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 Bajaj Markets to renew your bike insurance policy.
Whether you purchased your policy on Bajaj 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 Bajaj 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 Bajaj Markets App from Google PlayStore or Apple AppStore. Log in with your credentials and proceed to renew your bike insurance plan via the app.
What is an Expired Bike Insurance Policy?
An insurance policy has a specific tenure validity that needs to be renewed annually. The insurance policy is considered expired or lapsed when it is not renewed on or before its due dates. The policyholders can only access the benefits or claim compensation when the policy is active. Once expired, all the perks and benefits become null and void.
What to Do if Your Two-Wheeler Insurance Has Expired?
Insurance company executives understand the hectic schedules of their policyholders and therefore call or send SMS to them to remind them about policy renewal. But there are times, even after getting multiple reminders, the policyholders are unable to renew their bike insurance policy on time. In such a scenario, the first step that a policyholder should take is to contact the insurance company.
The policyholder can contact the agents via call or directly visit their centres, to learn about the two-wheeler insurance online renewal procedure. In some cases, the insurance company might charge a penalty on the late renewal of the policy, while some may not levy it. So if you were unable to renew your bike insurance policy on time, contact the insurance company as soon as you can.
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 premiums 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
How to Avoid Expiry in Bike Insurance Renewal?
To avoid the expiry of a bike insurance policy, the policyholders should set alarms and reminders of the due dates. The insurance company also sends alert notifications via text and emails to remind the policyholders about policy lapse. Apart from that, the policyholder can opt for long-term tenures of their policy, to eliminate the hassles of the yearly renewals. Bajaj Markets offer instant and hassle-free two-wheeler insurance online renewal procedure that renews the bike insurance policy in minutes.
How to Check Bike Insurance Expiry Date Online
To check the bike insurance expiry date online, follow these quick and simple steps mentioned below -
Visit the official website of the Ministry of Road, Transport and Highways - VAHAN
Under the ‘Services’ option, click on ‘additional services’
You will be redirected to a new page, enter vehicle number and other details
Enter the Captcha code
Click on ‘Verify Details’ to proceed
An OTP will be sent to the registered mobile number. Enter the OTP.
The bike insurance expiry date will be displayed on the screen.
What is the Grace Period for Two-Wheeler Insurance Online Renewal After Expiry?
The company offers a grace period of 30 -90 days to its policyholder to renew their bike insurance policy after it expires. During the grace period, the insurance company holds onto the No-Claim Bonus (NCB) points and other benefits earned by the policyholder. In case, the policyholder fails to renew the insurance policy beyond the grace period, NCB points and other benefits will be discarded by the company.
The policyholder should also keep in mind that riding a bike without insurance can lead to a hefty penalty, therefore it is advisable to opt for the two-wheeler insurance online renewal process and renew the bike insurance policy before the due date.
Things to Keep in Mind When your Bike Insurance Policy has Expired
It is advisable to renew your bike insurance policy beforehand, however, in worst-case scenarios where your bike insurance policy has lapsed, and you are completing your renewal procedure, here are some things you must remember -
Avoid riding your bike during the grace period. Riding a two-wheeler without insurance is an offence. If caught by the traffic officer, a penalty will be charged.
Evaluate the pros and cons of both the insurance companies, if you are planning to change your insurance company.
Opt for a long-term insurance policy which eliminates the hassle of annual renewals.
Keep your documents handy, for renewal purposes. This will save some time and will make the renewal procedure faster.
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, 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.
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 Bajaj 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 Bajaj 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.
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 Bajaj Markets online.
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 discrepancies 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 Bajaj Markets. That way, you do not have to worry about renewing your bike insurance policy every year.
Bajaj Markets provides up to 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
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 Bajaj Markets is a simple and speedy process. Moreover, you can benefit from features such as a cashless claim facility, 24x7 assistance, extensive coverage, and more.
To renew your bike insurance policy or know more about bike insurance, visit Bajaj Markets today!