What Happens When Your Two-Wheeler Insurance Policy Lapses?

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With lives becoming busier and more demanding, people are getting loaded with all sorts of burdens. These weights hamper the functioning of our brain and cause us to become unmindful and forgetful. It is easy to forget important things like renewing your two-wheeler insurance policy in such conditions. So, what happens if you don’t remember to renew your two-wheeler insurance? How do you renew an expired bike insurance policy? Let’s find out in this post!

Let us start with knowing the term lapsed two-wheeler policy. Have you ever heard about it?

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Meaning of Lapsed Two-Wheeler Insurance Policy

The term ‘Lapsed Two-Wheeler Insurance Policy’ means an insurance plan that has expired for not being renewed on time. When a policy lapses, it almost signifies that you are no longer covered under any policy. All your policy benefits and rights disappear since you didn’t pay your premium before the last premium payment date or during the grace period.

What will Happen if you do not Renew your Bike Insurance Policy on Time?

If you do not renew your bike insurance policy before the expiry date and even during the grace period of 90 days, your policy lapses. Many things are likely to happen if you do not renew your policy on time. For example, your no-claim bonus (NCB) discounts will be canceled. Besides, your insurer might impose a hiked premium when you renew the policy next.

Further, you will have to bear the expenses of repairing the third-party vehicle damages in case your bike (uninsured) collides with a third party in an accident. Hence, renewing and staying covered is better to avoid such situations.

What is the Process to Renew Your Lapsed Two-Wheeler Insurance Policy?

There are two modes to renew your lapsed policy – online and offline mode. Here are the steps to renew your lapsed policy via both modes:

Online Mode to Renew your Lapsed Policy:

Renewing expired two-wheeler insurance online is a very simple and hassle-free process. It saves time and money as well as is utterly convenient. Here are the steps to follow:

  • Before renewing the policy online, make sure to keep all the required documents, such as the lapsed policy paper and your RC or Registration Certificate, close by
  • Next, go to the official portal of the insurance company
  • Go to the insurance renewal page and submit details of your plan
  • Next, pay for the plan using your debit/credit card or via NEFT payment
  • Once the transaction is successfully done, your policy is renewed

It just takes a few clicks to renew your policy. Once the process is completed, you will get a copy of the policy renewal document on your registered email ID.

Offline Mode to Renew your Lapsed Policy:

Offline is the mode of renewal that has been going on for long. This is the traditional mode where you have to visit the branch of your insurer to get the policy renewed. Carry all the documents required, like policy papers and RC. The insurer will initiate the renewal process once they receive all the documents. You may note that in case of offline renewal, your insurer might ask you to get your vehicle inspected before renewing the plan.

Why it is Good to Renew Policy Online as Compared to Offline?

Online renewal is an easy process as it can be done from the comfort of your home and in no time. For offline renewal, you might have to visit the insurer’s office or pay money to an agent. Hence, online mode is generally suggested.

Also, by renewing your lapsed policy online, you can skip the step of getting your vehicle to undergo an inspection. (Which is asked by some insurers in case of lapsed policies)

How To Safeguard Your Motor Insurance Policy from Getting Lapsed?

To ensure that your motor insurance policy stays active throughout the year, you must renew your bike insurance as per the schedule. However, you may miss the policy expiry date due to your busy schedule or any other reason.

So, how could you avoid the situation of renewing your bike insurance policy every year? How can you stay free from the worries of a yearly renewal of your policy?

To stay worry-free about your bike insurance renewal, you can opt for a long-term insurance plan of 3 years. Yes, there are long-term policies covering two- and four-wheelers that policyholders can avail of to get their vehicles insured and remain relaxed for three to five years.

The long-term policies are beneficial in many ways, such as;

  • You can be relieved of getting the policy renewed every year. You won’t have to keep track of the expiry date now and then
  • People who are busy and who have multiple vehicles and multiple insurance policies can benefit from such policies to a great extent
  • Long-term policies allow the insured to avoid the hassle of penalties or bike insurance expired fines for non-renewal of bikes
  • Another benefit is that you will not be paying extra charges every year despite inflation, and your premium will remain constant for 3 years

Is It Compulsory to Renew Add-Ons While Renewing Your Lapsed Policy?

Add-on covers are the additional covers/riders that you might hold along with your bike insurance plan. Some of the add-ons that one can buy are Zero depreciation cover, engine protection cover, no claim bonus (NCB) protection cover, etc. All these covers can be bought by paying an extra amount of premium at the time of buying your bike insurance policy.

However, renewing the add-ons while renewing your bike insurance plan is not mandatory. It entirely depends on the policyholder to renew the add-ons or to avoid them.

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To Sum Up

You already know the importance of an insurance policy to cover your vehicle against unfortunate incidents. Riding an uninsured two-wheeler is extremely dangerous as it imposes penalties and puts the lives of third-party people at stake. If you get into any untoward accident on the road, it will damage your vehicle and also cause harm to third-party properties and people. Hence, it is important to renew your bike insurance policy before it expires and to stay covered all the time.
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FAQs: What Happens When Your Two-Wheeler Insurance Policy Lapses?

How can I search for bike insurance renewal near me?

You can search for an insurer near you to get your bike insurance renewed by searching online. If you want to renew your policy offline, you can visit the insurer near you. But if you plan to get it renewed online, you can just visit the official portal of your insurer to get the policy renewed.

How to get two-wheeler insurance online renewal after expiry?

There are two ways to renew your policy – online and offline. The steps to renew the policy in both ways are explained in the post above for you to understand.

Can bike insurance be renewed online?

Yes, it is possible to renew your two-wheeler insurance online by following a few simple steps, as mentioned in the post above.

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Sep 28, 2023
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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