Ensure to Renew Your Policy Early If Lapsed, or Lose This Benefit

On account of alterations in the Motor Vehicle Act 2019, the penalties have increased multiple times as a punishment for violation of the traffic rules. Similarly, the penalty for driving a vehicle without valid insurance paper has also hiked to Rs. 2,000 from Rs. 1,000 earlier. As driving an uninsured vehicle is an offence, make sure you keep the insurance record of your vehicle with you. In case it has lapsed, renew it soon, particularly within 90 days from the date of expiry.     

Pre-insurance inspection

Before reviving your lapsed car insurance or two-wheeler insurance plan, you may have to undergo pre-inspection by the insurer. The head of Product Strategy at ACKO General Insurance, Animesh Das shares that insurers usually conduct pre-inspection, the approval of which depends on their internal policy.

Renew your two-wheeler insurance policy if lapsed 

CEO and Whole Time Director of Liberty General Insurance Roopam Asthana shares that insurance company arranges pre-inspection of your automobile. Based on its reports, the vehicle can be accepted or rejected for Motor Package Policy Insurance after submitting the required documents.  

Bike Insurance Online

You can also purchase insurance for your two-wheeler online without any inspection for Third-Party Insurance. The inspection, however, for Own Damage cover will be required, as per the Head of Motor, Agency, Retail Broking and Motor NTU of Universal Sompo General Insurance, Arun Singh Bhadauria.  

Even in case of purchasing bike insurance online, in some cases you may need to get its pre-inspection done. But the process differs for different insurers in case the policy has lapsed. The process for some is explained below-

Future Generali India Insurance-

Call their call centre to provide information after which you will get a web link via a text message on your phone. You can self-inspect the vehicle through that link and submit it. 

ACKO General Insurance-

Pre-inspection with ACKO General Insurance is done at your (owner’s) house or the specified location and is done on that day itself as per the workforce availability. In case the policy has lapsed in less than ten days, then the pre-inspection is waived off. 

Liberty General Insurance-

Pre-inspection is done at the registered address of the insured vehicle. There is no need to take the vehicle at the nearest branch of the insurance company. 

Universal Sompo General Insurance-

Pre-inspection is available at the insured's residence or place of work. Even the self pre-inspection can be done by the insured using the link of the insurance company. 

Auction of uninsured vehicles

As per 2018 Supreme Court ruling, the owners riding uninsured vehicles will have to pay for compensation of the victim even if it requires auctioning of their vehicle. So, not just penalties, but you may even land into auctioning off your vehicle if you ride it uninsured. “Rules have to be framed by the respective State Governments. Only some states like Delhi have such rules in effect as on date,” informs Asthana.

Nevertheless, not getting your vehicles insured on time will let you pay heavy penalties but you may also end up losing the benefits of accrued NCB on your vehicle. Thus, get your vehicle insured before policy lapse and avoid any benefit loss. 

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