Know All About Lapsed Two-Wheeler Insurance Plan

Are you one of those people who forget to make bill payments on time? If yes, then you might face some consequences like a penalty fee. The same might happen if you fail to renew your two-wheeler insurance policy. Here is everything you need to know about a lapsed two-wheeler Insurance policy.

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What is a Lapsed Two-wheeler Insurance Policy?

When an insurance policy is not renewed on time, it gets lapsed. A lapsed policy is equivalent to ‘no policy’, as all the benefits and rights vanish when you don’t pay your premiums before the due date.

What Happens When Your Motor Insurance Policy Lapses?

If your insurance policy remains lapsed for 90 days, it would definitely affect your No Claim Bonus (NCB), and hence, it gets fortified. Even your insurer might hike the premium for the next cycle.

Also, you might be exposed to a variety of risks that comprises third-party liabilities as well.

If your uninsured vehicle meets with an accident without any insurance cover, you will have to bear all the costs of repairing the damages and pay for third-party liabilities.

To avoid this situation, it is suggested to two wheeler insurance renewal before it gets lapsed or before the date of expiry.

How to Renew your Lapsed Motor Insurance Policy?

You can easily renew your lapsed insurance policy through two modes, i.e. online and offline mode.

Online Mode

It is as easy as surfing the Internet. The online mode of renewing the lapsed policy is easy, hassle-free, convenient, and time-saving.

Follow the steps mentioned below and renew your policy within a few seconds-

  • Step 1 -Keep the required documents like previous policy details, and vehicles’ registration numbers handy
  • Step 2 -Log on to the official website of your insurance provider
  • Step 3 -Enter your plan details on the renewal page of the insurer's website
  • Step 4 -Make payment using your Debit/Credit card or NEFT and complete your transaction.

Just four steps, a few clicks, and it's done. At last, your insurance provider will email the soft copy of your renewed policy to your registered email id.

Offline Mode

It is a traditional mode of renewing a bike insurance policy. You can also renew your policy in offline mode. Here you will go to the branch of your insurance provider.

You must carry your documents related to the policy and vehicle. Once the documents are received by the insurance provider, the renewal process will be initiated. Since your policy lapsed, your vehicle is subjected to inspection prior to its renewal.

Why Choose Online Mode Over the Offline Mode?

As you know the online mode of 2 wheeler insurance renewal is simpler than offline, hence you can choose this.

When a bike insurance policy lapses, it is mandatory (as per the company policy of some insurers) that your vehicle needs to undergo a thorough inspection before the renewal of a lapsed policy.

When you renew a lapsed policy online, you have the liberty to skip this additional step.

How to Ensure That Your Motor Insurance Policy Do Not Lapse?

The answer to this question is that you should opt for a long-term two-wheeler insurance policy. It is easy to understand that it provides you with coverage for up to 3 years.

The following are the benefits of a long-term policy-

  • It relieves you from the responsibility of constantly keeping a track of the policy due date. This is very helpful for people who hold multiple policies.
  • It safeguards you against the risks of non-renewal, including challan.
  • It immune you to yearly change of the premium rate because of inflation, as you have opted for a long-term policy.

Is it Necessary to Renew all the Add-on Covers During Policy Renewal?

No, it is not compulsory to renew all the add-on covers (additional riders), which you might hold with your bike insurance plan.

Add-on covers like- NCB protection, zero depreciation add-on cover, or engine protection cover extend your coverage by paying a little extra premium.

Hence, renewing these riders is your call and also it depends on your driving skills. However, you have to renew third party bike insurance, as it is mandatory cover in India. 

Over to you!

To conclude, as much as you like living on the edge, riding an uninsured two-wheeler is as safe as walking between two steep cliffs. This not only risks your bike or your life but you are legally and financially liable for the consequences. This might sound too dramatic – you will take the law into your own hands! Therefore, renew your bike insurance policy on time or before the expiry date to keep the coverage intact.

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis