bike Insurance?
If you are caught riding your bike without an active bike insurance policy, you can be fined up to ₹2000 and/or imprisoned for up to three months. This can vary from state to state. Therefore, make sure that you go through the website of your local traffic department to know the exact fine.
Can I Renew Expired Two-wheeler Insurance Online?
Yes, you can renew an expired insurance policy for your bike online. Most insurers offer a grace period within which you can renew your bike insurance policy without getting the vehicle inspected or losing the No Claim Bonus. If the grace period has lapsed as well, you will need to follow the process of buying a new bike insurance policy that might include a vehicle inspection. Not to mention, you will lose all No Claim Bonus benefits.
Here are some tips to help you renew your expired bike insurance policy online:
- Research the market and compare providers and plans. This will help you get the best cover for your bike at an affordable cost.
- Be prepared for a bike inspection. All lapsed policies are treated as null and void, and policyholders are required to get their bikes inspected for renewal.
- Review the quote and pay the premium
- Choose the insured declared value of the policy carefully
- If you are opting for a comprehensive bike insurance policy, then make sure that you choose the add-on covers meticulously
- Try to renew your policy within the grace period (this is usually 90 days from the last date of the policy)
Summing Up
One of the best ways of ensuring that you don’t miss the renewal date of your bike insurance policy is to opt for a long-term two-wheeler policy. If you buy a bike insurance policy for, say, three years, then you don’t have to worry about renewing it for the policy period. However, if your policy has lapsed, then make sure you talk to your insurer immediately and take steps to renew it as soon as possible. Also, avoid riding your bike when your policy has expired.