How To Renew Two Wheeler Insurance - Steps Explained

Is your bike insurance policy nearing expiry? Are you looking to switch from your existing insurance provider to a better service? If so, you do not need to look beyond Finserv MARKETS to renew your bike insurance policy.

Whether you purchased your policy on Finserv MARKETS or you are just looking to switch from your existing insurer, here’s how to renew two wheeler insurance online:

Step 1: Visit the Finserv MARKETS website.

Step 2: Enter your vehicle details.

Step 3: After entering your details, you can check the free bike insurance renewal quote.

Step 4: Next, fill in your details under the ‘Owner Details’ section.

Step 5: Enter your previous policy details and make an online payment to renew your bike insurance plan for another term.

Step 6: You can also choose to buy add-on riders to get advanced protection.

The same process is easily accessible on our bike insurance app as well. Just download the Finserv MARKETS App from Google PlayStore or Apple AppStore. Login with your credentials and proceed to renew your bike insurance plan via the app.

Ways to Reduce your Bike Insurance Premium During Renewal

• Buy bike insurance online

• Maintain a clean driving record

• Opt for long-term bike insurance and get a discounted rate

• Renew insurance policy with your existing insurer

• Avoid making claims for small damages as it can increase your premium

Factors That Affect Bike Insurance Renewal Premium

Let’s understand some key factors that play a role in deciding your bike insurance renewal premium:

• No-Claim Bonus

No-claim bonus, or NCB, is a discount that you can avail on your bike insurance premium for making zero claims during the policy tenor. You get a 20% discount on renewing your two-wheeler insurance plan after the first-claim free year. This reward keeps increasing as you continue to avoid raising claims.

The no-claim bonus can go up to 50%, enabling you to save up on your bike insurance premium. Thus, you can get a lower two-wheeler renewal premium quote on driving safely and accumulating the NCB reward.

• Two-Wheeler Insurance Claim

The history of your insurance claims is another aspect that can highly affect your bike insurance renewal premium. By filing an accident claim, you can come off as a risky driver to the insurance provider.

Furthermore, a record of repeated claims can also impact your insurance premium. However, it is recommended to only pay for claims that you can afford to cover.

• Transfer of Bike Ownership

Transferring the ownership of your two-wheeler can also lead to an increased renewal premium. As the No Claim Bonus belongs to the policyholder and not the vehicle, the NCB will not be transferred along with the ownership of the bike. Thus, the two-wheeler insurance premium quote will be calculated without considering the NCB.

Benefits of Renewing Your Bike Insurance Plan Online

Here are a few advantages of renewing your bike insurance policy online:

• Convenient and Time-Saving

Undoubtedly, the internet has made our lives easier. Almost anything and everything is readily available online. The same is true when it comes to buying/renewing a comprehensive bike insurance plan.

Insurers in India provide bike insurance renewal online on their website and bike insurance app. The process is simple and quick. Besides, it saves a lot of your valuable time as you can renew your bike insurance plan online at any time and from anywhere.

• Secure

The rise in fraudulent activities online has left people concerned about these facilities. So, when it comes to renewing bike insurance online, concerns related to the security of premium payment and website authenticity tend to arise. Make sure you renew your bike or two-wheeler insurance on trusted websites like Finserv MARKETS. 

• Easy Transfer of Policy and No-Claim Bonus

Usually, as stated earlier, people look to switch from their existing insurer during renewal. The switch from existing services can be due to varied reasons. However, what’s important is that transferring your bike insurance plan from your existing insurer to a new one is easy with us at Finserv MARKETS. We also consider your no-claim bonus (NCB) benefits from the previous policy.

Exclusions in Two-Wheeler Insurance Plans

The following situations and circumstances will not be covered under the two-wheeler or bike insurance plans:

1. Non Accidental Damage:

Any damage to the bike caused due to normal wear and tear will not be covered.

2. Mechanical or Electrical Breakdown:

Any mechanical or electrical breakdowns are not covered.

3. Illegal Driving:

Driving without a licence or under the influence is not covered. Additionally, if the driver is found to be indulging in any illegal driving act or breaking traffic rules, the insurance will not provide coverage.

4. Driving Without Documents:

Driving without valid documents such as PUC, insurance papers etc. will not be covered under bike insurance.

5. Expired Policy:

You will not be eligible for any coverage if your insurance policy has expired.

