For most of us, our two wheeler is a sense of pride and an object of necessity. A two wheeler insurance policy is an absolute necessity if you are looking at protecting your vehicle against third party liability, unexpected damage and theft. A two wheeler insurance policy can come to your rescue and can save your precious pennies by covering the costs for repairs and damages. But, just purchasing an insurance policy for your beloved two wheeler won’t suffice. You must be attentive and careful enough to renew it before the policy lapses. Sometimes, it just happens so that you notice the renewal date only after it has passed by. You might have been on a vacation or loaded with work due to which the policy renewal date would not have crossed your mind. Even after a two wheeler insurance policy has lapsed, you can renew it online. Follow the easy steps detailed below to renew your expired insurance policy without any hassles.
- Finalize an Insurance Provider
You have to zero-in on an insurance company that offers the most competitive premium for your vehicle’s age and model. You can make use of third party comparison sites to compare the features of various insurance policies in the market.
- Get your Vehicle Surveyed
If you are getting your insurance renewed, you must also get your vehicle inspected by a surveyor to ascertain pre-existing damages. If there is an existing damage, your vehicle could be denied an insurance. Also, if the extent of the damage is less, the damage could be excluded from two wheeler insurance coverage. You might also be charged a basic nominal fee by your insurer for the inspection irrespective of if there is a damage or not.
- Purchase the Policy
Once the inspection is done, you are ready to buy a two wheeler insurance. With some insurers, you have to purchase the policy within 24 hours after inspection. You can also choose to purchase the policy online.
- No Claim Bonus (NCB)
In most of the cases, if the policy has lapsed for more than 90 days, you will not be getting the No Claim Bonus. NCB is the discount on yearly premium and this could prove to be a major loss if you have no claimed it for the past 3-4 years.
- Renew your Policy
If you are planning to again take a policy with your previous insurer and the policy has lapsed, you can call your insurer to get more information on how to renew it. After an inspection, you will be able to get your renewed insurance policy.
To drive a two wheeler that is uninsured and without a valid third-party cover is a liable offence in India. Hence, it is very important to keep your two wheeler insurance policy up to date and valid. You can set up renewal reminders to help you renew your policy on time. Even if your policy has lapsed, you must take all necessary steps to renew it immediately so as to avoid having to pay dearly for an accident or an unexpected mishap.
Benefits of Online Renewal of Expired Policies
In spite of the multiple notifications that you received from your insurer for policy renewal, have you still missed the last date? Worry not, as you can renew the policy online. Online renewal is beneficial in the following ways:
- Most insurers do not mandate inspection and related documentation when you renew your insurance online.
- You do not need to pay any additional charges for the convenience of online renewal.
- The renewed policy will be issued quickly.
- If the insurance has lapsed for more than 90 days, you are not required to furnish previous policy details.
- You can compare plans from leading insurance providers and identify the policy that meets your requirements.
You can avail assistance from the insurer’s call centre in case you have any queries on the online renewal process.
Methods to Renewal or Purchase of Two-Wheeler Insurance
Most insurers today allow online purchase or renewal of two-wheeler insurance policies through their websites or mobile applications. This is an extremely convenient form of policy purchase from the customer’s perspective. If the policy is renewed from the same insurance provider, the entire process is quicker as all prior claim information is present in the database already.
- Renewal of policy through the website - You can visit the insurance company’s website and follow the necessary steps for renewal. Ensure that all information that you provide is accurate and up to date. You should keep your old insurance policy, your debit card, and your internet banking information handy while you apply for the insurance. At the end of the process, you will be provided a digital policy in the form of a PDF for future use.
- Renewal of policy through mobile apps - You can choose to renew your two-wheeler insurance policy through the insurance company’s mobile app as well. You will be required to furnish information such as the registration number of the vehicle, its model, manufacturer details, etc. Details of the previous policy is also required. Once all the information is keyed in accurately, you can agree with the insurer’s terms and process the payment of the premium.
FAQs – Frequently Asked Questions
- What is Long Term Two-wheeler Insurance?
Long Term Two-wheeler Insurance (LTTW) was introduced by the Insurance Regulatory and Development Authority of India (IRDAI). If you choose to purchase such an insurance policy, it is valid for three years, and you do not need to renew it annually. Long term insurance also gives you significant savings on premium by making you immune to the revision of rates every year. The No Claim Bonus will be applicable after one or more claims based on the duration of the policy.
- What happens to the two-wheeler insurance when I sell my bike?
When you sell your two-wheeler, the insurance is transferred to the buyer of the vehicle. The buyer is required to apply for transfer of insurance with the insurance company, within 14 days from the date of transfer of ownership. If you substitute another vehicle of yours in this policy, you will be unable to transfer the insurance to the buyer. He/she will be required to purchase a fresh insurance in this situation.
- What penalty is incurred when the two-wheeler is uninsured?
Section 197 of the Motor Vehicle Act 1988 mentions that driving without an insurance will attract a fine of up to Rs.1,000 or up to 3 months imprisonment, or even both.
- Can I transfer my No Claim Bonus?
Yes, if you are changing insurance providers at renewal, you can get your No Claim Bonus transferred, provided that you get your two-wheeler insurance renewed within 90 days from the due date of the previous policy.
- What documents are required for the transfer of the NCB?
To transfer a No Claim Bonus, you will have to furnish evidence of your entitlement to the bonus from your previous insurer. This could be in the following formats:
- A notice for policy renewal
- A letter from the previous insurer that confirms the accrued NCB
- A written declaration
- Can specific accessories of my motorcycle be insured?
For insuring two-wheeler accessories, you will be required to pay an additional premium. All accessories that are factory fitted are insured automatically under the policy that you hold. However, if you have installed the accessories later (i.e., after the bike was initially insured) then you will have to get them insured separately.
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