For making sure not only you and your asset but also third-party asset and person are safe, the Motor Vehicle Act of 1988 has made it compulsory to have two-wheeler insurance. Without a policy, you cannot ply your vehicle on the road. Hence, people take the policy and do not renew them on time, leading to lapse. Insurance policies offer security against any financial obligations which may incur owing to the unforeseen mishap, leading to loss/damage and sometimes demise.
What is a Lapsed Policy?
Once the benefits from the insurance company end owing to non-payment of premiums on the due date, it is called lapsed bike insurance. Besides, when the policy does not get renewed on time, the policy gets lapsed.
Renewing Lapsed Policy
Two wheeler insurance renewal is still possible for which you need to assess your prerequisites as there are chances the requirements would have changed over the year. There are some facts to consider while renewing –
Multi-year Insurance Plans
In a recent development, the Insurance Development and Regulatory Authority of India have permitted insurance companies to offer two-wheeler insurance for as long as three years. The thought behind this strategy is encouraging bike riders to renew the policy and remain secure throughout. Nowadays, bike insurance renewal process has got easier, thanks to the online system.
Following are the Steps to Renew the Same –
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