Motorcycle insurance renewal lets you enjoy the continuous benefits of your third-party, comprehensive or own-damage insurance. However, what many people don’t know is that insurance companies often conduct thorough inspections before renewals.
But there is a way to avoid inspections and continue to enjoy benefits. In this blog, we will see how you can renew your motorcycle insurance without an inspection.
When are You Eligible for Motorcycle Insurance Renewal Without Inspection?
Many people believe that motorcycle insurance renewal starts with an inspection. But that’s not always the case. Certain situations do not call for an extensive inspection. They are:
- You Renew Bike Insurance on Time
Renewing your bike insurance on time allows you to enjoy comprehensive and continued coverage. Plus, if you have not claimed within the policy year, the insurer views you as a low-risk profile. In this scenario, insurers usually do not conduct any inspection.
- You Don’t Make Any Aftermarket Modifications
Aftermarket modifications can influence your premiums when you renew. If you have added any customisation to your bike, such as engine remapping, your insurance company will inspect it. The main aim of inspection is to check its legality and assess risk.
- You Have a New Bike
If you have purchased a second-hand bike, then an inspection becomes necessary. This is because second-hand bikes demand ownership transfer, which companies must check out for proper premium evaluation.
- Your Bike Doesn’t Get Damaged
If you have claimed your bike insurance due to an accident, natural disaster or fire, your insurer will inspect it at the time of renewal. They will check the condition of your bike and decide your premium based on that.
Steps to Renew Motor Insurance Without Inspection
Step 1: Note Your Details
You will need your driver’s license, vehicle registration and RC number for your policy renewal. Moreover, keep your previous policy details such as policy number, issuance date, and premium amount handy.
Step 2: Visit Your Insurer’s Website
Once you have all the documents and information, visit your insurer’s website or app. There, you will find a section called My Profile, where you can renew your bike insurance.
Step 3: Enter Your Details
Your next step is to enter your policy details and bike details into the slot. If you wish to change any coverage or details about your policy, you can do so now.
Step 4: Make Payment
Once you have reviewed your policy details, made the payment, and your third-party bike insurance will be activated.
Step 5: Receive Soft Copy
You will instantly receive your bike insurance soft copy, which you can download for future reference. You can also print it out for safekeeping.
What Happens When You Don’t Renew Bike Insurance?
Now that you know the steps for bike insurance renewal, let’s see what happens when you don’t do it on time.
- No Coverage
When you first miss your insurance renewal date, you enter the grace period. This is a 30-day period, during which you can renew your policy without losing any benefits. However, you must know that you cannot enjoy any benefits during the grace period.
- Legal Trouble
Missing your renewal date apparently means that your coverage is over. Therefore, you are not covered during the grace period, and it’s also illegal to drive a bike without active insurance. If caught, you may have to pay ₹2,000 to ₹4,000 and face imprisonment.
- Without No-Claim Bonus (NCB)
No-claim bonus is an important advantage that lets you reduce your premium for your own damage. However, if you do not renew your bike insurance, then you will lose any NCB you have accumulated. Moreover, if you do not renew it within the grace period, you will have to purchase insurance again, which could be financially straining.
Final Thoughts
Motorcycle insurance renewal is more than just some paperwork; it’s a way for insurance companies to determine how much risk your vehicle poses to the company. The older your vehicle, the higher your premiums. For this, they conduct thorough inspections.
You can avoid it easily by always being transparent about your two-wheeler and renewing on time.
