Insurance intends to provide financial security against an unforeseen mishap that may happen. It covers all the loss/damage that may occur during an accident. The document has been made mandatory by the Government to ensure the safety of not only the vehicle but riders as well. In India, most people do not take their bike insurance seriously. With tight regulation, it is time to renew your policy if it has lapsed.
IRDAI also directed the insurers to provide long term insurance to those who want a long-term benefit. A long-term policy sets you free from the hassle of renewing the policy every year.
What is Lapsed Policy?
Once the policy lapses, the advantages of insurance end for the person. They can be fined while driving on the road for carrying expired insurance. Every policy has a grace period in which it can be renewed to continue availing all the benefits. If the policy is still not renewed it eventually lapses.
Checklist before renewing your insurance policy
The first step is to research well and choose an insurance company with a good track record. You now have the option to switch insurers. With everything happening online, it is advised to compare the policies. With comparison, you can get the best policy that matches all your need. One thing to look for is the claim settlement ratio of the insurer.
You must check the network garages of your insurer. Eventually, you will need smooth assistance. Having a network garage nearby will mean you will have a hassle-free cashless claim process. A good insurance company comes with good service. It includes a reminder for renewals, 24×7 support, easy claim process and other valuable benefits.
Also, opt for online insurance. By getting two wheeler insurance online you will face minimum paperwork. There is nothing more beneficial for the customer if all the processes are online.
Keep a check on the No Claim bonus. If your previous policy has lapsed, it means you have also lost your No Claim bonus. It is essential to make sure that you are getting this benefit regularly. Apart from this also check if you need an add on for your car. Check for other offers and any new policy that your insurance company is offering.
Avoid Lapses in Policy
The smart way to avoid any lapse is by getting a long-term plan. You can get a policy that covers your vehicle for 3 or even 5 years. It will not only save your time on renewal process but will also save money. While getting the insurance, opt for SMS and call service. Your insurer will remind you of the expiring policy through SMS and a call. By this reminder, you will not lose out on your policy benefits. It is crucial to read the wordings of the policy carefully and understand the exclusions and coverage properly before getting the insurance. Expired bike insurance renewal is now an easy process with everything happening online. Renew your policy now to get amazing discounts.