Two-wheeler
insurance policy will be issued for a period of one year. In recent years, the
insurance companies are offering an insurance plan for 3-years and 5-years as
well. The multiyear insurance plan will cover third-party liability. The
insurance contract is applicable as long as the policy is in force. The
insurance carrier’s responsibility ceases as soon as the contract expires. If you met with
an accident or any risk factor after the expiry of the policy, you should incur
out of pocket expenses. Hence, timely renewal of the bike insurance will
protect your interests.
Online
renewal of the policy
•
The bike insurance renewal
can be accomplished online from the comforts of your home or office.
•
It is possible to renew a valid
insurance plan as well as expired insurance plan online.
•
You can renew the insurance
policy without inspection
•
No documentation is required
when you renew the plan online
•
The insurance document will be
issued by the insurance carrier instantly after the successful payment of
insurance premium
•
The insurance premium can be
paid in various modes including credit card/debit card and internet transfer
options
•
You will not want to provide
the previous contract information if the policy expiry date is less than 90
days.
Benefits of
online insurance policy
There are many
benefits from the online bike insurance plan.
Comparison of
insurance policies
•
You can compare various
insurance policies offered by different insurance companies.
•
By comparing the features
across various products, you can choose features that are relevant and
important to protect your financial interests.
•
You can select a policy which
is affordable
•
You can take the help of
insurance aggregator who will help in comparison of various insurance plans
Online quotes
•
It is possible to get an
insurance quote online.
•
You can buy an insurance
contract from a different insurer after the expiry of the policy
•
If the premium charged by the
current insurer is high, you can opt for a different insurer
•
In some cases, you may not find
features in the current insurance plan. Hence, you can switch over to a
different insurance product and insurer.
Affordable
•
The online insurance plan is
affordable
•
Insurance companies offer a discount
on the premium for buying the bike insurance policy online
Convenience
•
You will not want to fill
physical forms to renew the insurance plan
•
It will save you time
•
You can cut down the travel
cost (to and fro the office of the insurance carrier)
•
A quick printout of the
insurance can be taken for your reference and it can be preserved in your bike
•
The soft copy of your insurance
plan will be generated instantly and it is readily available at any time
Steps to
renew the insurance policy online
There are two
kinds of insurance policies that can be renewed online. You can renew policy
that is in force and expired as well.
Policy in
force
•
Visit the insurance company’s
website
•
Enter the policy number,
engine/chassis number
•
You will want to pay the premium
by any online mode
•
The plan will be generated
after the successful transfer of money
Expired
policy
•
If the date of insurance has
expired, you should submit more details for renewing the contract
•
If the renewal is being done
after 90 days, it will be treated as a new policy
•
You will forgo the benefits of the previous insurance
policy
Why should
you renew the policy?
•
There are many reasons to renew
the bike insurance policy.
•
If you fail to renew the
insurance contract before the deadline, the policy contract will cease.
•
You will want to pay
third-party liability expenses and own damages from your pocket
•
When your policy expires beyond
90 days, you will not get the NCB (No-Claim Bonus) on your insurance premium
•
The contract can be customized
at the time of renewal
•
You will not face legal issues
when you insure your bike
•
Driving without a valid
insurance contract is an offense. Hence, you should possess at least minimum
insurance policy
•
By choosing a comprehensive
insurance policy, you can cover various risk factors including theft and own
damage. If your vehicle was damaged in the accident or stolen, you can get
compensation from the insurance carrier.
•
You will get access to cashless
garage facility by being in possession of a valid insurance plan. The vehicle
will be repaired or restored at the garage affiliated to the insurer. The
carrier will pay the bills directly to the garage.
•
Add-on covers will enhance the
value of the insurance products. Even though you pay an additional premium in
the form of add-on cover, you will get extended coverage.
•
A 24/7 customer support is
available by the insurance carrier
Tips to renew
your bike insurance policy
•
Insure before the deadline – You
are advised to renew the insurance policy before the deadline
•
Avoid additional expenses – If
you renew the insurance policy within the due date, you will not pay additional
expenses. Further, you will get a discount on the insurance premium in the form
of NCB.
•
Compare different plans – Before
renewing the policy, you should compare various plans.
•
Third-party insurance plans – Third-party
insurance plans or liability plans are the cheapest insurance plans offered by
insurance companies. They will not cover own damage. You will get compensation
for the loss of life or property. It will facilitate you get compensation for
injuries as well.
•
Multi-year insurance plan – You
can subscribe to a multi-year insurance plan so that you will pay a low
premium. The policy can be bought for 3 years or 5 years.
•
Insist upon NCB – Insurance
companies will apply no-claim bonus while renewing the policy. The NCB will be
applied automatically by the insurance company.
•
Avoid small claims – If
the claim value is small, you should avoid claiming the policy so that you will
not forego the NCB.
•
Change of carrier – You
can switch over to a different insurance carrier while renewing the policy. The
NCB will be applied by the new insurer even though you migrate from another
insurer.
Different
methods of online renewal
There are
different methods to renew the bike insurance policy online.
Website –
You can visit the
official website of the insurance company and the policy can be renewed after
paying the insurance premium
The following
information should be readily available while renewing the policy on the
website:
•
Vehicle registration number
•
Old insurance policy number
•
Engine number
•
Chassis number
•
Internet banking details
•
Credit card/debit card (if the
payment is made by credit/debit card)
•
A phone number linked to your
bank account (to enter OTP received by SMS)
After successful
payment, you can download a PDF copy instantly.
Insurance aggregator –
Insurance aggregators
will aid you find the best option while renewing the insurance policy. You can
compare various products from multiple insurance companies. The policy that can
accomplish your requirements can be chosen very easily.
Renewal on
mobile apps – Insurance companies offer mobile app by which the insurance premium can
be paid online. The following information should be provided to renew the
insurance plan:
•
Vehicle registration number
•
Previous insurance policy
number
•
Make & model of the vehicle
•
Name of the insured
•
Phone number
•
Email ID
•
Address of the insured
After accepting
the terms and conditions of the insurance company and the successful payment of
the premium, the insurance policy will be issued immediately.
FAQs- Can you buy multi-year bike insurance policy?Yes. You can buy multi-year bike insurance policy. The plan will be issued to cover third-party liability only. If you choose a 3-year contract, you will not want to renew the policy for 3 years. You will pay the same premium amount in a single installment.
- Can I transfer NCB?Yes. You can transfer the NCB from the current insurer to the new insurer. It is important to renew the insurance policy within 90 days after the expiry date of the policy. You should also produce a letter from the previous insurance carrier to figure out the accrued NCB amount.
- Is it possible to insure accessories?Yes. It is possible to insure various accessories by paying additional premium. You should talk to the insurance agent to find out the premium and other terms and conditions to extend the insurance policy.
Conclusion
Two-wheeler insurance plan is mandatory to ride on public roads in India. You will also cover various risks by buying bike insurance as per your needs. It is very much important to assess your risks factors and should buy the right kind of policy as per the make & model of the bike, location and other risk factors. The plan can be renewed online to save time, effort and money. You can migrate to another insurer while renewing the contract.
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