Two-wheelers like bikes and scooters are perhaps the most popular vehicles in India. They are not only fun to ride but also convenient and economical to maintain. However, when you are out riding your bike or scooter, you are exposed to several risks such as accidents, theft, and the elements of nature. Even a small lapse in your bike insurance coverage could potentially lead to heavy losses for you in the near future.
Therefore, when it comes to bike insurance, timely renewal is essential. As we know, bike insurance acts as a financial safety net and offers protection against a wide range of risks not only to you but also to the third parties involved in the accident. Hence as a responsible rider, it is your duty to ensure that your two wheeler insurance policy is renewed on time. Moreover, riding with an expired bike insurance plan is a punishable offence and can attract a hefty fine.
Fortunately, you can renew your bike insurance plan online conveniently. Here’s a step-by-step guide for renewing your bike insurance plan. But before everything else, let us give you a brief overview of what two wheeler insurance is.
What is Two Wheeler Insurance?
A two wheeler insurance plan is a contract between the insurance company and you (the policyholder). It financially safeguards your motorcycles in case of accidents, theft, and loss incurred due to man-made or natural calamities.
Generally, insurers in India offer two types of bike insurance plans:
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. You can enhance the scope of the policy with multiple add-on covers. Besides, having a valid bike insurance plan keeps you away from traffic challans written out exclusively to people riding without a valid insurance plan. At the end of the day, you will be able to ride your bike on the Indian roads legally and peacefully, knowing that any damage incurred by the vehicle is covered by the insurer.
4 Ways to Renew Two Wheeler Insurance
Here are a few ways in which you can renew your bike insurance policy.
Directly contact the insurance company to buy the policy
Visit the insurer’s office and get the policy. Here you will need to carry all the relevant documents with you and fill up the application form. On successful form submission and payment, you will get a printout of your renewed policy along with the receipt of payment.
Another option of policy renewal is through an insurance agent. In this case, the agent will complete the paperwork and submission on your behalf and hand you the renewed policy. However, you will have to pay an additional fee to the agents for their services.
Applying for two wheeler insurance renewal online is the simplest way compared to other methods. It can be done from the comfort of your home or even on the go, by simply visiting the insurer’s website. You don’t have to waste your time commuting and waiting. You simply need to fill in a few details such as your policy number and vehicle details and then make the payment online. On successful payment, the soft copy of your bike insurance policy will be sent on your registered email address instantly.
Using Mobile App
Most insurers in India provide bespoke insurance apps with various facilities and services. All you’ve to do is download and login with your registered email id or mobile number. Go to the ‘Bike Insurance’ section and apply for renewal of the policy. Provide the details of your existing plan and other needed information (personal and bike-related details). Proceed to pay the renewal premium online via the app. Once the payment is successful, the renewed policy will be sent to you shortly.
5 Things to Know Before Renewing Bike Insurance
Renew Before Expiry
It’s best to consider renewing your two-wheeler insurance at-least 15 days before expiry. Do not wait for the policy to lapse. In case your bike insurance policy lapses, you may lose out benefits like NCB and incur losses and penalties.
Avail the No Claim Bonus
If you did not file any claim during your current policy year, you can avail the no claim bonus benefit at the time of insurance renewal. Depending on the number of claim-free years you have, you can avail an NCB discount of up to 50%.
Relook Your Insurance Cover
Renewal is the perfect time to evaluate your bike insurance cover or change other details of your policy. When the policy term is about to end, you will have a clear idea about what works for you and what doesn’t. You can modify your policy coverage accordingly.
Correct Your Information
If you notice any discrepancy in your insurance policy, renewal is the right time to get it rectified. For instance, if you have moved to a new city during your previous policy year, you can change the address in the policy documents at the time of renewal. Even seemingly small mistakes like misspelt name or date of birth can affect your claim settlement. So if you notice any mistakes, you can submit the required proof of documents and correct the information on your policy.
Even if you have missed the policy renewal date by a few days, you don’t need to fret. Most bike insurance providers offer a grace period of 45 days depending on the type of policy. If you renew your bike insurance policy within the grace period, you can retain your accumulated benefits like the No Claim Bonus. So if you have forgotten to make the premium payment before expiry, you still have the grace period to renew it successfully.
Steps to Renew Bike Insurance at Finserv MARKETS
If you have purchased bike insurance at Finserv MARKETS or are planning to switch from your existing insurer, you can renew the policy online as well. Here’s what you need to do.
Step 1: Go to the ‘Bike Insurance’ section on Finserv MARKETS.
Step 2: Opt to renew the policy and provide the requested details:
Existing policy details
Step 3: Choose the type of coverage you need.
Step 4: Select the add-on covers (if you have chosen a comprehensive bike insurance plan).
Step 5: Review the policy details before paying the premium amount.
Step 6: Pay the bike insurance premium online.
Step 7: Once the insurer assesses your documents, the renewed policy will be issued shortly.
In addition to this, you can also renew your bike insurance plan using the Finserv MARKETS app. Just download the app from the 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 at the Time of Renewal
Renew insurance policy with your existing insurer.
Avoid making claims for small damages as it can increase your premium.
What Happens if You Don’t Renew Bike Insurance on Time?
Bike insurance is one of the mandatory documents needed to legally ride your motorcycle 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 bike insurance within the stipulated time, your policy will lapse. A lapsed bike insurance plan does not offer any benefits stated earlier. Additionally, you also lose the No Claim Bonus (if any) that usually is used to avail discounts on bike insurance premiums at the time renewal.
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.
The Bajaj Allianz Bike Insurance plan at Finserv MARKETS provides a three-year long-term bike insurance plan. 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.
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.
So, to renew your bike insurance policy or know more about bike insurance visit Finserv MARKETS.
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