How To Renew Lapsed Insurance Policy

A two-wheeler insurance policy should be renewed before it hits the expiry date. It is essential that your vehicle is insured during its lifetime to cover you against a range of financial loss in case of an accident. Additionally, if you ride responsibly and don't claim the insurance for more than a year, you can avail ‘No Claim Bonus’ which will discount the amount of premium paid for the next year. This amount can also be transferred to a fresh policy if the customer renews the insurance within 90 days after the expiry of the policy.

Before your policy expires, you can get in touch with your insurance company and information regarding the expiration. You can also enquire from the customer service if the vehicle inspection is required for the revival of the policy. If vehicle inspection is mandatory, then you'll be required to take an appointment with an agent from your insurance provider company.

How Can You Renew Lapsed Two Wheeler Insurance Policy Online?

Riding a bike involves a tremendous amount of risk, especially in a highly populated country like India. It is often advised to have a bike insurance policy which backs you up financial if an accident happens. Also, it is essential to renew the insurance policy on time because a lapsed policy can expose you to a wide range of financial loss due to accidents.

Now, bike insurance renewal procedure isn't as complicated as it used to be. You can easily renew your vehicle insurance online with utmost convenience and minimum hassles. If you find memorizing the expiry date difficult and you don't want to miss renew your bike insurance policy, then you can select a long-term insurance policy.

Points to Remember To Renew Your Bike Insurance Policy

• Renew your two-wheeler insurance policy well in advance to avoid driving an uninsured vehicle

• You can use the third-party websites to compare different insurance policies and select the policy which fits your requirements.

• If you haven't filed any claims for more than a year, you can claim the NCB(No Claim Bonus) from your insurance company

• If you aren't satisfied with your present insurance company, then you can easily switch to a different insurer, without any additional charges.

How to Buy A Long-Term Two Wheeler Insurance Policy Online

People usually don’t renew their two-wheeler insurance policy on time since they forget the renewal dates which ultimately results in policy lapse. Recently, the Insurance Development And Regulatory Authority Of India has allowed two-wheeler insurance companies to provide long-term insurance policies for up to three years.

The objective behind allowing long-term insurance policies is to motivate the two-wheeler riders to renew their insurance policies on time and stay protected from financial losses due to accidents and other unprecedented events which inflict damage to the bike. You can buy a long-term bike insurance policy online and avail discounts on the plan if you have a good track record of paying off the premiums on time.

Merely buying a lucrative insurance policy for your bike isn't adequate. You must be responsible enough to renew it at all times. You must avoid policy lapses since the company could charge you a higher premium in the next payment. But, there's good news for the lazy bunch! You can now renew your insurance policies online as well. You can follow these steps described below to renew your lapsed insurance policy online.

Choose an Insurance Provider

You have to do a little research and find out the insurance company which offers the best premium rates for your bike's model and age. You can also use a third-party website to compare the bike insurance policies offered by various companies

Vehicle Inspection

If you are renewing your bike insurance, then you should also get the vehicle inspected by an assessor to check for any pre-existing damages. If there is damage, your bike will be denied insurance. However, if the degree of damage is less, it can be excluded from the insurance coverage. You could also be charged a nominal fee by your insurer for an inspection.

Buy the Policy

After the inspection is done, you are ready to buy the insurance legally. Some companies allow you to buy the policy after 24 hours as well. You can choose to buy the policy online as well

Claim the No Claim Bonus (NCB)

If the policy has lapsed for more than 90 days, you won't get the No Claim Bonus. NCB is the discount offered on yearly premium and this could save you a large sum of money if you haven't claimed your insurance for the last 3-4 years.

Renew your Policy

If you plan on renewing your policy with the same insurer and the policy has lapsed, you can contact your insurer to acquire more information on renewing it. After inspecting the vehicle, you can get the renewed insurance policy.

For driving an uninsured two-wheeler without an insurance cover is a legal offense in India. So, it is essential to keep your insurance policy up to date. You can set-up renewals for the expiry date so that you can track your premium payment dates so that there isn't policy lapse. If your policy has lapsed, you should follow all the necessary steps for renewing it immediately to avoid paying additional charges.

Benefits of Renewal of Expired Policies Online

Despite receiving numerous reminders from your insurance company, have you still missed your renewal date? You can now renew the policy online. Online renewal can be beneficial in the following ways:

• Most insurers don't mandate inspection to renew the insurance.

• You don't need to make any subsidiary payments to avail the online benefits

• The renewed policy is issued quickly through online mode

• If there is a policy lap for more than 90 days, you don't need to furnish the policy details

• You can easily compare plans from leading insurance providers to find out the policy which meets your requirements

• You can get assistance from the insurer's customer care if you have any queries linked with the online policy renewal

Methods to Renewal or Purchase of Two Wheeler Insurance

Renewal of policy through the website

You can visit the official website of your insurance company and follow the necessary steps to renew the policy. You must ensure that all the information provided is accurate and updated. You must keep all your documents handy before applying for the renewal of the policy. Towards the end of the process, you'll be given a digital policy in PDF form for reference.

Renewal of policy through mobile apps

You can choose to renew your bike insurance through the insurer's mobile app as well. You'll be needed to provide information like the vehicle's registration number, model, details of the manufacturer details etc. You'll be required to give the details of the previous policy as well. After you have provided all the information, you can check the box next to 'I agree to the terms and conditions' after reading the terms and conditions carefully.

FAQs – Frequently Asked Questions on How to Renew Two-Wheeler Insurance

What is Long Term Two-wheeler Insurance?

Long-Term Two-wheeler Insurance (LTTW) was introduced by the IRDAI. If you choose to purchase a long-term insurance policy, its valid for three years, and you don't need to renew it annually. Long-term insurance also offers you significant savings on the premium by shielding you from the revised rates each year.

What can I do with the two-wheeler insurance when I sell my bike?

You can transfer the insurance documents in the name of the buyer after selling it to someone. The buyer will be required to apply for the insurance transfer. However, if you transfer the insurance policy to a new vehicle, you won't be able to transfer the ownership to the buyer's name.

Can I transfer my No Claim Bonus?

Yes, if you're changing your insurance provider, then you can also transfer your No Claim Bonus.

What documents are needed for the transfer of the NCB?

Documents required for transferring NCB are:

• Notice for Policy Renewal

• Letter from current insurance provider which confirms the total amount of NCB accrued

• A declaration