• Bike Insurance Renewal

    How To Renew Your Two-Wheeler Insurance Policy?

    Riding a motorcycle at top speed gives some people an adrenaline rush like no other. Yet there is also a category of people for whom a two-wheeler is one of the most convenient means to commute through the city streets which are getting crowded day after day. Whatever be your purpose of owning a bike, there is a certain amount of responsibility that comes along with it.

    Two Wheeler Insurance

    While the Insurance Regulatory Authority of India (IRDA) makes it mandatory for motor owners to get their vehicles insured, the General Insurance Council (GIC) highlights that about 60% of the vehicles in India are not insured. The number is alarming as two-wheelers are more prone to road accidents and dangers than any other mode of transport. People often tend to forget to renew their lapsed policies which makes them devoid of the benefits that come with a motorcycle insurance.

    Not having an insurance could put vehicle owners at great risks as they would not have any coverage against the damages or losses suffered in a variety of unfortunate events. Renewing a bike insurance policy on time is not as complex as it used to be and vehicle owners can easily renew their policies in no time. Also, people no longer have to memorise the date of insurance expiry as they can buy long term insurance policies for a period of up to 3 years.

    The two types of two-wheeler insurance policies that you should be aware of while renewing your insurance are mentioned below:

    1. Comprehensive Insurance policy: A comprehensive two-wheeler insurance policy covers a motorcycle or a scooter against any damage or loss that results from an accident, natural calamity, burglary, riot, and other such instances. A comprehensive bike insurance policy also provides accident cover for the vehicle owner and offers protection against third-party liabilities.
    2. Third Party Insurance – A third-party insurance cover protects the insured against financial liabilities arising out of losses or damages caused to a third party or their properties.

    A third-party policy is the minimum level of insurance mandatory in India. However, getting a comprehensive two-wheeler insurance is beneficial in multiple ways as it offers a greater scope of protection compared to a third-party two-wheeler insurance policy.

    Tips for Saving Bike Insurance Premiums

    Two Wheeler Insurance - Saving on Premiums not Benefits

    Features And Benefits of Bike Insurance Renewal

    Bike insurance policy renewal has a range of advantages for the rider. It not only ensures continued protection against unexpected events that a vehicle owner might encounter but also saves them from unnecessary legal troubles that may arise in the absence of an active two-wheeler insurance policy.

    Here are some of the advantages of renewing your lapsed two-wheeler insurance policy on time.

    1. Coverage Against Natural Calamities:

      Natural calamities such as earthquakes, cyclones, landslides, floods, fire, explosions, and other such events are not in human control. Timely renewal of your motor-vehicle insurance policy will ensure that your losses and damages are covered and you spend minimum amount from your pockets towards the repair of your damaged vehicle.

    2. Coverage Against Man Made Hazards:

      An active bike or scooter insurance can provide the insured the protection against man made events such as strikes, thefts, burglary, and other malicious activities. The financial liabilities and losses are borne by the insurer in such incidents.

    3. Protection Against Third-Party Liabilities:

      A third-party insurance policy is mandatory in India. This means that a bike insurance policy must cover for the damages or losses caused to a third person or their properties. A lapsed policy will not hold the insurer liable to pay for such losses. A renewed two-wheeler insurance policy can protect the insured against any such obligation.

    4. Discounts And Bonuses:

      Timely renewal of your lapsed policy will ensure that you are eligible for various types of discounts and bonuses. If you haven’t filed any claims on your policy in the previous year, you may also avail a No Claim Bonus (NCB) which is an incentive for the rider for riding safe.

    5. Enjoy A Sense of Security:

      Being insured gives you a sense of security and you can ride with confidence without worrying about traffic cops catching you and charging you with penalties. You can also be assured of the right coverage against any unfortunate event you may encounter.

    When To Renew Your Two Wheeler Insurance Policy

    A policyholder must renew his/her policy before the expiry date. It is pertinent to ensure that a vehicle is insured throughout its lifetime to enjoy continued protection. Policyholders can also retain the No Claim Bonus (NCB) and benefit from a reduced premium amount.

