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Two-Wheeler Insurance Online Renewal After Expiry
- Author :
- TATA AIG Team
- Published on :
In India, getting insurance for two-wheelers is mandatory if you own a two-wheeler. Insurance for two-wheelers is necessary not just because it is a legal mandate under the Motor Vehicles Act, 1988, but because it secures you against unforeseen eventualities to yourself, your bike, and fellow riders and their two-wheelers. These include accidents, thefts, damage, burglary, natural calamities, and man-induced disasters, among other chance happenings.
A two-wheeler insurance policy lasts for up to 5 years – and bike insurance policies can range anywhere between 1, 3 and 5 years. A two-wheeler insurance policy lasts for the designated tenure, and before it ends, you have to renew expired bike insurance before the term ends. But why do you have to do bike insurance renewal after expiry, how do you go about the renewal if your bike insurance expired, and what are the consequences of failing to renew expired bike insurance online or offline? Read on to find the answers to your questions.
Why Do You Need to Renew Expired Bike Insurance?
The foremost reason you need to do a two-wheeler insurance online renewal after expiry or offline is that it is a legal mandate under the motor vehicle laws in India. Riding the streets without two-wheeler insurance is a finable and punishable offence in the entire country. For the first time you get caught without a valid two-wheeler insurance policy, you have to pay a fine of Rs. 2,000 or face imprisonment for up to 3 months. The charges and imprisonment term only increase with every second or third offence.
To avoid paying fines and undergoing imprisonment, it is crucial to buy and renew expired two-wheeler insurance online or offline within the given timelines. The state levies these fines because it ultimately wants to push riders to get themselves financially secured with two-wheeler insurance in the face of an unpredictable and life-altering event.
By remaining uninsured, you not only violate the motor guidelines but also pose a threat to your life and the happiness and peace of those whose lives are attached to yours. Two-wheeler insurance and renewing it on time can help you stay to recover from accidents, thefts, burglary, and other natural or man-made damage to your bike.
How to Renew Bike Insurance Online After Expiry?
If you renew your bike insurance policy before it expires, then the renewal process hardly takes time. The process to renew expired bike insurance online is different but still easy to carry out. Here are the steps to follow if you wish to renew your bike insurance after your bike insurance expired:
- Visit your insurer’s website. For instance, if you have chosen Tata AIG for your two-wheeler insurance needs, go on the company’s portal.
- Click on Motor insurance, within which, select bike insurance.
- Enter your bike registration number in the space box provided and click on renew.
- If you have a previous different insurer and want to make a new renewal with Tata AIG, enter additional details like your bike specifications and other personal information. The bike specifications include
- Make and model of the bike
- Insured declared value (market value) of the bike
- Cubic or engine capacity of the bike, and so on
- Enter details of your previous two-wheeler insurance policy and the number of insurance claims made.
- If you have not made any previous insurance claims, you can enter the NCB value
- Submit any other details prompted on the website screen
- Proceed to select the type of two-wheeler insurance policy you want and any add-on coverage options if the insurer offers them
- Click on get quotes to see the bike insurance premiums payable for the two-wheeler insurance policy based on your budget and needs. You can also use a bike insurance calculator available on the Tata AIG website beforehand to check the premiums payable.
- If you are okay with the quote, you can move to make the payment to renew expired two-wheeler insurance online.
- Your updated bike policy will get sent to you on your email or WhatsApp.
What Happens If I Renew My Bike Insurance Late?
If you carry out online bike insurance after expiry, there is the obvious consequence of going about without adequate financial protection and the risk of fines and jail time. However, standard two-wheeler insurance allows for a 90-day grace period from the date of policy expiration, during which you can renew expired bike insurance.
However, if you pass the 90-day grace window, you might lose out on privileges like your no-claim bonus (NCB) or have to pay extra premiums for your two-wheeler insurance policy. In addition, if you leave your bike uninsured for a year or more, your policy will lapse to an extent where it might get recorded and shown to the insurer or underwriter for consideration. Moreover, if you cross the 90-day mark, you have to start the process of buying a fresh two-wheeler insurance policy.
Is It Better to Do An Offline or Online Two-Wheeler Insurance Renewal?
Given how everything has shifted online due to the immense convenience of digital processes and transactions, it is best to get online two-wheeler insurance. Getting your insurance policy online from Tata AIG is hassle-free, time-saving, and paperless. It will save you the effort of standing in long queues and make purchasing a breeze.
You can avoid the risk of getting defrauded by unqualified insurance agents and pay hidden fees charged by sketchy intermediaries. Moreover, you can also get discounts on your bike insurance policy for making online purchases and renewals.
In offline renewals, you have to take your bike for inspection from the insurer’s designated vehicle inspector and carry the relevant documents, which can be time-consuming. However, you can completely skip this step when you renew expired two-wheeler insurance online.
If you think about it, renewing your bike insurance policy is not a very difficult task. Even if you go beyond the expiry date of the insurance policy, you have a reasonable grace period window to make amends. In fact, many insurers make the process of renewal easy for their policyholders by sending them timely SMS or email reminders well before the policy is set to expire.
However, if you feel like you really cannot remember to renew your insurance policy despite the reminders, you can opt for a long-term bike insurance policy of 3-5 years. A long-term policy will ensure you do not have to worry about renewing your insurance for two-wheelers every year.