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What to do if your Bike Insurance Policy lapses

If your policy remains lapsed for more than 90 days, you would also lose your No Claims Bonus

Thursday December 24, 2020 10:39 PM, ummid.com News Network

Bike Insurance

Since two-wheeler insurance is mandatory, it is important to renew your policy on time in order to avoid any legal complications. An active insurance policy is also necessary to back you financially in the event of an accident or sudden bike malfunction. That’s why it’s essential to do a bike insurance check now, and then to know that you’re on top of your policy and to avoid a policy lapse.

What is a lapsed insurance policy?

Your bike insurance lapses when your policy isn’t renewed on time. This is equivalent to not having a policy, as it would affect your coverage and the benefits you acquire with your insurance policy. This means that you become vulnerable to certain risks, such as your Third-Party Liability or Own Damage. If you happen to get into an accident with a lapsed policy, the cost of repair (of either your bike or that of the third-party’s) would have to come out of your own pocket instead. To avoid such circumstances, it’s best to keep a check on your two-wheeler insurance duration and make a timely renewal.

If your policy remains lapsed for more than 90 days, you would also lose your No Claims Bonus and there’s a chance that you’ll have to pay a higher premium at the time of renewal.

What to do if your two-wheeler insurance lapsed?

There can be certain situations that arise that make it difficult to renew your insurance in time. If your two-wheeler insurance has lapsed, the first thing you should do is call your insurer. If your policy remains lapsed for more than 90 days, you would not be able to renew it - you will have to apply for a new insurance policy, for which your vehicle will have to undergo inspection again. If you’re renewing your policy only a few days after its lapse, your insurer might renew your policy without a penalty.

You now have the option to renew your bike insurance online or offline. Renewing your insurance offline might lead to your insurer requesting to inspect the vehicle before issuing the policy. If you’d prefer to renew your bike insurance policy online, you can head to the website of your insurance provider and the option to renew the policy would be available. Just make sure to have all the required documents at hand as you will have to enter all the details of your insurance.

How to avoid lapsing your insurance?

To keep your insurance policy from lapsing, you will have to make timely renewals. Do a bike insurance check every month or so to see that your policy is still active and to keep track of your renewal date. Your insurance provider would send you reminders if you sign up for SMS or email alerts to keep a check on your policy.

However, if making timely renewals every year is difficult, you can opt for a long term bike insurance policy so that you wouldn’t have to worry about your policy renewal for a while and would be protected at all times. It is also recommended to keep a check on the renewal dates for your bike insurance online, and set reminders for yourself in your calendar so you won’t forget.

While policy lapses are avoidable with a few timely reminders, they can sometimes still happen due to unfortunate circumstances that make a timely renewal difficult. Contact your insurer to find out how you can renew your policy, and ensure that your policy is active again to avoid any legal complications down the road. If your policy is close to its renewal date, you can renew it easily and efficiently online.

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