Bikes are quite a popular means of transport in India. But they are also dangerous and vulnerable to accidents. If you are a bike owner, not having a valid insurance policy can land you in trouble with the law. Therefore, you must renew your two wheeler insurance policy on time. Also to keep your bike protected from unanticipated losses and damages bike owners must consider buying comprehensive insurance for a two-wheeler. The renewal process may seem full of hassle and complications for a first-time bike owner.
In this blog, we have discussed the process to renew two wheeler insurance, along with types of bike insurance policies, and things you should remember while renewing your insurance.
Types of two-wheeler insurance policy
There are primarily two types of two-wheeler insurance policies available in India. Let us discuss them in brief.
- Comprehensive insurance for two wheeler: Comprehensive bike insurance provides complete protection for your bike. It provides financial cover in case of damage to the third party and their vehicle, along with damage to your bike. You will also receive cover for theft and total loss of bike and medical expenses in case of injury. A comprehensive insurance for two wheeler also fulfills the legal requirements.
- Third-party liability policy: The third-party liability policy is mandatory to purchase for all bike owners. It offers financial cover for liabilities caused by third-party injury or damage to their vehicle due to an accident. It also helps you fulfill legal requirements. However, the catch with this policy is that it doesn’t provide any protection to the policyholder or their bike. That is why it has low premiums.
Renewing two-wheeler insurance policy
There are two modes, using which you can renew two wheeler insurance policy on time.
Before renewing your two-wheeler insurance policy, first, determine whether you need the same amount of coverage or not. You should also decide whether you want to continue with the same insurance company. If you have decided to go with the same cover and insurer, follow these steps to renew your policy.
- Visit your insurer’s website.
- Click on the ‘renew existing policy’ option.
- Enter your policy number and other details if required.
- The page will show your policy details along with your NCB and the add-ons you can add to the policy.
- After selecting the add-ons (if any), you will see the premium amount you have to pay for the year.
- Pay the premium using online modes of payment.
- Upon completion of payment, you will receive the updated policy in your email. Always keep a copy of it while riding your bike.
If you want to change your insurer or buy a new policy, then the process is different. You can select a new policy and insurer and buy a policy from them. The process is similar to purchasing two-wheeler insurance for the first time. However, in this case, you can transfer your NCB to the new insurer as well.
Follow these steps for renewing your policy offline.
- Visit your insurance company’s nearest branch.
- Submit your policy number.
- You will receive a renewal application. Follow the form, add the details, and select your add-ons. Once finished, submit it to the insurance officer.
- The insurance officer will give you the premium quotation.
- Complete the payment through a cheque or a suitable option.
- Upon payment completion, you will receive your renewed policy by post. Keep a copy of the insurance with you at all times.
The downside of offline renewal is that the process is time-consuming and a hassle. In many cases, the company also inspects your vehicle before renewal. That is why it is recommended to renew two-wheeler insurance online.
Consequences of not renewing bike insurance on time
Listed below are some of the major consequences you may face if you fail to renew your two-wheeler insurance on time.
- You will be in trouble with the law if you are found driving without a valid insurance policy.
- You will lose all financial coverage provided by your policy.
- The renewal process typically becomes much longer once the policy lapses. This is because the insurer may want to inspect the vehicle.
- You may have to pay a higher insurance premium than earlier.
- You will lose your no-claim bonus.
What to do in case your policy lapses?
If you forgot to renew your two-wheeler insurance policy on time, here are the steps you can take to avoid facing any major consequences.
- Many insurance companies provide a grace period. Renewing the policy within that period will save you from facing major consequences.
- Contact your agent instantly to check your options.
- Do not ride your bike until your insurance is renewed.
- Prepare the necessary documents for submission.
To renew the policy, follow the same process as in the online renewal mode. However, if the grace period is over, you should talk to your insurer to figure out your options.
Things to remember while renewing your two-wheeler insurance
Renewing your two-wheeler insurance is a simple process. However, there are some things you should carefully consider before doing so. Here are some of them.
- Determine your requirements. Are you happy with your present cover? Or do you want to enhance or reduce it? For example, if you have a third-party liability cover, you can choose comprehensive insurance for two wheeler.
- Next, decide whether you are happy with your present insurance company. If not, you can choose to change your insurer. Do thorough research.
- Every renewal is a chance for you to consider and compare new plans. Check whether there are any better insurance policies available.
- Even if you are renewing the same policy with the same insurer, read the terms and conditions again. It is always advisable to go through the policy terms to ensure you are not surprised in any circumstances. Call your agent in case of any doubts.
Now that you know the renewal process, what are you waiting for? Go ahead and renew your policy on time. Follow the guide discussed above and depending on your comfort and exposure to online processes, renew your two-wheeler insurance either online or offline.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.