With money getting dearer by each passing day, it is necessary that we cover for our potential losses and take care of our assets by insuring them. While one can get almost everything insured, our vehicles are one of the most common assets that need to be taken care of. Theft, damage and third-party cover are some of the most common grounds for buying two wheeler insurance policy. Though it is necessary to keep track of the policy and pay the premium on time, there can be times when one tends to forget to pay it. In that case, the policy gets lapsed and one needs to renew the lapsed insurance.
Here are few things that one can do to renew lapsed two wheeler insurance:
- Pick an Insurance Provider: While it is important to get your assets insured, it is also important to select the right insurance provider. With a lot of insurance companies offering various policies and cover, one needs to find the company that gives the most effective policy depending on the year of manufacture and facilities. One can contact the previous insurance company for a new insurance policy as well.
- Vehicle Survey: To ascertain the two-wheeler insurance premium, vehicle survey is conducted which determines the condition of the vehicle, year of manufacture and so on. They will notify you of any previous damages and depending on the severity of the damage, the coverage will be determined. One may have to pay a survey fee to the insurance provider as well.
- Policy Purchase: After they do the survey, if there is not much damage then the insurance is approved. Depending on the company terms, one may choose to buy the policy online or offline within a definite time frame.
- No Claim Bonus: If the policy lapses for more than 90 days, a No Claim Bonus is provided by the company. This NCB is the discount on yearly premium and is a major loss if you do not file any claim for the past 3-4 years.
Benefits of online renewal of two wheeler insurance policy
While one can definitely go the traditional route to get the vehicle insured, many opt for online insurance as well for the below reasons.
- Convenience: With the click of a button, one can browse through various insurance policies available in the market. Through third-party websites, one can also compare policies and choose the most effective one.
- No additional hassle: Most companies don’t ask for a lot of documents while registering for insurance online. They do not levy any additional charges as well.
- Quick Process: The online process is quicker than the offline one, most claiming a process in 2 days’ time.
In India, to drive a vehicle without third-party insurance coverage is a liable offence. Hence, it is advisable to set reminders for premium payments and avoid two wheeler insurance policy lapse.