When it comes to two-wheeler insurance, whether there is a lockdown or no lockdown, you need to get your bike insurance renewed. If you don't, then you would be liable to pay Rs. 2000/- as a fine or face 3 months imprisonment! Not an exciting thought, is it!
You might not take your two-wheeler out during the coronavirus crisis-induced lockdown, but as per law, it is mandatory to renew your two-wheeler insurance. The number of COVID-19 cases has shot up to almost 26 lacs, and India is touching almost 19000 cases.
The lockdown has been extended to May 3, 2020, by the Prime Minister, Mr Narendra Modi. You will be doubtful regarding to your two-wheeler insurance during the lockdown. We will show you that there is no need for concern regarding renewal of your coverage and making sure that it does not lapse.
If you have third-party two-wheeler insurance for which premium is due after March 25, 2020, and before May 3, 2020, you can pay the premium before May 15, 2020, or on that date. This is because the lockdown has been extended beyond the original date. If there is any damage to such policyholders before May 15, the insurer has to admit the claim and pay for the damages.
If your two-wheeler insurance policy has expired before the lockdown period or if you have a comprehensive plan, then you are not entitled to this relief. This extension is only applicable if you have a third-party insurance policy.
Two-Wheeler Insurance Policy Renewal Rules
If you have purchased two-wheeler insurance, there are some essential points you need to keep in mind: Grace Period:
You should be aware of the fact that there is no grace period or an extended period in case of two-wheeler insurance beyond the premium renewal date by which you can pay your premium. If you don't pay within the premium renewal date, your policy will lapse, and there are certain benefits you will lose.
A grace period is not offered under insurance for two-wheeler insurance because you are expected to have third-party insurance for your two-wheeler as per government regulations. Insurance benefits can be claimed for accidents during the policy period for your two-wheeler.
If your two-wheeler insurance policy lapses, you will need to get it inspected by authorized surveyors from the insurer even if you miss paying the premium by one day.
No Claims Bonus:
If your two-wheeler insurance is not renewed within 90 days of the premium renewal date, then you are liable to lose the No Claims Bonus or NCB accumulated till date. Consider this; your NCB could be as high as 50% and you lose it by not renewing it.
You cannot leave your house during the lockdown except in case of an emergency. But, thanks to the digital facility, you can renew your two-wheeler insurance online from the comfort of your home.
How to Ensure Timely Policy Renewal
While you might have a lot of other responsibilities, you need to set reminders, offline or online, regarding payment of your two-wheeler insurance!
Most insurers have both email and SMS alert service, so sign up for both these platforms. You will reduce the chances of policy lapses due to non-payment of premium within the due date by forgetting about it. Alternatively, opt for a longer policy term. There are two-wheeler insurance policies with a duration of 3 years. Not only do you pay lower premiums and enjoy savings, but you also don't have to worry about forgetting to pay your premiums annually.
How to Renew Insurance Online
To renew your two-wheeler insurance online, you need to follow these steps:
Provide Policy Details
The first step is logging on to the portal of your insurer. There is some basic information that needs to be filled which would include your policy number and expiry date for your two-wheeler insurance policy.
The next step would be making the payment after the renewal quote appears on the screen. This will complete the renewal process. You need to keep your debit or credit card handy when making online payments. It is advisable to take a printout of the transaction which will be your payment proof.
Steps for Renewing a Lapsed Two-Wheeler Policy
If you have failed to renew your two-wheeler insurance before the due date, here is what you need to do:
Call Your Insurer : The first step for renewing a lapsed two-wheeler insurance policy would be contacting your insurer.
Days Lapsed : If your policy lapsed just a few days ago, then your vehicle might not need any inspection, and you can renew your two-wheeler insurance policy online. The policy papers should be with you while renewing the policy online to avoid any errors while filling in policy details.
If, however, 90 days have elapsed since the premium renewal date, it will prove very costly for you. Not only will you lose the no claim bonus or NCB accumulated, but you will also have to buy a new policy which would mean higher premiums.
Risks of Non-Renewal of Two-Wheeler Insurance
There are multiple risks that you are exposed to if you don't have two-wheeler insurance. They are:
- Penalty: You will have to pay a huge fine of Rs. 2000/- if you are founding riding a vehicle without two-wheeler insurance along with 3 months imprisonment.
- Loss of No-Claim Bonus You will have to pay a higher premium since you will lose the no-claim bonus that would help you to bring down the premium.
- Long Process It takes a long time to reactivate your lapsed two-wheeler insurance policy which includes filling up a form and inspection of your vehicle.
- Legal and Repair Costs: If you are involved in an accident, you will not only have to pay for the damages to your vehicle and that of the third party, but you might also have to pay compensation in case of death.
Be Smart and Renew Your Policy Now
If you are a two-wheeler owner and you have a third-party insurance policy, then you can pay your two-wheeler insurance online in a few minutes. Renew your two-wheeler insurance now for complete peace of mind!
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