Forgetting to renew an expired bike insurance policy can lead to fines, losses of rewards, and coverage gaps. However, the process of getting back on track and restoring lapsed policies is now easier than ever through online renewal.
This article will cover the implications of expired policies, documents needed for hassle-free online renewal, step-by-step procedures, what to expect after renewals, and pro tips to avoid future lapses.
Read on for a standard approach to renewing lapsed two-wheeler insurance digitally.
Implications of Letting Bike Insurance Lapse
While an odd delay here or there may not seem consequential, letting your insurance lapse can have serious repercussions:
- Buying New Policy Instead of Renewal – Lapsed policies mean undergoing the full process of buying new insurance instead of a simple online renewal. This also means forfeiting renewal benefits such as NCB
- Losing NCB Discounts – No Claim Bonuses (NCB) give attractive discounts on premiums. However, these rewards are lost if you allow policies to expire before renewal. You may lose incentives worth upto 50%, inflating premiums significantly.
- Losing NCB After 90 Days – If you wait over 90 days after expiration to renew, previously earned NCB rewards are forfeited. This causes premiums to shoot up at the next renewal.
- Medical Tests on New Policies – Allowing insurance to lapse beyond a year leads to the next policy being treated as brand new.
- Fines & Imprisonment – Riding without active insurance attracts heavy penalties for expired bike insurance under the Motor Vehicles Act. It can result in fines of up to 2000
Documents Required for Online Renewal
Online renewal for expired bike insurance requires submitting only a few key documents:
- Previous Policy Copy – Keep scanned or hard copies of expired insurance with details like policy number, claims, if any, tenure, etc., handy for renewal.
- RC Book – The registration certificate with the bike registration number, engine number, chassis number, etc., is mandatory.
- Existing Insurer Details – Note down your previous insurer’s name to easily retrieve older policies.
With these documents on hand, online renewal for expired bike insurance after a short gap is quick and convenient.
Step-by-Step Guide for Online Lapsed Insurance Renewal
Follow these simple steps for renewing expired policies with minimal hassles:
Step 1: Compare Bike Insurance Quotes
Use online comparison tools to identify the most affordable and comprehensive bike insurance options. Consider add-ons like zero depreciation.
Step 2: Visit the Kotak General Insurance Website
Go to the Kotak General Insurance website directly and locate the appropriate section for renewing expired bike insurance. Move through the purchase journey for renewing a lapsed policy.
Step 3: Share Vehicle, Personal and Previous Policy Details
Accurately share registration number, personal info, expired policy tenure, claims, if any, NCB earned earlier, etc. These validate your previous insurance history to process the renewal.
Step 4: Adjust Insured Declared Value and Coverage As Needed
Evaluate if the existing IDV reflects the current bike value adequately or needs revision. Similarly, reassess if you need only third-party coverage or more extensive damage policies after expiry. Make adjustments for optimal protection.
Step 5: Make Online Payments
Pay due premiums through preferred modes like cards, net banking, mobile wallets, etc, securely on the Kotak General Insurance website to complete the online transaction.
Step 6: Download the Renewed Policy Copy
Finally, download the updated policy schedule reflecting renewal for your records. Carry digital copies during rides for proof of renewal.
The standard digital process makes online renewal for expired bike insurance from Kotak General Insurance very convenient.
What Happens After Renewing Lapsed Insurance Online?
After paying premiums and downloading renewed papers, the following are the next steps to consider:
- Immediate Coverage – The policy becomes active immediately upon receiving premiums. However, coverage begins two days later.
- Inspections if Needed – The revived insurer may inspect vehicles in some cases before confirming renewals. You will be contacted if an evaluation is needed before approval.
- Policy Copy in 30 Days – Soft copies are delivered instantly via email and reflect on the Vahaan app within 24 hours. It’s advisable to carry them during rides as legal proof.
- NCB Continuity – Existing NCBs may get transferred to the new policy depending on conditions. Maintain coverage to earn higher incentives over time.
Tips to Avoid Lapsed Bike Insurance Incidences
Here are some tips for bike owners to avoid gaps in coverage due to oversight or delay:
Set Renewal Reminders
Renewal notices are provided in advance. Still, set reminders on phones, apps or calendars so the date is clear in your mind. Keep buffer time as well to complete formalities beforehand.
Pay Large Deposits
Paying lump-sum premiums is allowed in advance for 2-3 years at once. This covers you in case you miss renewing a particular year. The deposited amount keeps policies active unless it runs out for multi-year insurance
Enable Auto Debit
Instead of manual payments, set up auto-debit from your bank account or card to deduct premiums as required, providing a safety net in case you forget.
Conclusion
Renewing your expired two-wheeler insurance online is easy with the help of this detailed guide. It is important to maintain continuous insurance on your bike to ensure maximum financial safety on the roads. Use online insurance platforms to compare policies and premiums to get the best value for your money. It is your responsibility to comply with insurance renewal timelines and remember to drive safely while enjoying the freedom of riding on two wheels!