What Is A Lapsed Two-Wheeler Insurance Policy?
An insurance policy lapses if it is not renewed on schedule. If you don’t pay your premiums by the due date, your policy will lapse, and you will have no rights whatsoever.
What Takes Place Should Your Motor Insurance Policy Expire?
A 90-day lapse in your bike insurance online policy will undoubtedly impact your No Claim Bonus (NCB), strengthened in this scenario. Your insurer may also raise the rate for the upcoming cycle. *
Furthermore, you may be subject to various risks, including liabilities to third parties.
If an accident occurs with your uninsured car and you do not have insurance, you will be responsible for paying for any repairs and covering any third-party liabilities. If you’ve let your two-wheeler insurance policy lapse, don’t worry; you can still get back on track by using a two-wheeler insurance calculator to quickly estimate the cost of renewing your coverage.
How Can Your Lapsed Motor Insurance Policy Be Renewed?
Online and offline are two simple ways to renew your lapsed insurance policy.
It’s as simple as using the Internet to surf. Renewing a lapsed policy online is simple, hassle-free, quick, and efficient.
You can renew your policy in just a few seconds by following the instructions below:
Step 1: Have the necessary paperwork on hand, such as the registration numbers of the vehicles and information about prior policies.
Step 2: Go to your insurance company’s official website.
Step 3: Fill out the renewal form on the insurer’s website with the details of your plan.
Step 4: Complete your transaction by paying with your NEFT or debit/credit card.
It only takes four steps and a few clicks to complete. Finally, the soft copy of your renewed policy will arrive in your registered email address from your insurance provider.
This method of renewing an insurance policy is conventional. In offline mode, you can also renew your policy. This is where you will visit your insurance company’s branch.
You need to bring all of the policy and vehicle-related documentation. The insurance provider will start the renewal process once they receive the documents. Your car is inspected before it is renewed because your policy has expired.
How Can You Make Sure Your Motor Insurance Policy Doesn’t Expire?
In response, choose a long-term policy for your two-wheeler insurance. The fact that it offers you coverage for a maximum of three years is evident.
Is It Required To Renew Every Add-On Coverage When Renewing A Policy?
No, you are not required to renew every add-on coverage (extra riders) that your bike insurance online plan may include.
Extra coverage such as Zero depreciation and NCB protection By paying a little more, an add-on or engine protection cover expands your coverage. *
Thus, it is up to you to decide whether to renew bike insurance with these riders, and it also depends on how well you drive. Make sure you renew the insurance on time to be eligible to make a bike insurance claim.
*Standard T&C Apply
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.