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Steps to Renew Your Bike Insurance Online

By Finserv MARKETS - Mar 1,2019
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Guide On How To Renew Bike Insurance

If you own a bike, it is a must to have an insurance plan, which will cover you in case of accidents, damage, and third-party liabilities. Neither can you have any control over these expenses, nor can you predict such situations. It is best to buy two-wheeler insurance to ensure that your vehicle is safe, and so are your savings.

What is Two Wheeler Insurance?

A two wheeler insurance plan is a contract between the insurance company and policyholder. It financially safeguards your motorcycles in case of accidents, theft, and loss incurred due to man-made or natural calamities.

Generally, insurance providers offer two types of bike insurance plans:-

  1. Third-Party Bike Insurance Plan
  2. Comprehensive Bike Insurance Plan

The following table will give you a better idea about these two plans.

Comprehensive Bike Insurance vs Third Party Bike Insurance

Third Party Bike Insurance Comprehensive Bike Insurance
What Does It Mean? Under this plan, any damage caused by your bike to the third-party involved in the accident is financially covered. It not only provides financial coverage for third-party damages but also extends it to you and your bike.
Compulsion It is mandatory under the Motor Vehicle Act, 1988. It is not mandatory by law.
What Does It Cover? It covers you against any third-party damage or loss. It not only covers you against third-party damages and loss but also protects your bike in case of accidents, theft, and loss incurred due to human-made or natural disasters.

It also provides personal accident cover to the rider.

It is highly recommended to buy comprehensive bike insurance as it provides extensive coverage to your motorcycle.

Inclusions in Comprehensive Bike Insurance Plan

The two wheeler insurance plan typically covers you for the following:-

  • Loss/damage incurred due to human-made or natural calamities
  • Theft or total loss of the bike
  • Personal accidental coverage
  • Third-party legal liabilities
  • Repair and replacement expenses

Exclusions in Comprehensive Bike Insurance Plan 

Every policy has specific exclusions like:-

  • Normal wear and tear of the bike
  • Mechanical and electrical breakdown of the insured bike
  • Damage/loss caused due to the influence of intoxicants
  • Damage/loss caused when riding without a licence
  • Driving without active bike insurance

How to Buy Two Wheeler Insurance Online?

Purchasing two wheeler insurance is simple and straightforward. Here’s what you need to do –

  • Visit our Insurance section
  • Choose your coverage
  • Fill the application form
  • The insurer will assess your application
  • Complete the online payment process
  • The policy will be issued in no time

Online Two Wheeler Insurance Renewal

At times, people forget to renew two wheeler insurance due to a busy routine. This causes the policy to lapse. Riding uninsured on roads can be dangerous to you and the passenger riding behind you.

Therefore, it is essential that you renew your bike insurance before the expiration date. In order to ensure that the contract does not lapse, you need to renew the insurance annually. The process of insurance renewal online is very simple and straightforward.

Buying an insurance policy online can be tedious. Finserv MARKETS brings you a detailed guide on how to renew bike insurance online.

Here’s How to Renew Your Bike Insurance Online

  1. Use a bike insurance calculator to take a quote
  2. Enter all your personal two-wheeler details and easily renew your policy

The process to renew bike insurance online:

  • Use a bike insurance calculator to take a quote

First and foremost, you can use the online bike insurance calculator to get an insurance quote. You will have to provide details about the bike and personal details to get an accurate quote for the insurance policy. The calculator is available online and is very simple to use.

  • Enter all your personal two-wheeler details and easily renew your policy

In the next step, you are required to provide all the personal and two-wheeler details to renew the policy quickly. You will have to provide the policy number, the date of renewal, and details of the two-wheeler you own. After this, you will be taken to the payment gateway where you will have to make an online payment. This will ensure that the policy is renewed instantly.

Benefits of renewing your policy online

One of the most significant benefits of renewing bike insurance, available on our platform, is the access to discounts and perks. Several insurance companies offer concessions and perquisites to those policyholders who do an online renewal of their policy on time.

Alternatively, you can also download our bike insurance app where online renewal is at the tap of a button. You do not need to head to a branch or the office of the insurance company to make the payment. While you renew the policy online, you will be able to keep a check on the next date of policy renewal and keep the deadlines in mind to avoid any penalties or late fees.

On our platform, the process of bike insurance policy renewal is easy, convenient and hassle-free. You will be able to do it within minutes. While renewing your policy online, you can also opt for top-up covers such as bike roadside assistance for wider coverage and additional benefits.

Now that you know how to renew bike insurance online head to our Insurance section today for various benefits!

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor-made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we works towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522