Everything You Need to Know About Lapsed Two-Wheeler Insurance Plan

Are you one of those people who forget to make bill payments on time? If no, that’s so nice; keep it up. If yes, then take a deep breath. You know so well about the trail of the consequences that follow and snatch away your peace of mind. You have to pay a penalty in the form of late payment fine, and if you don’t make that payment on time, your services can be terminated. In the worst case scenario, the company may take legal action against you.

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The same might happen if you forgot to renew your two-wheeler insurance policy. You are human and humans make mistakes. Nobody forgets to renew their policy on purpose and we understand that. At times, you are busy with so many things happening at once. You know you have to renew your policy; still, you are not able to renew it on time. It’s alright if you forgot. Here is everything you need to know about a lapsed two-wheeler Insurance policy. 

What is a Lapsed Policy?

Lapsed 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 Automobile Insurance Policy Lapses?

In case your policy remains lapsed for a period of 90 days, it affects adversely your No Claim Bonus (NCB) and it gets fortified. The insurance company can hike your premium for the next cycle. Also, you might be exposed to a variety of risks that comprises third-party liabilities as well. In case your automobile meets with an accident without any insurance cover, you will have to bear all the cost of repairing the damages. To avoid this unfavourable situation, it is safe to renew your automobile insurance policy before it gets lapsed.

 Lapsed Two-Wheeler Insurance

How to Renew your Lapsed Automobile Insurance Policy?

You can easily renew your lapsed automobile policy through two modes, i.e. online mode 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 most importantly, 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, vehicles’ registration number, in case you have selected add-ons, those details are required to.

Step 2 - Just log on to the official website of your insurance provider.

Step 3 - Enter your plan details.

Step 4 - Make payment using your Debit/Credit card or NEFT and complete your transaction.

Four steps, a few clicks, and it’s done. Your insurance provider will email the soft copy of your renewed policy at your registered email id.

Offline Mode

It is also known as the traditional mode of renewing an insurance policy. You can renew your policy by offline mode by going to the branch of your insurance company. It is advised to carry your documents related to the policy. Once the documents received by the insurance provider, the process of reviewing will be initiated. Since your policy lapsed, your vehicle is subjected to inspection prior to its renewal. 

You may like to Read: Renew Your Two Wheeler Break-in Insurance Policy

Why Online Mode of Payment is Preferred Over the Offline Mode of Payment?

As you know that the online mode of payments is hassle-free.

When your 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 can you Ensure that your Policy will not Lapse?

The answer to this question is that you should opt for a long-term two-wheeler insurance policy, as it is easy and simple to understand that it provides you with the 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.
  • You are immune 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 with the Renewal of Two-Wheeler Insurance?

No, it is not a mandate to renew the add-on covers (additional riders), which you buy with your bike insurance plan. Additional riders like NCB protection, zero depreciation, engine cover, etc. are meant to offer your bike an extended coverage. Hence, renewing these riders is totally your call and depends on your driving skills too.

You may like to Read: How to Renew Lapsed Two Wheeler Insurance Policy

Over to you!

To conclude, as much as you like living on the edge, riding an uninsured two-wheeler is as safe as walking on a tight rope, or between two steep cliffs.

Not only your bike is at risk, but you also stand a peril to lose so much even in terms of premium. This might sound too dramatic – you’ll take the law in your own hands!

So, go and get that insurance policy today. And, if you have one, do not forget to renew it on time.

Written By: PolicyBazaar - Updated: 23 September 2021
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