Have you forgotten to renew your bike insurance before it has been lapsed or expired? There are times we forget the most important thing under the pressure of our daily life. So forgetting to renew bike insurance before it gets lapsed is not a big deal. You can also renew your bike insurance for lapsed policy. Today, we are going to talk about the methods to renew bike insurance for lapsed policy.
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What Is Bike Insurance?
Nowadays, different insurance corporations have different strategies with different benefits and add-on covers provided to the policyholder. A bike insurance plan gives the policyholder monetary protection for the damages produced to the insured vehicle because of any disasters or road accidents, irrespective of the fact that the cause is a manmade or natural disaster.
However, what if the bike insurance lapses or expires after a certain period of time? People often completely forget to renew their bike insurance on time and as a result of that, they start to panic. They must know that the bike insurance for lapsed policy can be renewed. So, stop panicking and know how you can renew your bike insurance for lapsed policy.
Even before you get to the steps of restarting your bike insurance for lapsed policy, let’s at first know about the detailed concept of a ‘lapsed policy’.
What Is Bike Insurance For Lapsed Policy?
A lapsed policy is basically an expired insurance policy, which we forgot to renew on time. If your bike insurance has expired, then you will not be able to file any claim for your bike as your policy has expired which is like not having any insurance policy for the bike.
Therefore a lapsed policy or an expired policy is similar to ‘no policy’ for the bike, as all the rights and benefits disappear when you do not pay the premiums beforehand your due date.
When You Possess A Lapsed Bike Insurance Policy?
As stated earlier that a lapsed or an expired policy means that the bike is no longer protected. Therefore, if your bike gets damaged because of a natural disaster or for a road accident, then the owner has to bear the entire cost of the loss that has produced due to damage.
In case the bike insurance policy remains expired or lapsed for 90 days or more, it affects the No Claim Bonus i.e. NCB unfavorably and thus gets fortified. Then the bike insurance corporation can increase the payments for your next cycle.
Likewise, you can be uncovered to a range of risks that includes the third-party liabilities too. To avoid such hostile situations, it is necessary to renew the bike insurance for lapsed policy or even before the policy gets lapsed or expired.
In case your bike insurance lapsed, you will then have to bear the third-party liability if the road accident involves any third person or the property of a third person
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How To Renew Bike Insurance For Lapsed Policy?
One can easily renew the bike insurance for lapsed policy through 2 modes
- Offline mode and
- Online mode
Let’s know in details about the 2 modes of renewing the bike insurance for lapsed policy:
The offline mode is generally recognized as the customary mode of renewing any insurance strategy. One can renew their bike insurance for lapsed policy through offline mode by physically appearing to the branch of the insurance company.
In this case, it is recommended to carry the documents related to your lapsed insurance plan. Once your documents acknowledged by your insurance provider, then the process of the reviewing of your bike insurance for lapsed policy will be started.
Since the bike insurance policy lapses, the vehicle is thus subjected to examine prior to the renewal of the bike insurance for lapsed policy.
The online mode for renewing the bike insurance for lapsed policy is as tranquil as surfing through the Internet. So, the online mode of the renewing your bike insurance for lapsed policy, is thus hassle-free, easy, convenient, and most essentially, it is time-saving.
Follow these steps mentioned underneath to renew the bike insurance for lapsed policy within seconds. Here we go…
Keep all the necessary documents such as the details of your earlier policy, the registration number of the vehicle. (These details are required only if you select the add-ons)
Log on to the official website of your bike insurance provider
Enter the plan details of your lapsed bike insurance policy
Proceed to payment by using your Credit card or Debit card or you can also pay through NEFT (National Electronic Funds Transfer) to complete your transaction.
It is very simple to renew the bike insurance for lapsed policy. Isn’t it? So, renew your bike insurance on time or you can also renew the insurance policy even after it gets expired to get the benefits of the bike insurance throughout your bike’s lifespan.
It takes only a few clicks and 4 easy steps to be done. Your bike insurance policy provider will then email you the soft copy of the renewed bike insurance policy to the registered email id.