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Managing Two Wheeler Insurance Lapse And Renewal

You should always renew yourtwo wheeler insurance policy on the due date to avoid the lapsing of your policy. Active two wheeler insurance protects your beloved bike from a host of risks. Even if you ride your bike carefully and made no claim in a policy tenure but forgot to renew yourtwo wheeler insurance policy on time, you will lose the No Claim Bonus benefit.

Normally, when your bike insurance renewal is due, your insurance provider will keep sending you a notification and constant reminder of your expiration date. However, we are not living in normal times, due to the recent worldwide outbreak of coronavirus, Indian government-imposed lockdown on its people from 25th March 2020, to 14th April 2020, and then as of now extended it to 3rd May 2020. All the policyholders whose date of renewal come in between these 40 days were worried. But due to the strict lockdown, the Ministry of Finance decided to extend the renewal date for the two wheeler insurance till 15th May 2020. You can now avoid the lapse of your policy and renew it on time. Given below are the things that you should keep in mind while renewing your two wheeler insurance policy:

• Make sure you keep yourself updated with the renewal date of your policy so that you can renew the policy well in advance and avoid missing the expiration date.
• It the time of the renewal, if you want any add-on in your policy, you can ask your insurance provider company about the add-on covers they offer. You should also ask about the discount you can avail on the premium. 
• If you haven’t made any claim throughout your policy tenure, you are entitled to receive No Claim Bonus benefits.  Make sure you ask for NCB benefit at the time of renewal as it helps in the reduction of premium rates for the forthcoming years.
• You can renew yourtwo wheeler insurance either online or offline. But it is recommended to renew your policy online as you can do it from the comfort of your home. If you renew two wheeler insurance policy online, you don't have to pay any additional charges.
• Before you renew your policy, make sure you get your vehicle surveyed so that both you and the insurance provider will know the existing damage (if any) on your two wheeler. 

Purchase A Longer-Term Two wheeler insurance Policy

Despite taking all the measures, one can still miss the renewal date of their policy. For such cases, the IRDAI introduced the long term two wheeler insurance policy. This plan is perfect for people who are constantly on the move and have little to no time for themselves. A policyholder can pay the lump sum premium amount without worrying about renewing the policy annually. 

This long term two wheeler insurance policy​ will not only prevent policy lapses but will also help you save money as you will be free from the annual inflation on policy premiums. Most importantly, you are your vehicle will be protected all the time.

So, if your policy has lapsed or expired, the above-mentioned alternates will help you get your two wheeler insurance policy back in no time.