How to Renew Lapsed Two-wheeler Insurance Policy?

What Happens When Your Bike Insurance Policy Expires?

When the insurance benefits are stopped or ended due to non-payment of the premium amount by the due date or significantly after the grace period, it is said to be a lapsed or expired bike insurance policy.

If you drive an uninsured bike or hold an expired bike insurance policy, you have to face the following consequences-

1. Riding your vehicle without a third-party bike insurance policy is an illegal and punishable offence in India. You are liable to pay a fine of Rs 2,000 and/or imprisonment of 3 months on the first offence and Rs 4,000 and/or imprisonment of 3 months for repeated violations.
2. A lapsed bike insurance policy means you will lose the accumulated (NCB) on your own-damage bike insurance premium.
3. Last and most importantly, you will remain unsafe against uncertainties that may cause damage to your own vehicle and third party.

How to Renew Lapsed Two-wheeler Insurance?

Please note that renewing a lapsed bike insurance policy means you have to start over again, i.e., it will be considered a new policy with no previous benefits. When you renew an expired two-wheeler insurance, you also get the chance to change or customize it per your current coverage requirements.

There are 2 ways to renew a lapsed bike insurance plan-

1. Renew Bike Insurance Online
2. Renew Bike Insurance Offline

Before renewing your bike insurance, you must first check if there is any grace period. Usually, insurers offer a grace period of up to 90 days wherein you can pay the premium without paying penalties or losing the accumulated benefits. You can contact the bike insurance company to know in detail about the grace period in renewing the bike insurance policy.

How to Renew Bike Insurance Online from Policybazaar.com?

Follow these simple steps to renew your bike insurance online:

• Step 1- Visit the official website of Policybazaar Insurance Brokers Private Limited. Navigate to 'Renew Your Policy' on the top right of the page and select 'Two Wheeler Renewal.'
• Step 2- Enter your bike number and click 'View Prices.'
• Step 3- You will get multiple plans offered by different bike insurance companies in India .
• Step 4- Compare and choose a plan per your coverage requirements and budget. You can also opt for add-on covers with a comprehensive bike insurance plan.
• Step 5- Once done, fill in the proposal form, which includes- vehicle owner details, nominee details, and vehicle details.
• Step 6- Lastly, pay the bike insurance premium online through UPI, net banking, or debit & credit card

Note- The insurer will send a copy of your renewed 2-wheeler insurance policy to your registered email ID once you complete the payment.

Lapsed Bike Insurance Renewal: Things to Consider

Below are some essential points you should consider while renewing a lapsed two-wheeler insurance policy-

1. Always compare two-wheeler insurance policies, as buying bike insurance online offers you a plethora of options.
2. You can easily switch to another insurer if you are dissatisfied with your existing insurer.
3. If you have not filed for any claims in the preceding years, you are eligible for a No Claim Bonus (NCB) benefit.
4. Last but not the least, avoid driving an uninsured two-wheeler vehicle at all costs. Keep track of your policy renewal due date & renew your policy much in advance.

How to Avoid Lapses in Bike Insurance Renewal?

To avoid lapses in bike insurance renewal, you can follow the below tips-

1. The smart way to avoid a lapse in the policy is to simply choose long-term coverage for up to 3 or 5 years. This will not only save you from yearly renewals but also offer palpable advantages.
2. While buying a policy opt for services like email or SMS alerts. It will help you track upcoming renewal dates and other important notifications.

Note- Read the policy wordings carefully to understand the policy coverage, its exclusions, etc.

Benefits of Renewing a Lapsed Bike Insurance Policy Online

Despite continuous reminders from your insurer, you may, at times, still miss renewing the two-wheeler insurance, leading to the policy's expiration. Don't panic; rather go online and renew the lapsed policy.

Renewing the bike insurance policy online has its share of advantages:-

• In case of any query, you can always avail customer service assistance throughout the renewal process.
• Less to zero paperwork and documentation when you are renewing the policy online.
• You can compare diverse plans from the multiple bike insurance plans available in the market and choose the policy which fulfils your requirements and fits your budget.
• If the policy has lapsed for more than 90 days (passed the grace period), you don't need to provide information about the last insurance company.
• You don't have to bear any additional charges during the renewal process.
• Lastly, the renewed policy will be issued swiftly.

Final Words

Ensure you don't let your two-wheeler insurance lapse to avoid the hassles. It is better to be safe than sorry. In case you forget to renew it, refer to the above information and renew your bike insurance online as soon as possible.