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Everything You Need to Know About Lapsed Two-Wheeler Insurance Plan

It is not possible to remember everything. Under certain circumstances, you may have forgotten or are unable to pay the amount to renew your two-wheeler policy. Once the grace period is over, and you still have not renewed your plan, your plan will lapse. That will no longer be an active plan and will be of no use. But you still have the chance to revive that and regain your benefits. So, today in this content we are going to talk about every detail that you need to know about a lapsed two-wheeler insurance plan. Have a look at the following content.

What Will Happen If Your Two-wheeler Insurance Lapses?

In such cases, the following things may happen:

  • Once your policy is void, you can no longer avail of the benefits and facilities of that plan. So, your policy will be of no use.
  • If you have an expired policy, it will lead you to the loss of accumulated No Claim Bonus (NCB). This can even go up to 50% of the own-damage premium of your two-wheeler insurance plan. This percentage depends upon the number of claim-free years.
  • Without an active policy, you are exposed to a sack full of road risks and dangers. That means, you are no longer safe and protected out there on the roads.
  • If you meet an accident on the road involving your bike, the entire amount of bike repairment has to be borne by you. Also, you have to bear the expenses incurred due to your medical treatments. So, altogether it will create a financial burden, which may be heavy on you.
  • According to the Motor Vehicle Act of India, it is mandatory to have a third party insurance plan if you are a two or four-wheeler owner. So, with a lapsed policy, you may fall into legal trouble as you are breaking the law.
  • Your company may not allow you to revive the policy. Even if the insurer allows, you have to pay an extra as along with the all-due renewal amounts, you need to pay the fine for that.
  •  Once your policy expires and you know the consequences of that, you will lose your peace of mind, and can never go out without tension and anxiety.

How Can You Revive Your Lapsed Two-Wheeler Insurance Policy?

Online procedure

If you want to revive your policy online without any hassle, then follow the below steps.

  • Go to the official website of your insurer.
  • Log in to your customer portal, and look for the revival option or any similar option.
  • After that, put your policy details, two-wheeler registration number, and the other information as required correctly in the right place.
  • The renewal amount will be displayed before you. Check it thoroughly.
  • Pay the amount by choosing a convenient mode of payment available with the insurer.
  • You are done here. Upon successful payment, you will receive a notification about the same in your registered mobile number and/or email ID. Remember, the steps may vary from one insurer to another.

Offline procedure

If you are more comfortable with the offline procedure, you can go to one of the official branches of the company. Their customer executives are experienced enough to guide you thoroughly through the entire process. In this case, you need to fill up the revival/renewal form with the necessary information. Keep ready the required documents. Once your insurer receives all the needed documents, they will initiate the revival procedure. For some insurance companies, it is mandatory to have an inspection of your two-wheeler since you have lapsed policy.

How To Avoid Expiration of Two-wheeler Insurance Policy?

If you do not want to go through the time consuming and complex revival process, you need to renew your policy on time. For that, you can follow the below tips.

  • Most of the insurers remind the customers about the renewal date prior to the date of renewal through messages, phone calls, or email. If your insurer has that facility, activate it.
  • You can also set the reminder in the calendar on your phone. It is very easy and convenient.
  • You can also buy a long term two-wheeler insurance plan. For example, if you have a plan of 3 years, or 5 years, it will give you the coverage for up to 3 or 5 years, respectively, and meanwhile, you do not have to worry about renewal.
  • Always renew your policy on time, at least within the grace period to avoid the hustle and bustle of the revival process.

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