Two Wheeler Insurance

Lapsed Two Wheeler Insurance? Here's What You Should Do

By Admin
Apr 27, 2021

A two wheeler insurance policy always makes for a beneficial purchase. With its wide range of coverage, a two wheeler insurance policy will ensure the safety and longevity of your two wheeler. However, forgetfulness is common and when an insurance policy has been active for a significant duration of time, it is easy to forget about the due date for its renewal and premium payment. 

Timely renewal of a two wheeler insurance policy is necessary for it to continue providing protective cover for your two wheeler. Otherwise, it may lead to its lapsing of the policy, resulting in zero insurance coverage. If you have a lapsed two wheeler insurance plan, read on to find out what you should do about it.

When Does Two Wheeler Insurance Get Lapsed?

A two wheeler insurance policy gets lapsed when it is not renewed by its expiry date. Essentially, in such cases, the two wheeler insurance plan ceases to be active and all cover, benefits and components of it become inactive. If the premium is not paid by the due date and the plan is not renewed, a two wheeler is declared as a lapsed policy.

What To Do When Your Two Wheeler Insurance Gets Lapsed?

In case your two wheeler insurance has lapsed, the benefits and coverage offered by your policy will be inactive. Since a two wheeler insurance policy is important, it is advisable to revive the plan even if it has lapsed. Moreover, you might even be charged a higher premium in your next cycle if you are too late with your renewal. You must contact your insurance company as soon as possible if your two wheeler has lapsed, in order to renew it.

Mr. Anand had missed out on the expiry date for his two wheeler insurance policy and as a result, it had lapsed. On noticing that his policy had reached a lapsed state, he immediately reached out to the Customer Support of his insurance provider, TATA AIG General Insurance. He was then asked whether he would like to continue with the same two wheeler policy or would like to modify it with some add-ons. Upon confirming that he wanted to continue with the same two wheeler insurance policy, he was asked to perform a self-inspection of his two wheeler.

After the inspection was complete, he was asked to provide certain documents like a copy of the registration certificate of the two wheeler, a copy of his driving licence, etc., via his registered email ID. After the documentation was completed, he was given a calculated premium amount for the renewal of his policy. Mr. Anand promptly agreed to it as he did not want to keep his two wheeler intentionally unprotected for long. His renewal request was then accepted and his two wheeler policy was made active for the next one year after he paid the premium through the online portal of the insurance provider.

What Happens If You Fail To Renew Your Two Wheeler Insurance On Time?

If you fail to renew your two wheeler insurance on time, your policy will lapse and become inactive. All benefits and covers under it will cease to be functional. If the lapsed policy is not renewed within 90 days(grace period) from the date of expiry, it gets permanently lapsed and cannot be recovered. In such a scenario, you will be required to purchase a new two wheeler insurance plan to keep your two wheeler covered.

Without the protective layer in the form of two wheeler insurance policy in place, your vehicle will be exposed to all kinds of damage and danger. They can incur high expenses, including third party liabilities, that might be difficult to fulfil. Therefore, it is important to keep an eye on the due date or at least to reinstate the two wheeler insurance policy as soon as it lapses.

How Can You Reinstate Your Lapsed Two Wheeler Insurance Policy?

In case your two wheeler insurance policy has lapsed, you can reinstate it by appropriately contacting the insurance company. You can renew your policy both online and offline. 

Online Renewal of a Two Wheeler Insurance Policy

This is the most convenient method of reinstating your two wheeler insurance policy. You can do it from the comfort of your home and with only a few clicks. It saves your time, effort and is completely hassle-free. Most insurance companies have made this facility available to their policyholders.

To renew your policy online, simply visit the official website of the insurance provider and log in to your account. Make sure you have all your policy documents as well as information about your vehicle within your reach. On logging in, navigate to the correct tab and enter the relevant information. Pay accordingly to reinstate your insurance policy.

Offline Renewal of A Two Wheeler Insurance Policy

Along with the online method, the traditional, offline method is also available with most two wheeler insurance policies. This facility can mostly be availed at the nearest office of the insurance company. Make sure to carry your original policy documents and the required payment in cash, card or cheque, as per your wish. The Bike insurance company might also ask to inspect your article before renewing a lapsed policy. 

How To Avoid Lapse of Your Two Wheeler Insurance Policy?

To avoid the lapse of your two wheeler insurance policy, you must pay your premiums on time and before the expiry date of the policy. It is quite normal to forget which is why you can sign up for email or SMS alerts to remind you of the due date. Nowadays, most insurance providers provide this service. If you feel your vehicle needs long-term protection and you might forget to renew your plan, you can opt for a long-term two wheeler insurance policy. 

Conclusion

Having a two wheeler insurance policy ensures safety for your vehicle and peace of mind for yourself. Whether you want to take your vehicle for a road trip or have to leave it out in the rain, you can rest assured that your vehicle can avail of the best service if and when required. Even if you forget to pay your premium, make sure to renew your lapsed two wheeler insurance policy at the earliest.

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