Riding a bike is an experience that everybody looks forward to. Every 18-year-old in India waits for the time his father will buy them a scooter/bike. Riding that bike would be one of the most freeing experiences. Moreover, it is a more efficient way to travel. In addition to feeling the wind on your face, it gives you advantages in traffic that others don’t have. The best example of that is that you can simply weave through traffic while others have to wait for it to clear up.
At the same time, bike riding is extremely dangerous. Making a single error on the road can lead to major troubles in various ways. Hence, you have to make sure that you protect your vehicle and yourself. In an ideal situation, the best way to ensure safety is to ride your bike safely and wear protective gear. But you never know when you might get into such an incident despite being cautious. Hence, it is important to have a good bike insurance policy.
As per traffic regulations, it is only mandatory to have a third-party insurance policy. That is to ensure that every driver has coverage for any third-party liabilities. However, when it comes to protecting yourself, third-party policies cannot do anything. That is because they do not offer coverage for own damages. Hence, when you buy bike insurance online, it is essential to have a comprehensive coverage. More importantly, you have to keep renewing the policy to make sure your financially protected. But what happens if you fail to do so?
What is a break-in period?
A bike insurance policy lapses when the insurance company says that your coverage has expired. This happens when you fail to pay the premium on time. This means that if you fail to pay the premium, your policy will lapse. However, the policy benefits are still not lost. After you miss the payment and lapse your policy, you will be given a break-in of 90 days.
The break-in period is essentially your last chance to retain your coverage. Although you can reinstate your plan during a break-in period, you will not have any benefits during this period. This is because, the coverage is offered in exchange for then premium. If you miss the premium payment, you will not receive any coverage. The break-in period is essentially just to give you a last chance of retaining your coverage. If you miss this chance as well, your policy will be terminated. You can visit the official website of IRDAI for further details.
What happens when your policy is terminated?
Once your policy is terminated, all of the coverages that were previously offered policy benefits are no longer available at the time of two wheeler insurance renewal. This includes comprehensive coverage as well as third-party liability coverage. That means you are completely protected from any damages, losses, or injuries caused by an accident or theft. As a result, you will have to cover both your liability and repairs on your own. Hence, it is important that you first compare bike insurance price online and renew your bike insurance policy on time.
How to Renew Bike Insurance Policy During The Break In Period?
The process of renewal would pretty much be the same. You would have to present the following documents when you renew your policy during the break-in period:
- A copy of your lapsed policy documents
- The Registration certificate of the bike
- Valid driving license
After you provide these documents and make the payment, your vehicle will be inspected as it is while buying a policy. Once the inspection is complete, the insurance company will give you the new policy documents. You can visit the official website of IRDAI for further details.Remember, insurance is the subject matter of solicitation.
