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The Motor Vehicles Act, 1988 requires that every biker must have an active two-wheeler insurance policy. Hence, you should renew your policy on time to keep it active. However, there might be instances where this does not happen. Here’s where this article will help you, as it explains how to renew expired bike insurance online.
If you haven’t already heard about us, ACKO is a leading digital insurance provider in India; and we can help you renew expired bike insurance online effortlessly! Here are some things you need to know before you obtain two wheeler insurance renewal online after expiry.
1. If your bike was previously covered under Third Party Bike Insurance, you can upgrade to Comprehensive Bike Insurance. This will give your bike holistic coverage.
2. If you are not satisfied with the standard of service of your previous insurance provider, you can consider porting to a new insurer.
3. If modifications were made to your bike, you can inform this during renewal. The premium may increase a bit, but you will receive the necessary coverage.
Ideally, you should renew your bike insurance well before its expiry. Not being covered under valid bike insurance exposes you to huge risks such as penalties and no insurance coverage. Nonetheless, if your bike insurance has expired, here’s how to go about online renewal of an expired two wheeler insurance policy.
During insurance renewal you have the option of making changes to your insurance policy’s coverage. So, make sure you are certain of your new requirements.
Visit the website of your previous insurer (or the new insurer) and input details of your two-wheeler and previous policy.
Select a bike insurance policy that meets your requirements.
Set the Insured Declared Value for the bike, aka “IDV” (the current market price of the bike).
Pay using an online payment method and receive the policy document in your email’s inbox.
Once you receive the policy document, make sure to verify the details. In case of discrepancies, contact the insurer and make the necessary changes via the policy endorsement process.
It is easy to renew an expired bike policy with ACKO. Follow the below steps to renew expired bike insurance.
|New to ACKO||Existing ACKO customer|
|✅ Step 1: Visit our website or mobile application and sign-in to your account via an OTP sent to your registered mobile number.||✅ Step 1: Head over to the ACKO website or our mobile application and enter the details of your bike and previous policy.|
|✅ Step 2: Go to the bike insurance renewal section. Then, select your prefered policy by clicking “Buy Now”.||✅ Step 2: After that, choose a suitable policy and tenure to obtain a free quote.|
|✅ Step 3: Complete the purchase by paying online. After that, you will receive the renewed policy in your registered email ID’s inbox.||✅ Step 3: Finally, pay for the selected online two wheeler insurance cover and receive the new policy document via email instantly.|
The following are the consequences if bike insurance renewal after expiry is not done on time.
According to the Motor Vehicles Act of 1988, every bike owner is mandated to obtain Third-party Bike Insurance to ride on Indian roads. Non-compliance with this law can attract a fine of Rs. 2,000 and/or jail time for up to three months for the first offence.
If you do not renew expired bike insurance, you will not be financially protected under the policy. Hence, if you are involved in an unfortunate accident, you will have to bear all the expenses by yourself.
NCB in bike insurance is a discount on the premium awarded for completing a claim-free policy term. You can receive up to 50% discount after five successive claim-free terms. However, if you delay your bike insurance renewal after expiry (beyond 90 days) you could permanently lose your accumulated NCB.
Another consequence of not buying bike insurance after expiry is you may have to buy a new policy from scratch. This may include an inspection of your two-wheeler. This process could take up more of your time and money as compared to renewing bike insurance on time.
Visit the website of the Ministry of Road Transport and Highways – VAHAN.
Click on the icon titled “know your vehicle”. Then, input your vehicle number and verification code.
After that, click on “Search Vehicle” to find out the validity status of your bike insurance. Also, you can check your two wheeler insurance expiry date online.
If you are an ACKO customer, you can verify your insurance status by visiting the ACKO website and signing into your account. The expiry date is also mentioned in the policy document.
The grace period is a 30 to 90 day period after your bike insurance has expired, wherein you can renew your policy without losing the accumulated NCB and other benefits. However, you will not receive any coverage during this period. So, if you incur any accidental damages, you will have to pay for the repair costs yourself.
Apart from that, if you get caught riding without valid Third-party Bike Insurance, you may have to pay a fine or even serve jail time. That is why we advise against waiting until the two wheeler insurance renewal grace period to get your bike insurance renewed. It is wiser to get it renewed 10 to 15 days before the expiry of the policy.
If your two-wheeler insurance has expired, you can get it renewed during the 30 to 90 day grace period, without losing the No Claim Bonus (if applicable). Nonetheless, if you are beyond the grace period, you can still renew your expired bike insurance (without the NCB and other benefits if any). However, your vehicle may have to undergo an inspection before insurance is granted.
Here are some tips to avoid your bike insurance from lapsing.
1. The foremost way to prevent your policy from lapsing is renewing it well ahead of its expiry.
2. Closer to the expiry date, insurers usually send reminders via email/sms alerting you to renew your policy. If timely action is taken, you can avoid policy expiry.
3. Purchase long-term bike insurance. Such a policy has a 5-year term period, so you don’t have to worry about annual renewals.
Rajesh forgot to renew his bike insurance on time and so it eventually expired. Fortunately, he renewed his bike insurance within a month of expiry and saved his accumulated NCB, and received a renewal discount.
His friend Rahul on the other hand, also forgot to renew his bike insurance on time, but didn’t renew it. Unfortunately, he was unfortunately involved in a bike accident without an active bike insurance policy. Because he didn’t possess valid two-wheeler insurance, he had to bear the repair expenses for all the accidental damages.
The takeaway from this story is that bike insurance has to be renewed on time. Nevertheless, if the policy expires, make sure to renew it at the earliest.
The legal penalty for riding without a bike insurance policy is usually a fine of Rs. 2,000 and or serving three months of imprisonment. For the second offence, you may have to pay Rs. 4,000 as a fine and/or serve three months in jail.
The break-in period in bike insurance refers to the period between when your policy expires and when you get it renewed. During this period you will not receive any insurance coverage.
Yes, it is possible to renew bike insurance after the expiry date.
It is possible to perform expired bike insurance renewal online and offline provided your insurer has both facilities. However, it is more convenient to renew expired two wheeler insurance online than offline.
Yes, you can change your bike insurance policy after it expires, at the time of policy renewal.
You can compare bike insurance plans online by utilising the bike insurance calculator tool on an insurer's website. This tool allows you to input your insurance requirements and generate a free quote. Compare multiple plans using this method and choose the one that best suits your needs.
Yes, you can do two wheeler insurance renewal online after expiry, provided your insurer has that option. So, check if this feature is available in advance. That way, you can easily renew your expired bike insurance from anywhere and at your convenience.
You can renew bike insurance online after expiry by visiting your insurer’s website/mobile app, entering your personal account and choosing the desired coverages. Once you have selected what you want, you can make an online payment and receive your renewed policy document in your email.
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