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Bike Insurance Renewal

A bike is every youngsters dream. For some it is medium of daily commute, while for some it is a means of getting that adrenaline rush. And, when it’s about getting yourself a bike, buying the right financial security to take of sudden accidental damages is vital too. After all you do not want any financial crunch to put a halt on your bike rides. And, as third-party bike insurance is mandatory as per the Motor Vehicle Act, 1988, you don’t want to ride on India roads without a bike insurance plan. Having said that, renewing your two wheeler insurance policy is as important as buying it the first time. Wondering what could happen if you miss renewing your bike insurance plan? Read on to understand why you should consider two wheeler policy renewal.  

Why Should you Renew your Bike Insurance Plan?

Just as getting a bike insurance plan is important when you get yourself a bike, it is equally important to get your two wheeler insurance plan renewed on time. After all, you do not want to miss out on continuity benefits of your bike insurance plan. Moreover, timely renewal is a must so that you have an active two wheeler insurance policy, in case you were to encounter accidental damage.

So, here’s why you should renew your bike insurance plan:

  • Third-party bike insurance is mandatory

With third-party two wheeler insurance being mandatory as per the New Motor Vehicle Act, you don’t want to get caught driving an uninsured vehicle.

  • To stay covered

Bike rides could bring in the risk of accidents that come unannounced. And, with not active bike insurance policy in place, you could be left with not financial cover to take of the losses. Hence timely bike insurance policy renewal is important.

  • NCB may get lapsed

Insurers in India offer No Claim Bonus or NCB as a reward for not filing a single claim in the previous policy year. To ensure that your NCB benefit is intact, it becomes important to renew your policy in time.  

How to Renew Bike Insurance Online?

All you have to do for getting your bike insurance renewed online is follow these quick steps:

  • Visit us on Finserv MARKETS online

  • Enter your previous policy details. You can also switch from the previous insurer

  • Enter your personal details along with the details of your bike

  • Any updates to the premiums shall reflect on screen

  • Make an online payment and you’re done!

  • Your bike insurance will be active again, and you can reap its benefits

What are the Types of Bike Insurance Plans offered on Finserv MARKETS

Insurers today, understand the needs and requirements of their customers when it comes to getting a financial protection for your bike. That is why, at Finserv MARKETS, we have two wheeler insurance plans designed to fit your needs and your budget that is best suitable for you.

1. Third-party Bike Insurance

If you are some one who is looking for a basic financial backing, third-party bike insurance is a plan for you! This plan offers coverage for financial liabilities towards a third-party incurred due to an accident. It takes care of financial losses incurred due to damage to third-party property or injury to a third-party. Moreover, third-party bike insurance is mandatory as per the Motor Vehicle Act, 1988. Riding on Indian roads without a third-party bike insurance cover to result is penalty, imprisonment and sometimes, even both. So, getting a third-party plan remains crucial for every bike owner.

2. Comprehensive Bike Insurance

A comprehensive Two-Wheeler Insurance policy is an all-round plan that combines the benefit of coverage for third-party damage and own damage. It covers a two wheeler against any damage or loss incurred due to an accident, natural or man-made calamity, burglary, riot, and other such scenarios. A comprehensive Two-Wheeler Insurance also comes with a personal accident cover for the bike owner. So, if you are looking for a plan that offers greater scope and financial coverage, comprehensive bike insurance is the right choice for you, despite having to pay a slightly higher premium for it.

You can get an instant quote for the plans available on Finserv MARKETS by using our bike insurance calculator. It will give you an estimate of the premium amount of your chosen insurance policy. That way you will be able to take an informed decision while selecting the policy coverage that fits your budget.

