Business

A Guide to Renewing Expired Bike Insurance

Bike riding is an experience that everyone enjoys to some degree. Every boy in India waits for the time he will turn 18 years of age and can ask his father to buy him a bike. That is because riding that bike can be one of the most liberating experiences. In addition, it is a more efficient way of traveling. Not only is it cheaper to buy, but it also offers benefits that other vehicles in traffic do not have. The best example of this is that you can easily weave through traffic, instead of having to wait until other vehicles clear out of the way.

Riding a bike at the same time is very dangerous. Making a single mistake on the road can lead to big problems in many ways. Therefore, you need to make sure that you protect your vehicle and yourself. Under ideal conditions, the best way to ensure safety is to ride your bike safely and wear protective gear. But even if you are vigilant you do not know when an accident might occur. Therefore, it is important to buy bike insurance online and manage the policy to the best of your ability.

Why is important to renew bike insurance?

According to traffic regulations, it is mandatory to have at least a third-party insurance policy. This ensures that every bike owner has coverage for any third-party liabilities that arise out of an accident. However, when it comes to protecting yourself, third party policies can do nothing. This is because they do not provide coverage for own damage. Hence, you need to buy a comprehensive policy.

It is not enough to just buy your policy. You also have to track it and ensure that you are under its coverage for as long as possible. This means that you have to renew the policy to be able to enjoy the financial security it gives you against various dangers of the road. The obvious question you might have is what if you fail to renew your policy on time.

What happens if you don’t renew your policy?

If you fail to renew your policy on time, your policy is considered expired. This happens when you fail to pay the premium on time. This means that if you fail to pay the premium, your policy will lapse. Upon expiration of your policy, the coverage previously provided by your insurance policy will no longer be valid. This includes comprehensive coverage as well as third-party liability coverage. This means that you are not protected against any loss, damage or injury caused by accident or theft. As a result, you have to cover both the liabilities that come with the accident and the repairs for the damage to your bike. Therefore, you must renew your bike insurance policy promptly.

What is a break-in period?

After you have passed the date of renewal, the coverage of your policy is considered invalid. However, the policy is still not lost. In the case of a policy lapse, you will be given a time window of 90 days known as the break-in period.

The break-in period is essentially your last chance to retain your coverage along with the additional benefits you might have accumulated. Even though you may be able to renew your plan during the break-in period, you will not receive any benefits during this period. Coverage is offered in exchange for the premium. Since you have failed to make the premium payment, you will not get any coverage until you make the payment. The break-in period is essentially given as one last chance to keep your coverage. If you miss this opportunity, your policy will be terminated.

How to renew expired two-wheeler insurance online?

Renewing two-wheeler insurance online after expiration is a very simple process. All you have to do is follow these three simple steps:

  • Log on to the insurance provider’s website/app.

When it comes to bike insurance, the only place you can do anything related to your policy is through a medium that is authorized by the insurance provider. This applies to renewing your policy as well. Authorized channels include calls, emails, websites, or a bike insurance app. Hence, to renew your policy you would have to log on to the insurance provider’s website or app.

  • Enter your details

After you have logged in to the website/app, you will have to provide the details of your bike. During renewal, you can change the exact details of your coverage. Hence, you have another chance to select the type of insurance policy, IDV, and any add-ons you want to get with your policy.

  • Make your payment

After you have decided on the details of your coverage, all you have to do is make the premium payment. Once the payment is complete, you will receive a soft copy of your policy in your registered mail id.

Renewing your policy after expiry is like walking a tight rope. While it is possible, it is still a risky situation that you should avoid. You can use various tools and methods to ensure that you make your online bike insurance renewal on time.

Related Articles

Back to top button