Vehicle insurance is as essential as fuel. Insurance protects your bike from theft, accidents and natural calamities. Amid our busy lifestyle, we tend to forget things that we have to do. There can be a possibility of forgetting insurance renewal at times. Forgetfulness in insurance renewal can destroy your peace of mind.
Let us take you to the steps involved in case of you forget to renew your policy.
Know what lapsed bike insurance policy is
When you fail to pay the premium on time, your policy gets lapsed. This is the same as losing your coverage. You lose all the protection you received under your policy if you don’t renew it on time. You sacrifice your NCB that you had been accumulating for some time (NCB will be lapsed if one doesn’t insure in 90 days from the date of expiry). As a result, your premium goes higher upon renewal. In case of accident, you will have no choice, but to repair your bike on your own
Determines your mode of bike insurance renewal
You can renew your lapsed two-wheeler insurance either offline or online. Do as per the instructions below:
- Bike insurance renewal online: Renewing your two-wheeler insurance is fast and simple. You just have to visit the insurer’s or the Insurance aggregators portal and follow the instructions seen on the screen. The only benefits you get through aggregator are the choices they offer. Whatever is your choice, make sure that all your documents are in hand. You will need information on your old insurance, debit/credit card, details of online banking and your bike’s details. You can contact your company’s call center if you face any difficulty in two wheeler insurance renewal online.
- Two-wheeler insurance lapsed policy renewal offline: You can also renew your bike insurance offline. Visit the company or find an Insurance Agent and do as per the instructions. Also, with RenewBuy one don’t need to worry about his/her vehicle inspection. Once you enter your vehicle and personal details, the company initiates the process of renewing your policy.
Take measures to avoid lapses
Two-wheeler renewal policy is definitely a difficult thing. The accidents or other damages you incurred may lead to a hike in your premium. The best way is to avoid any lapse. Keep track of your policy to ensure that you are paying your premium on time. Remember, two-wheeler insurance lapsed policy renewal is a drain on your budget. You can go for a long-term policy if you are someone who tends to forget paying bills. This protects you from fluctuations in premium due to inflation or any other reason.
Consider your add-on policies
It is not a must that you renew all your add-on policies at the time of your two-wheeler insurance renewal. Consider your driving habits and make a choice accordingly.
You cannot avoid insurance to stay safe from lapsed policy. It is a legal requirement. Besides, no one trusts Indian roads nowadays. If you have the time and money to pay for your own bike repair and handle the legal complications, you may be well on your track. But your gains are short-lived!