Having bought your dream bike or scooter, you would want to ensure its safety and keep it in pristine condition. However, amid all the weaving through traffic and squeezing through the tightest of corners, there is a high chance of a dent there or a bit of paint coming off here. With trips to the garage or bodyshop becoming ever more expensive, what is a motorist to do?
That’s where two wheeler insurance comes to the rescue. Not only does an insurance policy protect you from injury in the event of an accident, a comprehensive policy also reimburses you for any repairs your two wheeler might need.
With two wheeler insurance made mandatory by the Indian government, all vehicles are to be registered and require a basic insurance policy to be able to ply on roads.
So you’ve bought your insurance policy and being a two wheeler one, it is up for renewal.
Renewing your insurance on time is extremely important as your coverage lapses the minute the policy expires. In the unfortunate event that you are involved in an accident or any untoward situation while riding, this could lead to unpleasant repercussions, especially if there is damage to a third party or third party property.
Thus renewing two wheeler insurance on time is essential as it keeps you and your vehicle protected at all times.
As the date of the insurance renewal approaches, there’s no need to run from pillar to post to fill up forms and get all your documents in order. Insurers have made provision for online policy renewal, making it easier for policyholders to renew their insurance policies wherever they are.
An insurance policy must be renewed before its expiry date. This will ensure that your two-wheeler is shielded against financial losses and legal liabilities that may arise due to a variety of incidents and misfortunes. Also, timely renewal of the policy may enable policyholders to take advantage of various kinds of discounts and bonuses that insurance companies offer.
If your insurance policy is about to expire, you may call the insurance agency and intimate them about the same. Likewise, you may also enquire if the vehicle needs to be surveyed for the renewal process. In case the vehicle inspection is necessary, you may need to fix an appointment with the representative of the insurance company. In case you wish to change your insurance provider, you may still claim your no claim bonus within 90 days after the lapse of the policy.
When renewing your two wheeler insurance policy, simply visit the website of your insurer and follow the steps outlined to renew your insurance in a simple and hassle-free manner.
Two Wheeler Insurance Renewal Documents:
The documents required to renew your two wheeler insurance policy are a statutory list issued by the Insurance Regulatory and Development Authority of India (IRDAI), thus making them common to both private as well as public sector insurance companies.
The detailed list of documents to be submitted along with the insurance policy renewal form is given below:
- Policyholder’s details such as name, date of birth, address, gender, occupation.
- Policyholder’s driving licence information.
- Vehicle registration number and registration certificate (RC) number.
- Old two wheeler insurance policy number.
- Credit/debit card/net banking details (for online payments).
The above information can be found on the old policy document.
There are times when individuals wish to change their insurance provider . As per directives from the IRDAI, individuals can switch insurance providers during or on completion of the existing policy term. If you wish to change your insurance provider and renew your insurance policy, you are required to submit the following documents at the time of renewal:
- Proof of identity documents (passport/driving licence/Aadhaar card/PAN card/government issued photo ID).
- Proof of address documents (passport/driving licence/bank or post office passbook/government issued address proof).
- Recent passport sized photograph.
- Policyholder’s contact details such as name, address, date of birth, gender, occupation.
- Policyholder’s driving licence information.
- Old insurance policy number.
- Two wheeler’s registration number and registration certificate (RC) number.
- Credit/debit card/ net banking details (for online payments).
The above documents are to be submitted along with the insurance renewal form and upon verification, the two wheeler insurance policy will be renewed.
Renew Bike Insurance Policy Online
A two-wheeler insurance is no more a choice and is legally enforceable. More so, it is highly pertinent if you regard the true worth of your vehicle and your own life. With digitalisation touching every feature of life, the insurance agencies too have streamlined their processes and made policy renewal and purchase considerably simpler. You may also find various available insurance policies on online insurance portals and select the best out of the available options. In any case, you should not simply choose a policy because it is cheaper. You should carefully assess the essential factors such as the coverage offered, things not covered in the policy and so on.
Points To Be Kept In Mind For Two-Wheeler Insurance Renewal
- Renew early on and keep in mind the expiry date of the policy to avoid riding uninsured.
- Discover different policies in India before the renewal. You may be able to find a better policy that offers a greater degree of coverage at reasonable cost.
- Do not forget to make use of No Claim Bonus (NCB) to avail discount on the premium.
How A Long-Term Two-Wheeler Insurance Policy Can Be Beneficial
The vast majority of vehicle owners in India disregard the importance of vehicle insurance and postpone renewal as they find it difficult to remember the date of policy renewal. Thus, they keep running into the danger of riding uninsured. This is why the Insurance Regulatory and Development Authority of India (IRDAI) has allowed insurance agencies to provide multi-year insurance policies. The IRDAI with this move wants to encourage two-wheeler owners to always remain protected while riding on the roads. You can now buy a long-term two-wheeler insurance policy for a period up to three years.