Best Bike Insurance Plans At Finserv MARKETS

Bajaj Allianz Two Wheeler Insurance

Parameter

Highlight

Claim Settlement Ratio (CSR)

With a CSR greater that 95%, Bajaj Allianz is one of our trusted insurance partners

Network Garages

Bajaj Allianz Bike Insurance offers cashless claim facility at preferred garages, so you need not worry about bike repairs

Claim Settlement

Bajaj Allianz is known for its quick & seamless claim settlement process and instant claim settlement

Add-on covers

The plan offers customized add-on covers to help you enhance your plan

24X7 Assistance

With complete round-the-clock claim assistance, you can get your all your bike insurance policy-related or claim-related queries resolved

Acko Two Wheeler Insurance

Parameter

Highlight

Claim Settlement Ratio (CSR)

Acko Bike Insurance has an impressive claim settlement ratio, making it a trusted choice of many customers

Network Garages

With its PAN India services, Acko bike insurance is at your assistance, anywhere across the country

Claim Settlement

Acko believes in quick and hassle-free claim settlement for their customers in an easy and cashless manner

Add-on covers

Acko Bike Insurance comes with an option to add add-on covers, so you can enhance your coverage

Claim Assistance

The Acko team is dedicated to serve you better, offering complete claim assistance through Acko customer care.

Benefits of Renewing Bike Insurance at Finserv MARKETS

Trusted Partner

Finserv MARKETS is an insurance marketplace trusted by many. It’s your turn to make the most of its benefits for you!

Quick Renewal Process

The process is so quick and easy, you can do it within a few minutes from the comfort of your home.

Renewal without inspection

On Finserv MARKETS, two wheeler insurance renewal is easier than ever! You need not get your bike inspected while getting your bike insurance policy renewed through us.

Things to Keep in Mind while Renewing Bike Insurance

Your two wheeler insurance renewal date is nearing? While you are getting your bike insurance policy renewed to enjoy continual benefits, it is important to keep a few important things in mind.

  • Type of Plan

Whether you need affordable yet limited financial protection with a third-party bike insurance plan that allows you to be legally eligible to ride on Indian roads or you need a 360-degree financial protection for your bike, the choice is yours. It’s time you pick the plan you need as per our needs.

  • Look up Online

Before getting bike insurance renewal done, it is advised that you do a thorough research online to understand the coverage, features and benefits of the plans before making the be-fitting choice. With multiple plans from multiple products on Finserv MARKETS, we make it this step easy for you!

  • Renew on Time

Timely bike insurance renewal is a must! This not only ensures that your policy benefits are intact, but also ensures that you are not stranded on the road with an in-active two wheeler insurance policy which cannot be claimed, while in an emergency.

  • Coverage

Bike insurance renewal does not just mean keeping the policy going. It also gives you a chance to enhance your coverage with the help of add-on covers such as zero depreciation bike insurance that you can opt for by paying a nominal premium over and above the premium for your comprehensive bike insurance plan.

  • No Claim Bonus

Bike insurance renewal means NCB benefit that offers discount of your premium for a successful claim-free policy year. Make sure you keep a check on this to make the most of your plan.

FAQs on Bike Insurance Renewal

  • ✔️Can I switch from my existing two wheeler insurance provider during two wheeler insurance renewal online?

    Yes, you can choose to switch from your existing two wheeler insurance provider during two wheeler insurance renewal online.

  • ✔️Are there any discounts available on bike insurance renewal online?

    Insurance providers in India rewards customers for driving safely and not making any claims in the previous year. So, if you are one of them, you are surely in for your eligible NCB benefit during bike insurance renewal.

  • ✔️Do I have to provide my previous policy details during two wheeler insurance renewal?

    Yes, your previous policy details are an important piece of information while getting your bike insurance policy renewed.

  • ✔️Can I get an NCB on expired policy?

    You can enjoy NCB benefit on your expired bike insurance policy if you renew it within the grace period allotted by the insurer.

Our Happy Customers

Our Happy Customers

4out of 5

3 reviews

Super-fast Renewal

Very impressed with the quick process and easy platform for bike insurance policy renewal. Great job Finserv MARKETS!

Happy with the Process!

I was very satisfied with the bike policy renewal process on Finserv MARKETS. Got my policy so quickly and involved no extra hassle.

Easy Platform

I was sceptical about getting my bike insurance policy renewal done online. But Finserv MARKETS’ easy and reliable platform made it easy for me.