Bike Insurance- Did you forget to renew it again?

WU staff | News | April 26, 2017
Bike Insurance- Did you forget to renew it again?

“Hi, Rohit, it’s me, Ajay. I hope you are at home”. I can easily guess your reaction because I am also a great Chan’s fan and when someone interrupts me when I am watching his movie; I only have one thought—kill that person and surrender at a police station when the film ends.

So, when Ajay calls Rohit, without wasting time, he shouts— Come to the point. “Yaar, my girlfriend wants to go out on a bike ride, but my bike insurance has lapsed. I don’t want to be caught by a police. So, can I borrow your bike? said Ajay in one breath after understanding the ‘emergency’.

“My bike, yes you can but Oh my god, my bike insurance has also expired,” Rohit can’t believe this how can he be so reckless like Ajay. Now, there is a dharam sankat—should he leave his action movie midway or work towards renewing his lapsed policy? With a heavy heart, he goes with the second option.

You might be thinking, why I am concerned about Rohit and his bike insurance? Leave behind two-wheeler insurance, and think for a minute, how many times you have forgotten to renew your insurance policy? There are many people who suffer from ‘Alzheimer' when it comes to renewing the insurance policy. In fact, a survey says, 75% of two-wheelers plying on roads are uninsured, despite of the fact that it is mandatory to have a third-party insurance to run your vehicle on roads. Though, you might have successfully ‘fooled’ traffic police and run without showing your two-wheeler insurance papers, you are causing more harm to yourself than anyone else.

If you meet with an accident and cause damage to your bike or third-party, who will bear financial losses? Of course, you! With an expired bike insurance on your side, whom are you expecting to come forward for your help? Also, when your policy stays inactive for 90 days, your No Claim Bonus (NCB) gets forfeited.

So, it is necessary to get your two-wheeler insurance renewed on time to enjoy a stress-free ride. But if you are like Rohit and Ajay who forget to renew the policy on time, then here is a guide to reinstate your lapsed two-wheeler insurance policy.

How can you reinstate your expired two-wheeler insurance policy?

Mainly, there are two ways through which you can revive your lapsed two-wheeler insurance policy:

Online: The process of renewing a bike insurance online is quick and hassle-free. All you have to do is log on to the insurer’s website and submit details like your policy number, vehicle registration number, engine number, rider information, if any, etc. The insurer will renew your policy on completion of the process and the soft copy of the policy will be sent via e-mail. Usually, online renewal of a policy doesn’t require vehicle inspection. The online mode lets you renew your policy 24x7. Moreover, if you are busy in watching movies like Rohit, you can opt for the online mode and get your vehicle renewed between breaks.

Offline: You can opt for the offline mode of renewing your bike insurance by reaching out to the insurer and getting your vehicle inspected. The insurer would then ask to submit previous policy documents, and issue the policy accordingly.

However, whatever mode, you opt for, the coverage will commence after three days from the day of purchasing the policy. Any loss or damage occurred before this tenure will not be covered by the insurer.

Think long term, go for long-term two-wheeler insurance policies

Various insurance companies offer long-term two-wheeler insurance policies, in which the coverage is offered for two/three years in one go. It means, you don’t need to undergo the hassles of annual policy renewal, and a single premium installment is enough to cover your bike for a longer duration. Such policies greatly help people like Rohit and Ajay who forget to renew their policies or don’t have enough time to renew their policies (as they have more ‘important’ things to do— watching movie!). Whatever the reason is, if you have a long-term insurance policy, you don’t need to remember renewal dates.

Moreover, as insurers save money on policy administration and distribution costs, the same is passed on to policyholders in the form of lower premium rates. In addition to this, you will also become immune to the annual revision in premium rates, especially third party premium rates which are slated to be increased on 1st April 2017. Indeed, long-term two-wheeler insurance is a great way to ensure that your policy always remains active.

Remember, renewing your two-wheeler insurance policy is not an option but a necessity. Even if you have failed to renew your policy on time, instead of riding without the cover, take steps to reinstate your lapsed bike insurance policy. After all, an insured journey is a safe journey!

 

Image Courtesy : www.policymantra.com

 
 
 
 
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