Renew Your Bike Insurance to Avoid Policy Lapse

Posted on: Dec 3, 2021 | | Written by:

Renew Your Bike Insurance to Avoid Policy Lapse

Bike insurance is a policy between an insurance provider and a bike owner in which the insurer provides financial backup to the bike owner against financial costs or losses that might occur due to an accident.

Anyone who has two-wheeler insurance in India is mandatorily required to have bike insurance, as it is extremely risky to ride without one, neither is it legal. Hence, all two-wheeler riders should purchase bike insurance and get bike insurance at the right time to save sudden extra expenses. Bike insurance protects two-wheelers like a motorcycle, scooter, scooter, or mopeds.

You can easily apply for your bike insurance renewal online with HDFC ERGO and save the hassle and extra charges of visiting the insurer’s office. Once you have applied, the insurer creates your policy as a break-in during a grace period of 90 days. This policy break-in is helpful in the cases of receiving benefits such as no claim bonus, even after claiming insurances. Although, during these 90 days, the policyholders need to buy new policies and begin again with no benefits.

Why should you renew on time?

As a policyholder, if you fail to pay the premium bike insurance renew on time, then you might suffer consequences such as policy lapses. Consequently, you will also lose the benefits offered during the break-in period. Thus, it is important to get your bike insurance renew when your old policy has expired and the new policy is yet to come into effect.

If your policy has lapsed and remains that way for more than 90 days, as a policyholder you will also lose your no claim bonus, which you might have accumulated over the years. NCB often includes discounts up to 50 percent, losing which will cause you higher loss. Moreover, you will be having no protection against any loss or damages occurring due to an accident or related third-party liabilities. Hence, it is crucial to get bike insurance renew as soon as you can to save both money and time.

How to reinstate lapsed policies?

It is important to note that it is not possible to renew lapsed policies post 90 days. In situations like that, you will be required to get new bike insurance that would require inspection of the vehicle and the necessary documents including other formalities.

Getting bike insurance is significant as riding without insurance is a violation of the Motor Vehicle Act and is punishable by the law. Since the whole process of getting bike insurance has become much easier than before, we suggest you get your bike insurance renewed at the earliest.

What to do if your insurance has expired?

As a customer, you receive reminders as messages or calls from your insurer when your policy is about to expire. But there also are certain situations when you might miss out and fail to get your bike insurance renew on time. In such cases, you need to contact your insurer for assistance and get your bike insurance policy reinstated. Moreover, insurers don’t inspect in cases when you’ve been trying to pay the premium before the expiry date.

How to renew your policy offline or online?

It is possible to get bike insurance renewed both offline and online. For the online mode of bike insurance renewal, you need to visit the insurer's website, provide all the necessary details, and renew your policy. For the online mode of renewal, keep your vehicle documents handy as you’ll be needed to enter your credentials. HDFC ERGO’s website considers the users’ ease of use and has made the process simple for customers. To opt for the offline bike insurance renew mode, you need to visit your insurer to let him survey your vehicle before generating a new policy.

How do you avoid lapses during renewal?

The best and only way to avoid lapses is to get your bike insurance renewal before it expires. Activate your SMS/email services to keep track. There are also other ways to avoid these lapses such as getting a long-term insurance plan. Long-term bike insurance plans also have tangible benefits and save you renewing it annually with HDFC ERGO. Get your bike insurance renewal activated today.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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