A Quick Guide – Renewing Your Lapsed Two-Wheeler Insurance Policy
A two wheeler insurance policy is like a tool that will safeguard your bike. As it is rather easy to take bike insurance online, you will find yourself much at ease to compare two wheeler insurance policy of different insurance providers and choose one that seems just appropriate for you in order to fulfil the mandate by law. However, just taking the insurance when you purchase the bike will not serve the purpose.
While you will have to make regular premium payments to ensure the policy remains valid for its stipulated tenure, you will also need to renew your policy before its expiry. This will ensure that your bike has an active insurance to offset the risks of damages that may arise due to accidents or theft or any natural calamity that may occur during the uninsured period.
Renewing your bike insurance
The insurance renewal process is quite simple. In fact, you can do it online just the way you can purchase bike insurance online. Of course, you will need to remember the renewal time and to avoid the hassles of dealing with forgetfulness, you can opt for long-term policies that last for about 3 years. While the process is definitely easy, here are a few things to bear in mind to renew your two wheeler insurance policy quickly.
Things to keep in mind for bike insurance renewal
- Your bike insurance needs to be renewed well in advance in order to avoid expenses that may result from riding the bike uninsured.
- When you are renewing your bike insurance online, you have the option to compare two wheeler insurance policy as offered by different insurance providers and choose to either renew the one that you already have or opt for a completely different policy.
- If you have not claimed any damages from the insurance provider during the policy period, you can avail the ‘No Claim Bonus’.
Benefits of online bike insurance renewal
Of course, it is important to renew your policy on time (before the expiry) but if you do miss out on the last date, the bike insurance online mode of renewing the expired policy is really hassle-free.
Here are some benefits that are available to you when renewing your two wheeler insurance policy online:
- Most times, you are not required to submit any mandate inspection documents when you apply for renewal online.
- The process of renewal is quicker.
- If the insurance policy has lapsed for over 90 days, you may still not be required to furnish previous policy documents.
- Lastly, there are no convenience charges for opting the online mode.
When your bike insurance lapses, it is not just you, but also the insurance company that has to bear the losses. This is the reason why you will receive constant reminders to renew the policy when the policy expiry date is approaching. It is best to pay heed to these reminders and renew your policy to avoid all risks of facing financial losses in case of any damage to your bike during the uninsured period.