The growing congestion in not just metro cities, but also in small towns has made two-wheeler a preferred medium of travel. While cars offer comfort and luxury, two-wheeler are swift, nimble and agile manoeuvring through long traffic snarls. However, due to lower protection from the environment, there are a high number of accidents when it comes to two-wheelers. Here’s when a two-wheeler insurance policy comes to the rescue.
A two wheeler insurance policy provides financial coverage against damages that are faced by your bike. Based on the type of insurance plan, you can either avail coverage only for third-party damages and injuries or even for the damages to your bike. Hence, you must avail continued coverage for which timely two-wheeler insurance renewal is required.
But amidst your busy schedules, it may occur that you miss your renewal date. Fret-not! This article mentions what should be done in event it happens.
What is a policy lapse?
Policy lapse is an event where your insurance coverage ends either due to a missed renewal date or skipping to renew it on time. Once you are past the expiry date of your policy, the insurance benefits like the no-claim bonus (NCB) are lost, but only after a specified duration and not immediately. The regulator, IRDAI has given all policyholders a time limit of 90 days post which NCB benefit is lost even if renewed. Hence, insurance companies send reminders via mail, telephone or even through physical letters when the renewal date approaches. You can visit the official website of IRDAI for further details.
What are next steps in case you miss your two-wheeler insurance renewal?
The first step is to contact your insurance company and seek assistance. Insurance policies can be either renewed online, of even offline.
While online two wheeler insurance renewal is quick, it can be done at the convenience of your home or work desk. You need not visit the insurance office or contact an insurance agent. But yes, you need to have certain documents at hand. Your expired insurance certificate, bike’s registration certificate, PUC certificate and even your identification proof. These details will be required to compute and determine the premium and issue a fresh policy. Your expired policy details are required to check for accrued NCB benefits being carried over the next policy period.
On the other hand, offline renewal of the policy is a lengthy process. Here, you need to either visit the insurance company’s branch or get in touch with your insurance agent. Similar documents are required for offline renewal, just each of them in hard copies.
While finalising the policy coverage can be tricky considering the myriad insurance plans, a two wheeler insurance premium calculator can be your best help. It helps to compare different policies not just based on price, but also its features. Once through with all of the above steps, make the necessary payment, and get your insurance coverage started.
Finally, it is best to avoid missing renewal dates as it tantamount to fresh insurance policy purchase. Hence, keep an eye on the expiry date and even sign up for timely SMS/e-mail reminders that the insurance companies send. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.