For a common man, buying anything that is materialistic is a sense of pride. Especially when it comes to owning a car or a bike or even an immovable property, the joy is never ending. We make sure we protect and guard it against damages, scratches, rash driving, etc. We also prepare ourselves to face any mishaps by insuring our bike. So what next?
The most important thing now is to make sure that we renew that insurance timely to enjoy all the benefits from it. About 60% of the vehicles either do not have an insurance policy at all or have failed to renew the policy. There have been several cases where owners have not paid the renewal amount and created fake documents where only the policy period was changed. This fraudulent activity has increased in the recent time and has come into the notice of the insurance companies. This can result in heavy fine and other serious consequences.
So if you want to avoid all these hassles, then renew your insurance at least a week before the expiry date. Here is all you want to know about renewing your lapsed insurance:
A lapsed policy is nothing but an expired policy where the policyholder has failed to renew it on time. It is equivalent to having no insurance, as all the benefits are no longer enjoyed by the policyholder.
The insurer gives the policyholder 90 days time to renew the lapsed policy. If it is not renewed then the no claim bonus will be fortified. You become vulnerable to other risks for instance, if your vehicle has been in any mishap or accident then you will have to bear the expenses and pay from your own pocket. The insurer will also have the right to increase your premium for the next cycle. You will also be open to other risks including third-party liabilities (person or vehicle).
Finalise on your insurance provider: In today's’ competitive market, you get great deals at competitive prices to renew your policies. Almost every company has the facility to renew your policy online because that is the most convenient way. You can take advantage of the other third-party websites to compare prices to get the best discount on your premium.
This is a very important aspect of renewing your vehicle’s insurance. Getting the vehicle surveyed decides whether you are eligible for renewal or not. You should get your vehicle surveyed by a surveying inspector to inspect if there are any pre-existing damages. If the damage is huge or irreparable then the surveyor can deny providing any insurance at all. If the damages are minor, then it will be excluded from the insurance coverage. There will be a nominal fee charged by the insurer for this process.
Now there are two ways to purchase a policy;
This mode is hassle free, time saving, money saving, convenient and paperless. It requires only a few clicks to purchase the policy;
This is an old traditional method and most of us are convenient this way. Visit the insurance provider’s office where you purchased the policy. Carry the desired documents with you like registration number, previous policy details, add-on insurance benefits, driving license, manufacturer details, vehicle model, engine capacity, RTO details, etc. You will have to get your vehicle surveyed. Once the survey is done, then the insurance provider will review your document as it is lapsed. If everything is fine, then you will receive the policy through post to your address within a week's’ time.
You can avoid all the fuss of standing in the line signing various papers and driving all the way to the insurers’ office. This is the digital era and make complete use of it. Few clicks and scans and you are sorted. Opting for long-term two-wheeler insurance policy is the best option if you want to save yourself from renewing it annually. It provides coverage for 3 years and the insurance company gives great discounts and offers on premium amount, so you will be saving a lot of time and money with this option.
As per recent IRDA norms, the premium rates has been standardised with effect from April 1st, 2017.
|Premiums Payable||Engine Capacity|
|Rs.569||Up to 75 cc|
|Rs.1,114||350 cc and above|
The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.