Are you one of those who forget to pay their bills on time? If you answer yes, you might face consequences such as a penalty fee. The same could happen if you do not renew your motorcycle insurance policy. Hence buy bike insurance online for an easier renewal process. Everything you need to know about a lapsed two-wheeler insurance policy is here.
What exactly is a lapsed motorcycle insurance policy?
An insurance policy lapses when it is not renewed on time. When you fail to pay your premiums by the due date, your policy lapses and all benefits and rights are lost.
What happens if your auto insurance policy expires?
If your insurance policy lapses for 90 days, it will undoubtedly affect your No Claim Bonus* (NCB*), which will thus be fortified. Your insurer may also raise the premium for the next cycle. You may also be exposed to various risks, including third-party liabilities.
If your uninsured vehicle is involved in an accident and you do not have insurance, you will be responsible for all repairs and third-party liabilities. To avoid this situation, it is recommended that you renew your auto insurance policy before it expires or before it lapses.
Renewal:
Wondering how to renew two wheeler insurance after expiry? You can easily renew your lapsed insurance policy in two ways: online and offline.
1. Online Mode:
It is as simple as using the internet. The online method of renewing a lapsed policy is simple, hassle-free, convenient, and timesaving.
Follow the steps outlined below to renew your policy in seconds.
- Keep the necessary documents, including previous policy details and vehicle registration numbers.
- Navigate to the website of your insurance provider.
- On the renewal page of the insurer’s website, enter your plan information.
- Pay with your debit/credit card or NEFT and complete your transaction.
It only takes four steps, and a few mouse clicks to complete. Finally, your insurance provider will send a soft copy of your renewed policy to your registered email address.
2. Offline Mode
It is a traditional method of renewing an insurance policy. You can also renew your policy offline. You will visit the branch of your insurance company here. You must bring all the policy and vehicle documentation with you. The insurance provider will begin the renewal process once the documents are received. Because your policy has expired, your vehicle is being inspected before it is renewed.
Why should you use online mode instead of offline mode?
As you are aware, it is easy to check my bike insurance details via the online mode of two-wheeler insurance being more straightforward than the offline mode so you may prefer it. When your insurance policy expires, it is mandatory (according to the company policy of some insurers) that your vehicle undergoes a thorough inspection before renewing a lapsed policy.
How can you make sure your car insurance policy doesn’t expire?
The answer is that you should buy bike insurance online. Buy such a policy such that it provides coverage for up to three years.
The following are the advantages of a long-term policy:
- It relieves you of the responsibility of constantly keeping track of the policy’s due date. This is very useful for people who have multiple policies.
- It protects you from the risks of non-renewal, including challan.
- Because you have chosen a long-term policy, you are immune to yearly changes in the premium rate due to inflation.
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply
(* Standard T&C Apply )