Purchasing insurance for your two-wheeler is crucial, but so is renewing that policy on a bike insurance check app on a regular and timely basis. Your policy covers you against a variety of catastrophes that can damage your two-wheeler, such as accidents, natural disasters, thefts, and third-party liabilities, to name a few.
Aside from that, a renewal might provide additional benefits such as non-stop protection and a No Claim Bonus. NCB and other insurance features are subject to the standard terms and conditions of the policy. *
It is therefore critical to renew motorcycle insurance. Most insurance firms send out regular warnings to consumers whose policies are about to expire. In such a case, failing to renew your coverage can be a costly error. As a policyholder, you must ensure that all premiums are paid on time and that your policy is renewed before its expiration date.
Concerning a Suspended Two-Wheeler Insurance Policy
When you purchase a two-wheeler insurance policy, it is for a certain policy tenure, such as a year, two, or three years OD coverage, in addition to the one-year TP policy. If you do not renew your policy after the term expires, your coverage will end and your policy will lapse.
The Effects of an Expired Two Wheeler Insurance Policy:
1. Loss of Benefits
A minor lapse in judgement might result in the loss of a variety of policy advantages and coverage. If your two-wheeler sustains any damage during this time, you will be responsible for the entire repair bill.
2. Noncompliance with the Law
The Motor Vehicle Act of 1988 requires that every two-wheeler vehicle on the road be insured. If you don't renew a policy on time, it will lapse and be considered void. If you are discovered driving without valid two-wheeler insurance, you may face fines and other legal consequences.
3. NCB forfeiture
No Claim Bonus is a bonus that you receive if you do not make a claim during the policy year, and it increases with each year. If you don't renew a policy within 90 days of its expiration date, you will forfeit all accumulated NCB. *
4. Increased Premiums
If you do not renew your insurance, you will lose all of the benefits that you could have earned, such as premium savings or NCB. You will pay more in the end. The company maintains the right to adjust the premium amount when renewing the policy after it has expired. *
5. Compulsory Survey
When you wish to renew your bike, you must have an obligatory survey performed. Before your two-wheeler insurance plan can be renewed or a new plan can be taken, a surveyor appointed by the insurance company must submit a mandatory survey report to the insurance company.
Bike insurance expired renewal online:
Although the implications of an expired insurance might be severe, renewing is a straightforward and quick process. You must carefully follow the instructions outlined below:
Step 1: Selecting a Policy
If you are unhappy with your existing coverage, you may always change plans or choose a different insurance carrier via a bike insurance check app. There are numerous insurance aggregator websites that can assist you in comparing various two-wheeler insurance plans and costs.
Step 2: Surveyor's Visit
When you renew a lapsed policy, the insurance company will send a surveyor on the firm's behalf to examine the bike. The policy will be renewed based on the report that was filed.
Step 3: Purchase the Policy
You can make the payment and renew the insurance after receiving confirmation from the company/surveyor. Keep in mind that the surveyor's examination is only valid for 24 hours; if you do not renew the policy within this time frame, you must request that the surveyor return.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. 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.
