Most people today have busy schedules and cannot afford to waste a single minute of their day, so they purchase a two-wheeler to make travelling more convenient. The issue arises when people stop there and fail to protect the vehicle with an insurance policy. Others have an insurance policy for their motorbike but fail to renew their bike insurance, resulting in policy lapse. This can have devastating consequences when the time arrives, but the good news is you can prevent it from happening.
More on Policy Gaps
Paying the premium is required, and if you do not, the policy will lapse. Most insurance companies will give you a grace period of 30 days to renew your bike insurance policy. If you want to keep enjoying the benefits of your policy, you can renew it now but do not let it expire later.
This will happen if you do not make the payment even after the grace period has expired:
If you do not make the payment even after the grace period has expired, you will be charged a late fee, and the premium amount to be paid from the next cycle will be higher. When your two-wheeler insurance policy expires, all of the benefits it provides will be lost, and you will have to purchase bike insurance online all over again.
Keep in mind that if you have an accident while your policy is still inactive, you will be considered uninsured and will be responsible for all expenses. More importantly, if you delay payment, you will forfeit all accumulated No Claim Bonus (NCB). If the accident causes any damage to a third party, you must bear all of the costs. The NCB can save you a lot of money if you keep renewing your motorbike or scooter insurance policy on time. * ##
Renewing a Lapsed Insurance Policy
There are two ways to renew your bike insurance: offline and online. The offline method, which is also the traditional one, is still used by a few people. You must go to the insurance company’s branch with all of the necessary documents. The renewal process will begin once the documents have been approved and inspected by a company representative.
The second option is to renew your policy online while sitting in the comfort of your own home. This method is simpler and more convenient because you do not need to visit any branch offices. All one has to do is go to their preferred insurance company’s website and enter the policy information. Finally, make the payment, and you’re done. In some cases, even inspection is not required, and you receive the soft copy of documents via email. This is a much better way to make sure you have two-wheeler insurance coverage.
How to Prevent This from Happening Again
You can avoid this situation by not skipping a premium payment. Setting a reminder on your phone is a simple way to keep track of your expiry date. Even if you don’t do this, most insurers offer a service where you can sign up for email or SMS alerts when your renewal date approaches. You can also avoid it entirely by purchasing a long-term policy that lasts up to three years. By purchasing this, you avoid the hassle of renewing your policy annually and dealing with a lapsed policy. Aside from that, remember to compare different policies online before making a purchase. You can use the two-wheeler insurance premium calculator available online to determine the value of the premium to be paid. Make sure you know the different renewal dates for your comprehensive and third-party two-wheeler insurance.
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. 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.