You love riding your two-wheeler and enjoy the thrill of going out on an adventure. But unavoidable circumstances do happen and to safeguard your vehicle and yourself, you have registered in an insurance policy. However, the insurance of your two-wheeler is about to expire and you are planning to renew it. What should you do? In this article, we will be guiding you throughout.

What is Two-Wheeler Insurance?

If you own a bike or any other two-wheeled vehicle, you need to protect it to ensure that it lasts long. A genuine two-wheeler insurance policy would not only protect your bike financially but also would have the provision of protecting the rider, passengers, and pedestrians from accidental injuries. It’s always advisable to opt for a reliable insurance policy for bike which would protect your vehicle as well as safeguard your health. Nowadays, even minor damage can cost you a huge sum of bucks which you often won’t be prepared for.

Types of Two-Wheeler Insurance Policies

There are generally two types of bike insurance policies, and these include –

• Comprehensive Bike Insurance Policy – These are the ones that offer insurance against all kinds of wear and tear that might occur to the vehicle as well as its rider.
• Third-party Liability Policy – This type of insurance policy for bike covers only those damages or injuries that might arise as a result of third-party actions.

Depending on your needs, you have to decide which type to go for.

What Should You Do If Your Bike Insurance is Expiring Soon?

Bike insurance policies generally last for a year, although there are provisions for extended periods up to 3 years offered by some insurers. Long-term insurance policies would save you from going through the renewal formalities every year along with offering you other tangible benefits.

Riding an uninsured bike is neither advisable nor legal, doing which you might be penalized. Furthermore, in case of any loss or damage caused due to accidents, you won’t be getting the required financial support. You must get your bike insurance renewed within 90 days of the expiry date of your current insurance policy. So if the insurance policy of your two-wheeler is going to expire or it already did, do renew it on an urgent basis.

What if I Fail to Renew on Time?

An insurance policy for bike lapses when you fail to renew it on time. Within the time period between an expired policy lapse and its renewal, any damage, loss or accidental injuries caused within this break-in period won’t be covered. Also, if you fail to renew it within the time limit of 90 days of a policy lapse, you would also lose the No Claims Bonus (NCB) which you have acquired along with your bike insurance over the years. This would result in paying out greater sums for your renewal and premium schemes. While at the same time you would be vulnerable to the risks of loss, damage or injuries caused to your vehicle, yourself and to any third party.

Besides, the Motor Vehicles Act demands owners of two-wheelers (and other vehicles for that matter) to have a minimum insurance policy covered to take liabilities of any physical injuries, loss of lives and damage to the property of any third party. Otherwise, fines or other penalties such as imprisonment can be incurred upon the driver or owner of the bike.

Also, remember that you cannot renew a lapsed policy after 90 days, and in such cases, you would have to buy a new policy, thus costing you more apart from going through the documentation and verification procedures over again. Moreover, it is a punishable act to ride an uninsured vehicle.

Insurance providers do call up bike owners to remind them of renewing a policy when its expiry date is approaching. Nowadays, it’s quite easy to keep track of expiry dates through mobile apps, or checking the status on the insurer’s website, or even receiving notifications via email or SMS. In case you missed it, call up your insurance provider promptly and ask them to carry on with the renewal process with immediate effect. If it’s not been long since your due date, some insurers can renew it without incurring any additional charges.

How Do I Renew My Bike Insurance?

Today you can renew your two-wheeler insurance policy online in a hassle-free manner. You need to log in to your insurer’s website and the required details or submit the necessary documents (if asked for) to renew your policy. If you want to do it offline, you have to visit the insurer’s office and submit all the necessary documents along with other details. He may also ask you to complete a brief survey of your vehicle or carry out some other formalities before issuing you a renewed insurance policy.

Things You Need to Consider Before Renewing Your Bike Insurance

Keep these following things in mind before renewing your bike insurance policy –

• Check whether your insurer is covering the basic things under your insurance policy depending on the type you are opting for.

• Do consider comparing the various policies and schemes offered by different insurance providers and select the one which would be best suitable for your needs.
• If you are not satisfied with the service or the terms of your insurer, you can switch to some other insurance provider at any time.

Don’t forget to renew your bike insurance well advance in time. Avoid doing it at the eleventh hour!