Inclusions in Two-Wheeler Insurance Plans

The following situations and circumstances will be covered under a two-wheeler insurance plan:

1. Damage Due to Calamities:

Any damage caused due to natural calamities or man-made disasters will be covered under insurance.

2. Third-Party Cover:

The insurance will provide coverage to the third party involved in an accident.

3. Accidental Repairs:

Any damage caused to the bike due to an accident will be covered under the bike or two-wheeler insurance.

4. Personal Injuries:

Any personal injuries arising out of accidents will be covered under the personal injury cover.

How to renew expired bike insurance?

Considering the coverage a bike insurance plan provides, it is only wise to renew the policy on time. If you fail to renew your bike insurance policy within the stipulated time, your policy will lapse. A lapsed bike insurance plan does not offer any benefits, as stated earlier. If you do not renew it even in the grace period, you also lose out on the No-Claim Bonus (if any) that can be used to avail discounts on bike insurance premiums at the time of policy renewal. If your policy has expired past its grace period, you will have no option but to buy a new bike insurance policy. 

What Happens if You Don’t Renew Bike Insurance on Time?

Bike insurance is a mandatory requirement to legally ride your two-wheeler in India. You need to carry a valid bike insurance policy with you at all times to avail its benefits. That way, if you are involved in an unfortunate accident or incur a loss due to theft or natural/man-made disasters, your insurer will cover the damage repair expenses. Besides, the policy covers third-party liabilities as well.

Considering the coverage a bike insurance plan provides, it is only wise to renew the policy on time. If you fail to renew your bike insurance policy within the stipulated time, your policy will lapse. A lapsed bike insurance plan does not offer any benefits, as stated earlier. If you do not renew it even in the grace period, you also lose out on the No-Claim Bonus (if any) that can be used to avail discounts on bike insurance premium at the time of policy renewal.

Expired bike insurance has many disadvantages. Below is the list of the most significant drawbacks of not renewing your two-wheeler insurance plan on time:

• Increase in out-of-pocket costs

• Discontinued financial security

• No enhanced coverage with add-on benefits

• Your bike is exposed to various risks

Add-On Covers on Two-Wheeler Insurance

Another thing to be mindful of when renewing your comprehensive bike insurance plan is that you can opt for add-on covers. A few bike insurance add-ons that you can opt for are as follows:

• Zero Depreciation Cover

With the zero depreciation cover, you will be able to seek a higher claim amount. This is because the depreciation factor of the bike is not taken into consideration when paying the claim settlement amount.

However, it is essential to note that this cover will pay only for those bike parts that depreciate. In case the depreciable parts are not damaged, you will not get any compensation for the claim raised against the cover. You can read more about zero depreciation bike insurance at Finserv MARKETS online.

• Consumables Cover

Certain consumable bike items such as nuts, bolts, engine oil, etc., require repairing or replacement over time. With this cover, these items are covered under your bike insurance plan. Make sure that you explicitly ask your insurer to provide you with the list of consumables covered to avoid discrepancy in the future.

• Bike Engine Protect Cover

The bike engine protection cover, as the name suggests, will cover damages to the vehicle’s engine. This add-on ensures that any damage to your bike’s engine is covered under the policy.

Buy a Multi-Year Bike Insurance Plan

If you are someone who is most likely to forget to renew your bike insurance plan on time, consider buying a multi-year bike insurance plan available on Finserv MARKETS. That way, you do not have to worry about renewing your bike insurance policy every year.

Finserv MARKETS provides upto three-year-long bike insurance plans. The benefits of the same are as follows:

• With this policy, you get additional NCB benefits at the time of renewal

• The premiums remain unaffected throughout the policy tenure, even if there are any changes in the cost of the short-term plans

• Even if you raise claims on your long-term bike insurance plan, the NCB reduces but does not become nil

• If you wish to cancel the policy mid-term, a facility of proportional refund (even after raising claims) is provided during the tenure

To Conclude

Now that you know everything about renewing a two-wheeler insurance policy online, you will be able to renew your policy at any time and anywhere. Online bike insurance renewal with Finserv MARKETS is a simple and speedy process. Moreover, you can benefit from features such as cashless claim facility, 24x7 assistance, extensive coverage, and more.

To renew your bike insurance policy or know more about bike insurance, visit Finserv MARKETS today!