How to Renew Lapsed Two Wheeler Insurance Policy?

In simplest terms, two-wheeler insurance provides security against any financial obligation that may incur due to unforeseen mishap, which may lead to loss/damage or demise of a person by your two-wheeler. To ensure the safety of not only the rider but as well as the third party, The Motor Act has made it a mandate for all two-wheeler owners to buy third-party liability cover. While most people in India, do not take buying an insurance policy as necessary and in case if they buy the policy they do not renew the policy once it has lapsed.

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Considering the same, the Insurance Regulatory and Development Authority of India directed the insurers last year to provide long-term third-party liability cover.

What is a Lapsed Policy?

When the advantages to the policyholder are stopped and are ended due to non-payment of premium sum on the due date or significantly after the grace frame is called a lapsed policy.

Besides, when a policy is not renewed on time eventually the policy has lapsed.

Renew Your Two-wheeler Lapse Insurance Policy Online

On the off chance in the event if you are someone who thinks not buying a two-wheeler insurance policy will wind up setting aside cash then despite what might be expected to renew your two-wheeler insurance policy will give you more advantages relatively. It is to be noted that while you are renewing the two-wheeler insurance policy make it a propensity for assessing your prerequisites, as there is a possibility that the requirements would have changed in the past year.

Points to be Considered while Renewing Your Two-wheeler Insurance

  1. Always compare two wheeler insurance policies as you have a plethora of options in the market and accordingly choose the one that suits your requirements. You can simply compare the plans online.
  2. If you are wondering whether you can switch to a different insurance provider because you are dissatisfied with kind of coverage, you are availing currently from your insurer or it being heavy on your pockets. Then in all likelihood, you may dos o and this will not be an issue.
  3. In the preceding years, if you have not filled for any claims then you are eligible enough to benefit the status of No Claim Bonus from your insurance provider.
  4. Last, not the least, to avoid riding on an uninsured two-wheeler vehicle and not paying for additional expenses because of two-wheeler vehicle insurance policy lapse it is advisable to keep a track and renew your policy much in advance.

Buy A Multi-Year Two Wheeler Insurance Policy Online

As the Insurance Development And Regulatory Authority Of India have as of late permitted two-wheeler insurance companies to offer long haul insurance policies for a time of as long as three years.

The thought behind this strategy is to encourage the two-wheeler riders to get their two-wheeler insurance policy renewed and be secured throughout. These days buying a two-wheeler insurance policy is not a tedious task and one may simply buy the policy online and it is likely possible to avail discounts on the same.

In all likelihood, if your two-wheeler policy has lapsed do not worry about it. You always have the option of renewing the two-wheeler policy and choose your preferable bike insurance cover. To ensure a hassle-free renewal process jotted below are steps which will be of help to you in the process:

Lock the Insurance Company: First things first, it is of prime importance to finalize an insurance company. While doing so what needs to be taken care of is that choose a company, which gives you the best premium depending on your two-wheeler’s age and model. At the same time, you can always compare the prices online and take an in-depth understanding of the alternatives available in the market.

Inspect your Two-wheeler: While you are planning to get your two-wheeler policy renewed, it is good if you get your vehicle inspected and be assured of any pre-existing damages. If any damage exists and the gets in the notice of surveyor chances are, you might be denied insurance. Please note that the insurer who will be inspecting irrespective of the fact whether there is damage may charge you or not.

Buy the Policy: Post the completion of the inspection process you can buy the policy both online or offline depending on what your preference is. Sometimes, there are chances that you might to need to buy the policy within 24 hours of inspection from the insurance company.

No Claim Bonus: It is worth to be noted that if your policy has lapsed for more than 90 days then you cannot claim for the No Claim Bonus.

Renewal of the Policy: On the off chance if you wish to continue your renewed policy from the previous insurer you may contact the same and get more information on how to go about it and renew the policy. Post the completion of the formalities your policy will be renewed. In India, a 3rd party motorbike insurance cover is a mandate and does not compromise on this aspect or else you will have to bear the consequences.

Advantages of Online Renewal of Lapsed Policies

It is possible that despite the continuous reminders from your insurer you will miss to renew the two-wheeler insurance, which leads to the lapse of the policy. Do not be in a state of panic rather go online and renew the lapsed policy.

Renewing the policy online has its share of advantages, which have been enumerated below:

  • In case of any query, you can always avail customer service assistance throughout the process of renewal.
  • Less of paperwork and documentation when you are renewing the policy online.
  • You have the option of comparing diverse plans from the plethora of alternatives available in the market and choose the policy of which fulfils your requirements.
  • If the policy has lapsed for more than 90 days then you do not need to provide last policy information.
  • You do not have to bear any additional charges during the renewal process.
  • Lastly, the renewed policy will be issued swiftly.

Avoid Lapses in Policy Renewal

The smart way to avoid a lapse in the policy is to simply choose a plan, which offers long-term coverage up to 3 years or so. This will not just suffice you from the yearly renewals but moreover, you will have palpable advantages. Besides, do not forget to renew the policy on time. Moreover, while buying a policy always opt for services like email alert or SMS alert. This will also help you to keep a track about the same.

It is recommended to read the policy wordings carefully and take an understanding of the policy coverage, its exclusions, etc.

In the End

Ensure that you do not do the mistake of letting two-wheeler insurance lapsed to avoid the hassles. It is better to be safe than sorry. Moreover, for those of you who still do not have one go and get it to avoid penalties.

Riding a bike is never easier you just go faster.

Written By: PolicyBazaar - Updated: 27 June 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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