Bike insurance policy lapsed? Read this!

In our busy lives, it is easy to slip up on essential payments. Sometimes we forget to renew our bike insurance policy or sometimes may forget the due date of bike insurance renewal. Once you find out that it's lapsed, you should be ready to take steps to renew the insurance policy coverage.

What is a lapsed insurance policy?

When the premium for an insurance policy is not paid on time, it gets lapsed. It is as good as not having a policy altogether. All the benefits and perks you get from the insurance company, all vanish once your policy is not renewed or you don’t pay the premium before the due date.

What happens when your two-wheeler insurance lapses?

If your policy stays lapsed for 90 days, it will take a toll on the no-claim bonus which gets fortified. The insurance company also has the right to increase the amount of premium you pay for the next billing cycle. You then become defenceless when it comes to various risks, including third party liabilities.

Another point to remember is that if you meet with an accident, you have to bear all the costs, both medical and repair costs on your own. Since you are out of insurance cover, you won’t be able to avail the benefits you would normally get when you do have an active insurance policy.

Ways to save your insurance from getting lapsed

There are two ways for Bike insurance renewal, i.e. online and offline

Steps to renew your bike insurance policy online:

It is just like casual internet browsing. The online mode of insurance renewal is hassle-free and can be done at any time of the day. Follow these steps mentioned below:

1. Keep the important documents like ID proof, address proof, vehicle registration papers and previous policy information handy.
2. Log on to the insurance company’s website and fill any required forms
3. Browse the website to find if there are any new policies or any offers that you may like
4. Select the best policy for yourself
5. Make the payment using secure methods like NEFT or card payment using your credit or debit card

That’s it. It is absolutely simple and hassle-free.

Steps to renew your bike insurance policy offline

This is the traditional method of policy renewal. You need to go to a local branch of the insurance company. You would need to carry your ID proof, address proof, vehicle registration papers and a copy of your previous two-wheeler policy. Once you submit your documents to the company and pay them the premium amount, the process of insurance renewal is then initiated. Because your policy has lapsed, your two-wheeler will need to be inspected before the renewal process.

To ensure your policy does not lapse in the future, you can opt for a longer term of the policy, like two or three yearlong policy. Another method of ensuring that such thing doesn’t happen again is by paying the premium in a lump sum. Then you can take it easy for the rest of the insurance term

Bike insurance renewal is important, and everyone should make sure it is being paid on time to avoid the risk of leaving your bike uninsured.

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