Is there a time limit for reviving a lapsed insurance policy
Usually, you will need to renew your lapsed policy within 6 months for retaining the policy and its benefits. Even after an Insurance policy has lapsed, you can renew it. Follow the easy steps detailed below to renew your expired insurance policy without any hassles.
Finalize an Insurance provider
You have to zero-in on an insurance company that offers the most competitive premium. You can make use of third party comparison sites to compare the features of various insurance policies in the market.
If it is vehicle insurance…
If you are getting your vehicle insurance renewed, you must also get your vehicle inspected by a surveyor to ascertain pre-existing damages. If there is an existing damage, your vehicle could be denied an insurance. Also, if the extent of the damage is less, the damage could be excluded from two wheeler insurance coverage. You might also be charged a basic nominal fee by your insurer for the inspection irrespective of if there is a damage or not.
Purchase the Policy
You can choose to purchase the policy online.
No Claim Bonus (NCB)
In most of the cases, if the policy has lapsed for more than 90 days, you will not be getting the No Claim Bonus. NCB is the discount on yearly premium and not being able to use it will make a dent in your pocket, especially if you have made no claims it for the past 3-4 years.
Renew your Policy
If you are planning to again take a policy with your previous insurer and the policy has lapsed, you can call your insurer to get more information on how to renew it.
Benefits of Online Renewal of Expired Policies
In spite of the multiple notifications that you received from your insurer for policy renewal, have you still missed the last date? Worry not, as you can renew the policy online. Online renewal is beneficial in the following ways:
You do not need to pay any additional charges for the convenience of online renewal.
The renewed policy will be issued quickly.
If the insurance has lapsed for more than 90 days, you are not required to furnish previous policy details.
You can compare plans from leading insurance providers and identify the policy that meets your requirements.
You can avail assistance from the insurer’s call centre in case you have any queries on the online renewal process.
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