We are all human
and we all make mistakes sometimes, such as forgetting to renew our two-wheeler insurance
policy. This can lead our policy to ‘lapse’,
i.e., a termination of the coverage and services provided under an insurance
If you have a lapsed
insurance policy, here are
a few things which could happen :
susceptible to a substantial fine if caught without an active insurance policy
- In case of an
accident, the cost of repair comes out of your pocket.
- You’re liable for
any damage caused to a third party involved in the accident.
- No fair
compensation in case your bike is stolen or damaged by natural or manmade
- You lose your No
Claim Bonus (NCB) attracting higher premium rates for the next time you buy a
Thus, having an
active insurance policy is a necessity at all times which saves you on the road
and saves your money in case of a mishap !
How To Renew a Lapsed Two-Wheeler Insurance Policy ?
You can renew
your lapsed two-wheeler
insurance in the following ways:
Online – This is a quick, safe and convenient way to
renew your lapsed policy as follows :
- Keep your
previous policy details, vehicle details (registration number, make &
model, add-on details) and personal details (mobile number, bank details)
- Log on to the website of your insurance
provider and enter your policy details.
- Complete renewal
process by making an online payment using options like NEFT, UPI or net-banking.
The soft copy of your renewed policy will be sent to your email address.
It only takes
minutes to renew your policy online and you can avail great discounts and
services from companies like Bharti AXA which protect you in case of mishaps.
Offline : This is the traditional, longer way of renewing policy and is as
- Locate the
nearest branch of your insurance provider.
- Submit policy
details personally to start the renewal process.
- In case of a lapsed
policy, an insurance officer will come to inspect your vehicle.
inspection and renewal process could take days, leaving you unprotected in the
There are certain
benefits of online insurance renewal such
- Most insurers
waive the ‘mandatory inspection’ clause off in case of online renewal.
- No convenience
charge on renewal of policy.
- Some insurance
companies like Bharti AXA
provide break-in insurance where if you renew a lapsed policy within 90 days of
expiry, you can save your No Claim Bonus, and get a lower premium rate on
- Compare multiple
policy plans online and select the best cover at the best price.
- Purchase a
insurance policy which covers you for up to 3 years without an annual
premium hike and get higher returns on your No Claim Bonus (NCB).
So, correct your error and get online to renew
your lapsed policy and ensure you and your loved ones are always protected.