Can you renew your car/bike insurance after it expires?
A two-wheeler insurance policy is a contract between you and your insurance company that states that you will be compensated for losses caused by the insured bike under the terms of the policy. Depending on the policy terms and conditions, the loss could include any third-party loss or damage to the insured bike.
How to renew a two-wheeler insurance policy online after it has expired?
Waiting until your two-wheeler insurance policy’s expiration date to renew exposes you to significant risks that could be easily avoided if you completed your two-wheeler insurance renewal on time. In genuine cases, insurers provide a grace period of approximately 30 days following the policy’s expiration date, during which you must renew the policy. A claim made during the grace period, on the other hand, will not be honoured simply because the policy was not active during that time period.
Follow these steps to complete the online renewal of two-wheeler insurance after it has expired:
- Examine the insurance requirements for your two-wheeler. You can make changes to your two-wheeler insurance online when it is time to renew.
- Log in to your insurer’s website.
- Fill in the blanks with information about your bike and previous insurance policies.
- Select the type of bike insurance policy you need.
- Set the Insured Declared Value (IDV) and any required add-ons.
- Complete the process by paying the required charges.
Once the online renewal of the two-wheeler insurance is completed, the insurance policy documents are emailed to your registered email address. Examine the document and print several copies of the policy. Keep one in your bike’s storage compartment in the case of an emergency and one at your home.
Why should you renew your bike insurance on time and not let it expire?
The advantages of renewing the policy before expiry are very important, and you should ensure that you renew the policy before the expiry date. You have various options to renew the policy online if you are short on time. Here are some of the problems you may face if you let your policy expire:-
- You can face a fine of Rs 2000 or imprisonment of up to 3 months if you are caught without a valid insurance policy.
- If you renew your policy after expiry, you may have to forego the No Claim Benefits (NCB). The NCB offered can go up to a maximum of 50% of the premium charges.
- In case of an accident, when you do not have a policy, you may have to bear the entire expense yourself.
Highlights
- To renew the policy, you should contact the insurer.
- Alternatively, you can also contact the insurance agent.
- Most insurers today accept online applications.
Keyword: Can You Renew Your Car/Bike Insurance After It Expires?