Riding a two-wheeler is among the most freeing experiences you will ever have. It allows you toenjoy your travels and offers a whole lot of convenience. At a time where car owners get stuck in traffic, you can easily maneuver through traffic on your bike. However, bike riding also has a great deal of dangers. Making a single mistake on the road can lead to dire consequences. The bike you possibly have an emotional connection could take a lot of damage, or worse, you could end up getting hurt yourself. Ideally, the best way to safeguard yourself from such a situation is to ride safe with proper gear. However, sometimes accidents happen despite your best efforts to avoid them. In such a situation, the most helpful thing you can have is a good bike insurance policy.  

However, a bike insurance policy is an annual product. This means that you must make sure you make premium payments each year on time. With most policyholders, that is the case. However, with newer policybuyers, there is often confusion about a lot of things. One of these things is what happens if they don’t renew their bike insurance.  

Missing bike insurance renewal. 

The act of paying the premium and continuing the coverage for your two-wheeler is known as bike insurance renewal. This renewal has a due date. Once you miss this date your bike insurance coverage is expired. After the expiry, the insurance provider will give you a break-in period. In most cases, this break-in period is of 90 days. This period allows you to reinstate your coverage as it was. While you still have the option of renewing your coverage, the benefits of the policy will not be applicable to you until your pay the premium. In the case that you fail to renew your policy during this break-in period too, your plan will be terminated. At this point, the only option you have is to buy a new policy entirely. 

Upon termination, all types of coverage that you had under the policy become null and void. This includes both the cover for own damages and protection against third-party liabilities. This means if you end up getting into an accident, any damage or loss will have to be covered by you. This includes both your own damages and third-party liabilities. Most importantly, riding a bike without a valid insurance policy is illegal. If you are caught by a traffic police personnel riding without insurance, you will be charged a huge fine. 

So far, you know that you lose that your basic coverage. However, if you have purchased additional benefits with your coverage. For example, the additional cover known as No Claim Bonus offers you a discount on the premium with each year that you go without making a claim. Usually, this benefit starts with 20% after the first year of buying the policy and can go up to 50% depending on your insurance provider. However, since your policy is terminated, you lose this benefit as well. The new policy that you would have to buy will not offer you this at least for another year. 

The most exhausting part of having a bike insurance plan expire is having to buy a new one. You have to spend money on a new policy. Moreover, you must go through the rigorous process of documentation and verifications. 

 

How can you avoid this? 

Firstly, you must make sure that you pay your premium on time. This means ensuring that there are no obstacles in your way of doing so. One of these obstacles can be the process of renewal itself. Traditionally, you submit documents, fill out forms, and make the payment over a period of days or weeks. The processing of this renewal can also take more time. Hence, the solution here is to change the way you renew your policy. Go for online bike insurance renewals through the insurance provider’s website or their mobile app.