Being a vehicle owner comes with various responsibilities, one of them being, renewing your vehicle’s insurance policy on time. Hectic traffic, bumpy roads, and rash drivers, all make it difficult to ride safely. So, it’s even more essential for you to have your vehicle insured at all times since emergencies come unannounced.
Simply having a two-wheeler insurance for your bike is not enough. You also need to renew your policy on time. Most insurers do remind you in time when renewal is due so that you do not miss out on it. However, it is always better to have information and be aware of the issues that may arise. Read on to know more.
Renewal of your bike insurance policy is essential
The renewal date of your bike insurance policy depends on your policy tenure. So, in case you have a policy of a year, you need to renew the policy annually, on the other hand and in case of a multi-year policy, you will need to renew at the end of the tenure. We’ll explain this further.
- When you purchase a new bike, the dealer provides you with an insurance plan for a year. However, if you want to avoid the hassle of renewing the policy every year, you must find out if they have a multi-year policy that you can purchase. Long-term policies have tenures up to 5 years, however, this varies from insurer to insurer.
- If you have an existing policy with a tenure of 1 year, it is best to renew the policy within 15-30 days of the expiry date. It will save you from losing out on your NCB. And you can also continue with the coverage benefits offered under the policy. For instance, if your insurance policy expires on Nov 30th, 2022, it is ideal to renew the plan by Oct 30th, 2022.
- For some reason, if you happen to miss the policy expiry due date, then make sure to call your insurer about any grace period (usually 15-30 days)in which you can renew your plan without having to pay any additional charges or losing the No Claim Bonus benefit. However, for all practical purposes, even if there is a grace period, any claims raised during this time will not be accepted by the insurer.
What happens if your bike insurance policy expires
We hope you don’t miss your policy expiry due date, however, just in case you do, here are some things that you should be aware of.
- First and foremost, any claims that you raise once your policy has expired will not be accepted by the insurer
- If you renew your bike insurance after the expiry of your previous policy, your bike may have to go through an inspection
- Similarly, a delayed renewal could lead to an increase in the premium of your new policy by the insurer
- You may need to forego the No Claim Bonus (NCB) that you may have accumulated for every claim free year
- You will need to bear traffic penalties in case you are found riding without a valid bike insurance
We hope this information has made it clear that renewing your bike insurance in time is essential. And if you are looking to purchase bike insurance from the comfort of your home without any tedious paperwork, simply download the Bajaj Finserv App.
Anywhere, Anytime insurance with the Bajaj Finserv App
The Bajaj Finserv App is a high utility App that takes care of all your financial needs including insurance. On the app, you can visit the Insurance Mall to explore bike insurance plans from our trusted partners. Here you can view product features, compare prices and purchase a plan that is best suited to your needs. All this in a matter of minutes and from the comfort of your home. It truly is becoming the new way to buy insurance.