It is okay to forget things. It is natural. Our hectic lifestyle leaves us sapped at the end of the day. In our daily routine, mundane tasks such as paying bills and renewing policies often take a back seat. However, one must make amends as soon as one realizes the impending task. Especially when it comes to bike insurance online renewal. Read ahead to know more about renewing your lapsed two-wheeler insurance policy.
What is a Lapsed Policy?
When your bike insurance policy expires, it is termed as a lapsed policy. In order to keep your insurance policy active, it is necessary to renew it before the expiry date. The benefits associated with your two-wheeler insurance policy expire as soon as your policy lapses.
Note that it is mandatory to purchase two-wheeler insurance if you want to ride a bike legally in India. Thus, refrain from riding your bike when your policy is lapsed, and renew it at the earliest. Riding a bike with a lapsed two-wheeler insurance policy is of no use, you can be penalized for it.
2 Wheeler Insurance Renewal
There are two ways in which you can renew your lapsed policy. One is the traditional offline method and the other, modern, online method.
● The offline method requires you to get in touch with either a licensed insurance agent or visit your insurance company’s office
● Relevant forms need to be filled and supporting documents need to be submitted
● The insurance company might want to inspect your bike before insuring it
● Once the assessment is complete, you will have to pay the stated premium and receive your bike insurance policy, most likely by courier
● Visit your preferred insurance provider’s website
● Login/sign in and enter details (if not auto populated)
● choose your policy and select Add-ons (if needed)
● Bike inspection may or may not be needed
● Make the payment and receive your policy in your inbox within minutes
Offline vs Online Bike Insurance Renewal
Two-wheeler insurance online renewal is definitely more convenient than offline 2 wheeler insurance renewal. Nowadays, there is a lot of information available online. Insurance companies explain their products in a simple manner on their websites. If you have a doubt, you can get in touch with their customer care executives and get more information as well.
In case of two-wheeler insurance renewal online, you do not have to deal with an insurance agent or visit a branch office. Also, you do not need to fill lengthy forms. Bike insurance renewal process is so simple that it can be done from your smartphone as well.
Two-wheeler insurance renewal online is comparatively less expensive than offline insurance as there are no middlemen involved. You also have the option of comparing quotes and coverages offered by various insurance companies and then selecting the preferred option. Such a research can be performed easily online as compared to offline.
Long-term Two-wheeler Insurance
If you feel it is a hassle to renew bike insurance policy every year, you can opt for a long-term bike insurance policy as well. You can insure your bike for up to three years instead of just one year. Comparatively, the long-term policy is cheaper than a one-year policy.
Reassess & Renew Two-wheeler Insurance
When your bike insurance policy has lapsed or is nearing expiry, it gives you the option to reassess your bike insurance policy as well as the bike insurance provider. You can review your bike insurance policy and decide whether you want to enhance its coverage by choosing relevant Add-ons. You also have the option of switching your insurance provider by purchasing the policy from a different insurance provider.