A Step-by-Step Guide to Renewing Your Two-wheeler Insurance
24 Jun 2019
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 a number of risks such as accidents, theft and the elements of nature. Even a small lapse in your insurance coverage could potentially lead to heavy losses. Therefore, when it comes to Two Wheeler Insurance, timely renewal is of utmost importance. A Bike Insurance Policy 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 policy is a punishable offence and can attract a hefty fine. Fortunately, thanks to the availability of Two Wheeler Insurance online, renewal has become a simple and quick process. Here’s everything you need to know about bike insurance renewal online:
Ways to Renew Two-Wheeler Insurance Online
Directly Contact the Insurance Company
You can directly visit the insurance provider’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 print out 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.
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 Two-Wheeler Insurance Online
Follow these simple steps to renew your bike insurance online
Step 1: Compare bike insurance policies online from various insurers. Compare the coverage offered vis-à-vis the premium.
Step 2: Once you are satisfied with the coverage and the premium, visit the chosen insurance provider’s website.
Step 3: Enter your basic information and details like your bike's registration number, its make, model etc.
Step 4: Adjust the IDV as per your requirements and the premium payable will be displayed.
Step 5: Check all the details entered to ensure that everything is in order.
Step 6: Proceed to make the payment via debit/credit card or net banking as per your convenience.
Step 7: Check your email and ensure that the policy documents are in order.
Ways to Reduce your Bike Insurance Premium at the Time of Renewal
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.
Now that you know everything about renewing a two-wheeler insurance policy online, you will be able to renew your policy seamlessly. Online bike insurance renewal with Finserv MARKETS is a simple and speedy process. Moreover, by renewing your Bike Insurance policy, you can enjoy exclusive benefits like cashless claim facility across 4000+ network garages, quick claim settlement, round-the-clock assistance and much more. To renew your bike insurance policy or know more about bike insurance visit Finserv MARKETS.
Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment, and exclusive EMI store, all under one roof- anytime, anywhere!