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    Lapsed two wheeler insurance? What to do?

    Published on November 6, 2019

    Given the fact that the traffic congestion keeps people waiting on roads for a longer period in India, many prefer riding their bikes/ scooters to save time and money. However, most fatalities on the roads of India fall upon pillion riders. It is important to get a two wheeler insurance policy in order to protect yourself from the dangers on the road.

    A two wheeler insurance policy provides financial coverage against the damages to your bike or scooter and injuries sustained by you due to unforeseen events such as accidents, thefts or natural disasters. These events can make a major dent in your finances. Two wheeler insurance policies provide financial cover against such setbacks.

    Two-wheeler insurance is mandatory for every two-wheeler being ridden on the road in India, and riding your vehicle without insurance is not at all advisable or legal, for that matter. Hence, it is recommended to purchase and renew your bike insurance on time.

    Nevertheless, often we miss out on two wheeler insurance renewal on time, which leads to a lapsed policy.

     

    What is a policy lapse?

    A two wheeler policy lapse occurs when you do not pay the premium to renew the policy on time. In case of policy lapses, the No Claims Bonus (NCB) which was accumulated with your bike insurance over the years will be lost if the policy is not renewed within 90 days, which includes up to 50% discount which stacks up under the NCB benefit.

    Insurers always remind their customers through reminder texts or calls when the policy expiry date is near. Although, there can be certain situations when you miss out to renew on time. If you have lost track of your policy renewal date or have missed it, the first step to undertake is to call up your insurer and ask for assistance.

     

    How to renew the two wheeler insurance

    Renewal of a two wheeler insurance plan can be done online as well as offline. For the online mode, you can visit the insurer website, enter the required details like the policy number and expiry date of your existing policy and renew your policy online.

    While renewing online, keep all the vehicle documents handy as you will be required to enter the details. If you renew offline, you will have to visit your insurer, and he may ask a survey of your vehicle before issuing a new policy.

     

    It is recommended to avoid policy lapses and renew it before expiry. In order to avoid a lapse, it is necessary to monitor the renewal date. It is easy to keep track of the due date by signing up for email/ SMS alert service but the best way to avoid these hassles is to get a long term two wheeler insurance policy. Long term policies with coverage for up to 2 years and even 3 years are available. Choosing one of these saves you from the hassles of annual renewals while offering tangible benefits. If you would like to switch policies, you can do so during renewal. Compare plans and evaluate their premium using the two wheeler insurance premium calculator.

     

     

     

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