Riding a bike is one of the freeing experiences that one can have. Not only does it let you feel the wind on your face, but it also ends up saving you from heavy traffic. This means you can simply weave through traffic while others have to drag through it.
However, bike riding is also very dangerous. Even a single mistake on the road can have dire consequences for both you and your vehicle. Ideally, riding safe is the best protection against any incident. But, to make sure you are protected in the event of an accident, you should have a good bike insurance policy.
While it is mandatory by law to only have a third party insurance policy, it does not cover damages to your vehicle. Hence, a comprehensive policy is your best option. However, even with a comprehensive policy there can be certain limitations. One of these is that it provides coverage for a fixed amount of time. This means you have to keep renewing it to avail its benefits. This raises another question; what if your policy expires before you renew it?
What happens when your two wheeler bike insurance policy expires?
A bike insurance policy expires when you fail to pay the premium before the last day of coverage. Once, your coverage has expired, the insurance company provides you with a break-in period of 90 days. A break-in period is a fixed time during which you can reinstate your plan. However, you will not have any benefits of the policy during this reinstatement period. If you miss this window as well, your plan is terminated.
Once your policy is terminated, all kinds of coverage that the insurance plan offered become null and void. This includes coverage for damage to your own vehicle along with third-party liability coverage. This means you are completely unprotected from any damage, loss due to an accident, theft, or any other mishap. Hence, you will have to cover both repairs and liabilities on your own. Moreover, it is illegal to ride a bike without insurance. Hence, if you are caught riding without insurance, you will have to pay a hefty fine.
Not only do you lose your insurance coverage, but you also lose benefits like NCB. Known as No Claim Bonus, it rewards you for every year you avoid making claims. Considering that your NCB benefit can range between 20% and 50% of your premium, you may have collected ample of rewards over the course of years. Letting a bike insurance policy expire means no longer having getting these rewards.
Perhaps the worst part of an insurance policy expiring is having to buy a new one. Not only do you have to spend money again, you also have to go through the ordeal of documentation and vehicle inspection, along with other formalities.
What can you do about it?
Since the idea of insurance is having a solution before the problem arises, there is a solution for this problem as well. The ILTakeCare app from ICICI Lombard has an innovative feature known as Mobile Self Inspection. It lets insurance holders renew their expired policy with ease.
It saves time by making the mandatory vehicle inspection easier. Instead of having to be done by an authorized surveyor, the app allows you to inspect your vehicle yourself and submit the report to the insurance provider.
As per usual insurance process, the insurance provider starts a break-in period after you miss the renewal date of your policy. However, in the case of a usual renewal procedure, the policy is renewed only after the vehicle is thoroughly investigated. This can take a lot of time. On the other hand, an online bike insurance renewal done through the ILTakeCare app does not need a manual investigation.
The app shifts the entire process online. All you have to do is shoot a video of your bike as the guidelines given in the app and simply upload it. If you upload the video within the working hours of the insurance provider, your renewed policy will be issued on the same day. The few prerequisites required for the video are broad daylight, the camera to have a resolution of 3 MP or more, and an internet connection.