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How to Renew Expired Bike Insurance Online

By Finserv MARKETS - Dec 24,2019
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How to Renew Expired Bike Insurance

Riding a bike is fun. Apart from the thrill it gives one, a bike is the most time-saving mode of road transportation. However, if you use a bike regularly, you surely understand that it is risky to ride it, especially in a country like India where the roads are congested. Therefore, buying only the mandatory third-party bike insurance is not enough. You need a policy that can cover damages done to your bike and the complete loss of the bike due to accident or theft. With the right insurance policy for your bike, you can have complete peace of mind.

However, only buying an insurance policy is not enough. You need to remember the validity date of the insurance plan and renew the expired bike insurance policy to make sure that your plan is not discontinued.

How to renew bike insurance

To continue enjoying the benefits of your bike insurance plan, you need to renew the policy every year in a timely manner. Insurance companies give sufficient reminders to policyholders so they do not miss the renewal date. However, as a responsible policyholder, it is your duty to keep the expiry date in mind.

An expired policy means that no damages to your bike or a third-party will be covered by your insurer. You certainly do not want to end up in a situation wherein you are no longer covered by the policy after your bike is damaged due to an accident. So, when the policy expires, you immediately need to take actions to renew the expired bike insurance and continue the protection for your two-wheeler.

You may be thinking about how to renew bike insurance. The process is quite simple and you can complete it online.

Follow these steps to renew the policy:

  1. Visit the insurer’s website and find the renewal option
  2. Provide the details regarding your previous policy
  3. Provide the information about your bike
  4. Provide details about you, including your name and contact details
  5. Find the renewal details to know if the premium or any other charges have changed
  6. Pay the premium online to complete the renewal process and enjoy protection

This is how to renew bike insurance when it has expired.

Disadvantages of policy lapse

Expired bike insurance has many disadvantages. Below is the list of most significant drawbacks.

  1. Increase in out-of-pocket costs
  2. Financial security discontinues
  3. Risks regarding your bike remain covered
  4. No availability for cover for accidents

Now that you know how to renew bike insurance, make sure that you never miss a renewal date again. Get in touch with us and opt for Bajaj Allianz two wheeler insurance for up to three years with our hassle-free claims and inspection process and no hidden charges. What’s more? You can avail of the easy renewal process that doesn’t require inspection or documentation and easily transfer up to 50% of your existing No-Claim Bonus to us.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522