Things To Know About A Lapsed Two-wheeler Insurance Plan

In India, bike insurance is required for every two-wheeler on the road, and it is advisable and legal to operate a vehicle with insurance. So, acquiring and renewing your bike insurance on time is advised.

The trouble of visiting the insurer’s branch office is avoided by renewing your two-wheeler insurance policy online. There is a 90-day grace period during which the insurer can design the policy as a break-in, allowing you to maintain some benefits such as NCB. Nevertheless, after this 90-day period, you will be required to purchase new insurance and begin again without any benefits.

Nonetheless, we frequently need to renew our insurance timely. That does not, however, preclude you from reviving your two-wheeler insurance policy.

What happens if the renewal deadline is missed?

A policy expires when the bike insurance premium is not paid on time to renew it. Thus, there are no benefits during the break-in period between the previous policy’s expiration and the new policy’s effective date.

If the policy is left to lapse for more than 90 days, the No Claims Bonus (NCB) you may have acquired with your bike insurance over the years will be forfeited, including a concession. This could lead to a higher renewal price. In addition, you could be unprotected against any damage or loss resulting from an accident and any third-party obligations that may arise. Hence, the best approach to avoid this issue is to renew your policy on time. In this aspect, renewing your bike insurance online can safeguard your money and time.*

How can a lapsed policy be reinstated?

After 90 days, renewing an expired policy can no longer possible. This means that learning how to claim insurance for a bike may be pointless at such times. In such situations, you must purchase a new policy, which requires, among other formalities, the submission of the required paperwork and a vehicle inspection.*

Renewal of your two-wheeler insurance is required, as riding a vehicle without insurance is illegal and punished by law. The process has become more straightforward thanks to the convenience of online renewing your bike insurance coverage.

What should you do if your motorcycle insurance has lapsed?

When a policy’s expiration date is approaching, insurers warn policyholders via text messages or phone calls. Yet, there are scenarios in which it may be possible to miss the deadline for renewal. 

If you need to track your policy’s renewal date, your first action should be to contact your insurer for assistance. If it is only a few days past the due date, your insurer may renew your policy without penalty. In addition, insurers do not conduct inspections if you attempt to pay for your coverage after its expiration date.*

Renew your existing insurance policy online or by mail

When renewing a lapsed policy, you can do so online or offline. You can renew your policy online by visiting the insurer’s website, entering the necessary information, and submitting the form. While renewing your vehicle’s registration online, you will be asked to submit the vehicle’s information. Thus, you should have all vehicle documentation available. If you renew offline, you must see your insurer, who may request an inspection of your car before issuing a new policy.*

How many insurance renewal lapses be avoided?

The optimum course of action is timely renewal. Signing up for an email/SMS alert service makes tracking the due date easily. But, another sensible method to avoid these inconveniences could be to get two-wheeler insurance coverage with long-term duration. Some insurers offer long-term insurance policies with three-year coverage durations. Picking a long-term two-wheeler insurance policy could save you the trouble of regular policy renewals and provides substantial benefits.*

* 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.

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