What takes place when your bike insurance coverage expires?
A lapsed or expired bike insurance policy is one where the insurance benefits are halted or terminated because the premium payment was not made before the due date or significantly after the grace period.
The following repercussions will occur if you ride an uninsured motorbike or have an insurance policy that has expired.
- In India, it is against the law to ride your vehicle without a third-party bike insurance policy. You risk receiving a Rs 2,000 fine and/or 3 months in jail.
- You will forfeit the accrued (NCB) on your own-damage premium if your bike insurance coverage expires. *
- Finally, and most significantly, you will continue to be unsafe from the numerous threats that could endanger both you and a third party.
How do I renew my expiring two-wheeler insurance?
Please be aware that starting again means you must renew a lapsed bike insurance policy. Also, it’s possible that the coverage standards have altered since last year, in which case you can modify it this year.
There are 2 ways to renew a bajaj allianz bike insurance policy that has expired:
- Online Bike Insurance Renewal
- Online Bike Insurance Renewal
Check to see whether there is a grace period for renewing bike insurance first. Often, insurers provide a grace period with or without penalties or late fees that can last up to 90 days. It is advisable to speak with your customer service team or an insurance executive to find out the grace period for renewing the policy after the specified due date in order to avoid any confusion.
If you purchased your bajaj allianz bike insurance, you might renew it online by following these steps:
Step 1: Go to the insurer’s official website, locate the “renew your policy” option in the upper right corner of the page, and select “two-wheeler renewal.”
Step 2: Choose “see prices” after entering your bike number.
Step 3: You will be presented with a variety of plans from various Indian bike insurance providers.
Step 4: Evaluate your options and pick the plan that best suits your needs and budget. With a comprehensive bike insurance plan, you can also choose additional coverage options.
Step 5: After finishing, complete the proposal form with the car owner information, candidate information, and vehicle information.
Step 6: Finally, you will pay the bike insurance premium amount presented using one of the convenient methods: UPI, net banking, debit card, or credit card.
A copy of your updated 2-wheeler insurance policy will be sent to your registered email address by the insurer shortly after you make the payment.
Renewal of Lapsed Bike Insurance: Factors to Take into Account
There are more crucial considerations you should make while renewing a two-wheeler insurance policy, including:
There are several options available on the market for two-wheeler insurance packages, so always compare them. Choose the option that best fits your requirements and budget as a result.
If you are unhappy with your current insurer, you can easily move to another one.
You are entitled to a No Claim Bonus (NCB) benefit if you haven’t submitted any claims in the preceding years. *
How can bike insurance renewal delays be prevented?
Simply selecting long-term coverage for up to three or five years is the prudent course of action to prevent a policy lapse. Not only will this spare you from yearly renewals, but it will also have tangible benefits. Choose services like email alert or SMS alert when purchasing a coverage. You can use it to keep track of approaching renewal dates and other crucial notifications. This can be easily done by doing a bike insurance check online.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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