Lapsed Bike Insurance Online

  • Author :
  • TATA AIG Team
  • Published on :
  • 19/12/2022

The quick-paced life of today has become highly demanding. Several things require your attention all at once. In this hustle and bustle, it may just happen that you fail to renew your two-wheeler insurance policy, thereby exposing your bike and yourself to road mishaps and their consequences. Your insurance for 2-wheelers is your reliable financial safety net in the event of any unfortunate happenstance, and therefore it is crucial always to be updated about policy lapses. Before we learn how to renew a lapsed two-wheeler insurance policy, let’s understand the meaning of a bike insurance policy lapse.

Understanding Insurance Policy Lapse

The lapse of your two-wheeler insurance policy means that you will no longer be able to avail of the coverage and the benefits of your insurance. This means that until you renew expired bike insurance, you will not be able to raise any claim against the policy and incur all expenses from your pocket.

The two most common reasons for the lapse of your bike insurance policy are

  • The policyholder fails to pay the premium on time or
  • The insurance holder not renewing their coverage after the conclusion of the policy term

However, in either of the scenarios, your policy does not immediately lapse. Most insurance providers offer a grace period during which the policyholder can renew or restart their coverage, and in the interim, the policy remains active. The period within which a policyholder can revive their policy differs from one insurance provider to the next.

It is important to renew your insurance for a 2-wheeler, before the policy lapses. Not doing so will expose riders to road risks, and they will also miss out on benefits such as the no-claim bonus (NCB), which can lower the cost of premiums.

Factors to Consider at the Time of Insurance Policy Renewal

An informed insurance buyer knows that insurance requirements can change with time. And so, here are some prerequisites to consider when you go to renew your two-wheeler insurance policy:

  • Analyse your insurance needs and make a checklist of your expectations from your insurance for 2-wheeler
  • Carefully compare two-wheeler insurance policies to find an insurance cover that is perfectly suited to meet your requirements
  • Think about whether you would like to go ahead with a different insurance provider if the service or coverage offered by your former insurance company were dissatisfying and inadequate
  • Check with your insurance provider about how much NCB are you eligible for if you haven’t raised any claim during the policy term
  • Avoid riding without an updated bike insurance policy because you may be at significant risk. Moreover, according to the Motor Vehicles Act of 1988, it is mandatory for every two-wheeler owner to have at least third-party insurance.

Having understood the meaning of insurance policy lapse and the factors to consider before renewing your insurance, let’s now look at how to renew a lapsed two-wheeler insurance policy.

Bike Insurance Renewal after Expiry

One of the easiest ways to prevent insurance policy lapses is to invest in a long-term two-wheeler insurance policy. The Insurance Regulatory and Development Authority of India (IRDAI) has enabled two-wheeler insurance providers to offer insurance covers extending to as many as three years. This strategy appropriately secures riders with a comprehensive bike insurance policy and protects them on the roads.

However, if your policy has lapsed, here are the next steps to renew expired bike insurance:

  • Choose Your Insurance Provider

Since your two-wheeler insurance will be the first thing you will turn to during road mishaps, it is essential to choose the right insurance provider. To analyse whether an insurance company is right for you, you can use the following parameters:

  • Calculate the coverage offered and the premium payable for your preferred insurance for 2-wheeler and compare the offerings of different providers

  • Choose a reliable insurance company with an established track record such as a high claim settlement ratio, IRDAI insurance ratings, reach and network of the company, etc.

  • Check the size of the company that can be determined by looking at its total assets, growth ratio, market share, etc.

  • Ensure that your insurance provider offers 24*7 customer service so that you are not left alone in an unfavourable situation

  • Finally, check the customer reviews of your insurance provider to see what complaints (if any) other insurance holders have

  • Check Your Two-Wheeler

Inspect your two-wheeler before renewing your cover to be aware of the pre-existing damages that your vehicle has sustained. Notify your insurance company of the damage and see if they will still provide coverage. Please note that your insurance provider will also be checking your vehicle to determine the premium you will be charged.

  • Invest in the Right Cover

After inspecting your two-wheeler, you will know better what you seek from your insurance provider. Analyse your revised requirements and choose a cover accordingly. It is always advised to buy insurance online. Moreover, two-wheeler insurance online renewal after expiry is easier than offline renewal.

  • Get Your NCB

If your policy has lapsed for more than 90 days, you will likely not receive your NCB. Therefore, try to renew your policy sooner rather than later to not risk missing out on the benefit of the NCB.

  • Complete Insurance Policy Renewal

If you wish to continue seeking insurance from your former insurance provider, you can reach out to the insurance company's customer service. They will help you with the next steps to follow and the essential formalities required from your end to renew your policy.

Two-Wheeler Insurance Online Renewal After Expiry

Tata AIG has facilitated easy online policy renewal to enable seamless and convenient insurance renewal. Here’s how to complete online bike insurance renewal after expiry:

  • Step 1: Visit the official website for policy renewal

  • Step 2: Enter your vehicle registration number and click on the “Renew” tab to get your insurance quote and renew your plan online

  • Step 3: Input the details as prompted by the screen and choose from a list of eight unique add-ons to strengthen your insurance cover

  • Step 4: Keep the following details and documents handy:

  • Vehicle registration details

  • Office address of your RTO

  • The company name and model of your two-wheeler

  • Claims made during the previous policy tenure

  • Date of expiry of your previous insurance policy

  • Step 5: Once you input this, your insurance premium will be generated

  • Step 6: Pay for your policy online, and just like that, your policy is renewed!

To Conclude

Two-wheeler insurance is meant to take care of any contingency situations that may befall when you are riding. Therefore, it is important to ensure that your insurance is active and updated at all times. This will ensure in the event of an accident, you don’t have to take care of the damages to you, your vehicle, or a third party – your insurance will look after all of it.

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