December 4, 2022

Why You Should Not Skip Buying or Renewing Bike Insurance

bike insurance

bike insurance

It’s possible that your bike insurance coverage is due for renewal or that you just neglected to renew it on time. These are just a few of the reasons you might need a bike insurance check. Each two-wheeler or bike owner must have their vehicle insured under the Motor Vehicles Act, 1988, to avoid the breach of law and paying fines.

What happens if you don’t purchase or renew two-wheeler insurance, apart from it being a legal requirement? Continue reading to discover more about the consequences and drawbacks of having expired bike insurance coverage.

What happens if you don’t renew your Bike Insurance on time?

While vehicle insurance is one of the mandatory bike papers that you must keep with you at all times. 3rd party bike insurance also protects you against financial loss in the event of damage, theft, or loss, as well as against any damages or injuries to a third party’s vehicle or property. It also covers accident coverage for the person who owns and operates the covered motorcycle. It is not only required, but it also protects you from financial responsibilities, which is why vehicle owners need to renew their two-wheeler insurance policies before their policies expire.



What Is a Two-Wheeler Insurance policy that has lapsed?

When you fail to renew your two-wheeler insurance coverage after the grace period has expired, your policy has lapsed. Having a bike insurance coverage that has expired means that your insurer is not required to give financial assistance in the event of a bike-related accident. This also indicates that you will be unable to file a claim against your motorcycle insurance coverage.

You will lose the coverage for which you purchased the insurance if you find yourself in this circumstance. As a policyholder, you cannot use the advantages given by your two-wheeler insurance since you have not paid any premiums to the insurance provider to renew this contract. If you are involved in an unfortunate incident such as a bike accident, you will be responsible for the full cost of the mishap. Furthermore, riding a motorcycle without a 3rd party bike insurance is a criminal offense in India, and as a result, you will be subject to fines and other punishments.

Is it possible to renew a lapsed or expired motorcycle insurance policy online?

Bike insurance has developed in recent years to meet the diverse demands of policyholders, and the process of purchasing or renewing bike insurance has evolved to meet those needs. 

The introduction of digital technology has enabled insurers to provide the majority of their services via the internet’s vast resources and capabilities. To renew your expired two-wheeler insurance coverage, you can visit your insurer’s website and can do a bike insurance check on the website.

Following are the advantages of renewing expired bike insurance policies online:

You may forget to renew your bike insurance coverage despite receiving notices or reminders. You may, however, renew it online, which makes the whole procedure quicker and more efficient overall. The following are some of the benefits of renewing your  insurance online once your policy has expired:

  • You may renew your insurance coverage from the convenience of your own home or any location. All you need is a computer with an internet connection. Log in to your account and request that your insurance policy is renewed.
  • There are no extra fees for online services.
  • Instantaneous renewal of the bike insurance coverage.
  • Before getting appropriate insurance coverage for your motorcycle, you must first compare several car insurance policies.
  • 3rd party bike Insurance policy papers will be immediately sent to your registered email address.

To ensure that you do not forget to renew your insurance policy on time, online insurance companies will provide frequent updates and reminders regarding renewing your coverage.

Conclusion

Having the best security for your vehicles is essential in these uncertain times, which is why you should purchase and renew your insurance coverage as soon as possible after purchase. Having insurance coverage for your bike, without a doubt, makes you more prepared to meet the challenges of the future. It guarantees that your two-wheeler is protected from any potential threats present at the time. So don’t put off purchasing or renewing the bike that will transport you through the bumpy roads of life any longer. A Bike Insurance check is a must if you have a short-term insurance policy.

According to recent findings, several studies have indicated that more than 75% of two-wheelers on Indian roads do not have legal insurance coverage or that their policy has expired. Because life is so unpredictable, you should always have an insurance policy in place to protect yourself.