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Never Ride Your Bike with a Lapsed Insurance Plan: Here's why

Your two-wheeler insurance renewal was two days back and you just missed it. You don’t know how to go about this now! Agreed you were unwell; you were overloaded with work or there was a family function and so you just missed it. The reason could be anything, but ultimately you’re stuck.

Buying two-wheeler insurance, allows you to protect your vehicle during eventualities. It is an annual contract between the insurance company and policyholder. Whether it is Third Party Insurance for two wheeler or Comprehensive Insurance, it needs on-time renewals to keep your cover effective. So, if you miss the date even by a day, there will be a break and you’ll need to buy a fresh policy. Moreover, who wants to pay a lot of money out-of-their-pocket in case the vehicle meets with an accident and get damages or get hiccups each time the traffic police stops for a regular check? With an invalid policy, one may face difficulties in situations like

In Case of Third Party Cover

Third party insurance offers coverage for damages to life and property of a third party when the insured is at fault. Motor Vehicles Act has made this cover mandatory for all vehicle owners, without it, plying your vehicle is an offense. However, a break in a policy doesn’t affect much as it is a compulsory cover and the premium is fixed. The insurer may cover you even after a certain period of break. But the only hurdle is one can’t make any claim during the time his/her policy is inactive.

In Case of Own Damage Cover

Without two-wheeler insurance, your own damage cover may get dangerously affected. In such cases, an inspection will be done by the insurer. Photographs will be taken to check for any pre-existing damages or dent(s) to the car, which the insurance company will not cover now on, in case of partial damages.

The insurance company also reserves the authority to cancel no-claim bonus if you’ve earned any during the policy tenure. Losing on NCB means you’re not eligible for the discount on the premium for every claim-free year. From insured’s point of view, it is a huge loss. This is applicable for OD cover every year which can go up to 50% at max. So, no NCB means you end up paying a higher premium for the year. Also, if your vehicle has too many dents and damages, the insurer may refuse to cover you as well.

Here’s a step-wise guide for you to renew the policy on time and enjoy policy benefits with no breaks:

The Easy Way

You can renew your expired policy by approaching aggregator websites. The process is simple:

  • You can schedule a call with them, the follow-up call will guide you through the process.
  • An inspection of the vehicle will be scheduled, after you provide the details of your lapsed policy on phone.
  • The inspection will be held at the appointed time, by taking pictures of the vehicle and finally giving a thumb
  • Post inspection, the only thing left is to pay - via card or cheque. Most of the insurers allow card payment with consideration for the convenience of the customer.
  • Finally, the aggregator website will issue the policy on behalf of your insurer within a few hours!

 Mostly, the procedure takes hardly a day or two and your vehicle is insured safely. You just need to fill the required form online and drop your contact number. The rest of the things will be taken care of by them. Chill!

The Other Way!

Here’s how the process will if you don’t want to go with the above-mentioned way

Zero in on the Insurer

You will need to decide on an insurance company with the most effective premium being offered to you. You can do this through aggregator websites by contacting them on phone.  They will give you the estimated rate of the insurance, based on which you can zero in on an insurance plan.

Make Arrangements for Vehicle Survey

The next step is to get your vehicle surveyed. Once the insurer is finalised, you will need to fix an appointment at the earliest, with the company to survey your bike or scooter, to get it insured. An aggressive follow-up is required to get the process done urgently.

An inspection office will visit your place to inspect the vehicle, check if there is any pre-existing damage. If he finds any damage, possibilities of your application for insurance being rejected are proportional to the extent of the damage. The process takes 2-3 days, within which, the survey results reach to the insurance office and the insurer provides its verdict.

If the insurer identifies the damage, s/he may exclude it from the cover list. Sometimes, they may fix the deductibles for the same and bind the insured to pay the amount during a claim.

Remember, in most cases, the insurance company will charge a nominal fee for this inspection, whether there is damage or no damage.

Buy Policy without a Delay

Once the insurance company is done surveying your vehicle, you’re free to buy the policy. Mark that the inspection is valid for 24 hours only; hence are you required to buy the policy within this time period only.

The sad part is that, without an aggregator website, you can’t avail it in this short period. It takes minimum 5 to 10 days to select a plan and buy. So, we can just wish you good luck so you don’t face any hassles and the process goes by in a breeze.

No Claim Bonus and Lapsed Policy

A reminder to all those lazy buddies, whose policy expired 3 months back i.e. 90 days ago, you will definitely lose all the No Claim Bonus that you had earned. As you already know, it is a reward-cum-discount that one can avail for every claim-free year, for each consecutive year. The percentage of this bonus ranges from 20% to 50%, and this can be a massive loss, if you have not claimed your insurance for 3 to 4 years, which is estimated around 45% at the end of 4 years. By using NCB protector, you may safeguard your bonus, but ensure with the insurance company once, because conditions may apply.

To Summarise!

Carrying an invalid two wheeler insurance policy or riding an uninsured vehicle is as risky as walking on a tight rope. Not only do you pose a threat to your prized possession, it is risky even in terms of the insurance premium. So, do not take the law in your hands or stop being lazy, and renew your lapsed policy ASAP. I the renewal is due, take it seriously, for heaven sake!