    Before your policy expires, contact your insurance company and intimate them about the same. Also confirm with them if it is necessary to get the vehicle inspected for which you will be required to schedule an appointment with a designated representative from the insurance company. The NCB can be transferred to the new policy if the renewal is done within a period of 90 days from the date of expiry.

    How to Renew Your Lapsed Two Wheeler Insurance Policy Online?

    Getting your bike insured is not optional anymore. Besides being a legally enforced document, it is a must have instrument if you care for your pricey vehicle and your own life. With digitalisation touching every aspect of life, the insurance industry too has made considerable progress in simplifying the purchase and renewal of insurance online. If you are planning to renew your existing policy, there are several third-party web portals where you can compare different policies and choose the one that provides you the best coverage. You can also renew your policy on those portals with minimum hassles.

    Points To Remember For Your Bike Insurance Policy Renewal

    • Renew well in advance and keep track of the expiry date of the policy to save additional costs that might be incurred otherwise.
    • Compare different motorcycle insurance policies in India before applying. You might find a better policy that gives you more benefits at a cheaper price.
    • Don’t forget to avail No Claim Bonus (NCB) if you haven’t filed any claims on your policy in the previous year.

    Buy A Long-Term Two Wheeler Insurance Policy Online

    Most people do not renew their insurance policies on time primarily because they find it difficult to remember dates of policy renewal and do not realise when their policy expires. For such people, the good news is that the Insurance Regulatory and Development Authority of India (IRDAI) has allowed insurance providers to offer multi-year two wheeler insurance plans. With this move, the IRDAI intends to encourage bike and scooter owners to insure their vehicles for longer periods and be protected against any unforeseen incidents while riding. Two wheeler riders can now get their bikes insured for a period of up to 3 years.

    Documents Required For Two-Wheeler Insurance Policy Renewal

    Unlike the traditional practice, policyholders need not run from counter to counter with dozens of forms and documents to get their insurance policy renewed. Insurance providers have now made the provisions easier for hassle-free policy renewal. You may visit the website of your insurance provider or a third party online insurance portal where you can easily renew your lapsed insurance policy.

    There is a statutory list of documents prescribed by the IRDA to renew a lapsed bike insurance policy. Below is the list of all necessary documents you may need to renew your bike insurance policy online:

    • Details of the policyholder such as name, date of birth, residential address, occupation, and gender.
    • Details of policyholder’s driving license.
    • Registration certificate (RC) and vehicle registration number.
    • Credit card/debit card/internet banking details for online renewal of bike insurance policy.
    • Policy number of the old/lapsed two wheeler insurance policy.

    The information mentioned above can also be found in your existing policy document.

    Can Insurance Policy Be Switched To A Different Insurance Provider?

    If you are not satisfied with the benefits and coverage offered to you by your existing insurance provider, you may switch your policy to another insurer. The IRDAI allows individuals to switch their insurers after the expiration of policy term. You may need the following details if you wish to change your insurer while renewing your policy:

    • Identity proof: Driving license/Aadhaar card/Passport/PAN Card/Any other government issued identity proof.
    • Address Proof: Passport/Driving License/Bank Passbook/Any other government issued address proof.
    • Latest passport sized photos.
    • Details of the policyholder such as name, date of birth, residential address, occupation, and gender.
    • Details of policyholder’s driving license.
    • Registration certificate (RC) and vehicle registration number of the vehicle.
    • Credit card/ debit card/ internet banking details for online renewal of the bike insurance policy.
    • Policy number of the old/lapsed two-wheeler insurance policy.
    • The documents are to be submitted with an insurance renewal form.

    Bike Insurance Online Renewal

    A two wheeler insurance policy can either be renewed online or offline. The online two wheeler insurance renewal is more convenient and will hardly take 15 minutes of time. The process rarely involves any paperwork or vehicle inspection. Also, you can opt for a long-term insurance policy for a period up to three years. You may visit various neutral online insurance portals, compare available alternatives, and buy the one that best meets your requirements.

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