Step-by-step guide to renewing two-wheeler insurance
A two-wheeler insurance policy covers your bike or two-wheeler against unforeseen events and helps reduce your financial liabilities
New Delhi: A two-wheeler insurance policy covers your bike or two-wheeler against unforeseen events and helps reduce your financial liabilities. If your bike is involved in an accident, gets stolen, or suffers damage from natural disasters or fire, the insurer will cover the losses incurred.
Moreover, the Motor Vehicles Act of 1988 makes it mandatory for all two-wheelers to maintain valid vehicle insurance policies. Thus, it is not only essential to buy this insurance product but also renew it on time to avoid any legal complications.
If you already have a two-wheeler or bike insurance policy but are unsure how to renew it, we will guide you through the renewal process.
Steps to renew a two-wheeler insurance policy online
If you have two-wheeler insurance, it is important to renew it before the due date to ensure continuous coverage and compliance with legal requirements. The following are
the steps to renew your insurance policy online
1. Go to the insurer’s website and click on the ‘renew existing policy’ option.
2. Enter your two-wheeler insurance policy number, bike registration number, and any other necessary details to retrieve the policy.
3. Review the current policy coverage and consider including important add-ons for additional protection.
4. After making the necessary changes, choose a suitable payment method (debit card/credit card/net banking, etc.) and pay the premium amount to renew your bike insurance policy.
Once the payment is processed, you will receive a confirmation message via SMS or email. The insurer will also send the renewal receipt to your email, which you can
download for your records and easy reference.
Steps to renew a two-wheeler insurance policy offline
You can also renew your two-wheeler insurance policy offline by visiting your insurance provider’s office and paying the premium amount through cash, UPI, or cheque.
The insurer will renew your policy and give you the printout of the payment receipt for your records.
An important point to keep in mind: If you did not make any claims during the previous policy term, the insurer may offer you a No-Claim Bonus. Hence, before renewing your bike insurance plan, remember to check this with your insurer, as it will help reduce policy premiums.
Reasons to renew your two-wheeler insurance policy on time
The following are the reasons to renew your two-wheeler insurance policy on time
1. To avoid legal issues: According to the Motor Vehicles Act of 1988, the absence of a valid two-wheeler insurance policy can lead to legal liabilities. Thus, make
sure you renew your policy on time to avoid legal complications and coverage gaps.
2. Coverage against natural calamities: A comprehensive bike insurance policy provides coverage against natural calamities, like floods, earthquakes, and
cyclones. If your bike suffers damage due to such events, the insurer will cover the repair costs.
3. Protection against man-made events: The policy also covers damages from man-made events, such as accidents, theft, fire, and riots. So, if your two-wheeler
gets damaged in a covered manmade incident, the insurer will handle the repair or replacement costs.
4. Personal accident cover: If you meet with an accident while riding your two- wheeler, the insurer will cover your hospital bills. This can ease your worries during a challenging time.
5. Coverage for third-party liabilities: A two-wheeler insurance policy also protects you against third-party liabilities and eases your worries. If your bike damages someone else’s property or injures a person, the insurer will cover the associated expenses.
6. No-claim bonus benefit: Renewing your two-wheeler insurance policy on time will help you retain your no-claim bonus. This no-claim bonus can reduce policy
premiums and, thus, your financial liabilities. If you fail to renew your policy even within the grace period, your policy may lapse, and you will lose the accumulated
no-claim bonus.
How to renew a lapsed two-wheeler insurance policy?
If you do not renew your two-wheeler insurance policy on time or within the grace period, your policy will lapse. Renewing a lapsed policy is as good as purchasing a new
one. Here’s what to expect when you renew a lapsed policy:
- The insurer will get your bike inspected, especially if your policy has lapsed for a significant amount of time.
- Policy premiums may increase due to changes in the insurance market or your risk profile.
- You will have to choose a suitable bike insurance plan again, fill out the proposal form with the required details, submit the necessary documents, and pay the premium amount.
You can also renew the policy online by visiting the insurer’s website. It is wise to renew a lapsed policy as soon as possible to avoid further complications and penalties.
To sum up, if you own a two-wheeler, it is important to cover it under a suitable bike insurance policy. Moreover, you must also renew the policy on time to prevent any lapse in coverage.
You can easily buy insurance policies online and renew them with a few clicks. Therefore, make sure you cover your two-wheeler under a suitable insurance policy and renew the policy on time to avoid legal and financial complications.
