How To Renew Lapsed Two Wheeler Insurance Policy?
Published On Jul 17, 2021 11:00 AM By InsuranceDekho
Read this article to find out how you can renew your two wheeler insurance policy online.
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Your bike insurance policy is only valid for a limited time. It could take a year, three years or five years, depending on the plan you choose. It is critical to renew your insurance policy on a regular basis in order to receive the benefits in the event of an unforeseen accident. If you file a claim for bike insurance after your policy has expired, your insurance company may deny your claim. Learn how to renew your bike insurance policy on time by reading this article.
Ways To Renew Your Bike Insurance Policy Without Hassle
According to the Indian Motor Vehicle Act, having valid bike insurance is required. As a result, it is critical to ensure that your insurance policy is current. It is difficult to make the trip to your bike insurance company during the course of your busy day to renew your policy. As a result, you can renew your bike insurance online at your leisure from the comfort of your own home. Different companies have different procedures for renewing insurance policies online, but the basic guidelines you can follow to renew your bike insurance policy are as follows -
1. Go to the official website of your insurance provider and look for the bike insurance tab.
2. Select the option for new or renewed bike insurance policies.
3. This will take you to a page where you will be asked to enter information about your bike, such as the registration number and the current policy number. Some company websites may also request that you provide the model of the bike, the type of fuel, and your contact information.
4. Fill in the required information and click the 'continue' or 'proceed' button.
5. Give the expiration date of your previous bike insurance policy.
6. Some websites may inquire whether you have previously made a claim. Choose the appropriate option and continue.
7. After filling out the necessary information, choose the type of policy you want as well as the additional insurance covers. Before settling on a single bike insurance policy, make sure you compare them all.
8. You can then proceed to the buy now option and confirm your information.
9. You will then be required to pay the premium via internet banking or by credit/debit card.
10. The policy will be issued to you, and you will receive your insurance policy on your mail ID immediately.
Why Should You Renew Your Bike Insurance Regularly?
Your bike insurance policy, like all other insurance policies, has an expiration date. If you file your bike insurance claim after the policy term has expired, it will be denied. The following are some of the reasons why you should renew your bike insurance policy -
Unpredictability of Accidents
Even if you are not riding, you are at risk of being involved in an accident. Accidents of any kind are unpredictable. If your bike insurance policy has expired, you will be unable to file a claim for theft or damage caused by a natural disaster or vandalism. This can result in a significant financial loss. As a result, renewing your policy on a regular basis will help you to be financially secure in the event of such unfortunate events.
You may also like to read:- Common Mistakes While Filing Third Party Bike Insurance Policy
When your policy expires, you must purchase a new insurance policy with a higher premium amount. Renewing your bike insurance policy on a regular basis will result in significant savings on your premium. The NCB is one of the most significant discounts you can receive on your bike insurance premium. Some insurance companies give you a loyalty discount on your premium if you renew your insurance with the same company. As a result, you will save money on premiums while also receiving discounts.
Also Read:- Benefits of Third-Party Bike Insurance
According to the Indian Motor Vehicle Act, every car owner is required to have a car insurance policy. Regularly renewing your car insurance policy will protect you from unwanted legal complications as well as keep you financially safe from the liabilities that come with owning a car. Hence, renew your car insurance on a regular basis and drive safely.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.