How to Renew Two Wheeler Insurance Policy Online After Expiry
Every two-wheeler owner is required to own at least a third party bike insurance plan to drive a bike or scooter in India. Driving without insurance is illegal in the country, as per the Indian Motor Tariff. Therefore, it is advised to purchase a bike insurance plan without fail and continue to renew it on time. Not renewing the bike insurance policy on time could result in the lapse of the policy. It makes your bike uninsured, which may lapse your sense of security and peace of mind.
Nowadays, renewal of bike insurance can easily be done online without making a visit to the branch office of the insurance provider. However, if anyhow you miss renewing your policy on time, do not worry as it can still be revived. To know that process, let us first try to have an understanding of a lapsed insurance policy.
What Is a Lapsed Bike Insurance Policy?
Failing to renew the two wheeler insurance policy on time or before its due date causes a policy to lapse. After the policy gets lapsed, it becomes unusable as all its benefits become null and void.
What Happens When a Two Wheeler Insurance Policy Lapses?
A bike insurance policy gets lapsed on not paying the premium for the renewal of the policy on time. After this, a break-in period of 90 days comes in effect, which is the period during which the plan can be reinstated before getting terminated. During this break-in duration, no benefits of the policy are active to be availed.
When policy gets lapsed, you lose coverage against the financial liabilities towards a third party and also become unprotected against any bike-related damage or loss arising out of an accident, theft, or a mishap. In such cases, you will have to bear all the expenses on your own. In addition to these, driving without insurance is illegal, which may get you penalised as well on being caught.
Another loss which you come closer to, with the policy lapse, is the No Claim Bonus (NCB) benefit, which you may have accumulated with your bike insurance over the years. This benefit ranges from 20% to 50% of discount on the premium of the policy and can be lost if the plan is not renewed even in the break-in period of 90 days as you cannot renew a lapsed policy after this period. In such scenarios, you have to purchase a fresh policy and again have to go through the complete process of documentation and inspection of your bike, besides other formalities.
How to Renew Your Bike Insurance Policy Online After Expiry
There are two ways to renew a lapsed two wheeler insurance plan i.e., online and offline. Here are the following steps to renew your policy through an online mode:
1. Visit the official website of two wheeler insurance company.
2. Enter the required two wheeler details which may include existing policy details, registration number of your bike and so on.
3. Make the payment for the renewal of the plan through available payment methods.
4. Your two wheeler insurance policy will be renewed and after the process gets completed, you will get the policy documents via email.
But, if you want to renew your lapsed policy through offline mode, you will have to visit the branch of your insurance company with all the necessary documents. In this method, the executives may even ask for the inspection of your bike before issuing a new policy in addition to verification of your documents.
With the above information about the lapsed two-wheeler insurance policy, you must have understood the flaws of failing to renew your plan on time. Hence, it is suggested to keep a constant track of the due date of your plan by requesting an email or SMS alert service from your insurance provider. We hope this article would help you understand the significance of timely renewal and the process to renew the lapsed bike insurance plan.
"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."