Mumbai (Maharashtra) [[India], April 28: The bike insurance is a legal document between you, the policyholder, and an insurance company. In these insurance policies, the insurance company will provide you with financial assistance in the event of accidental damage, theft, and any losses incurred by the bike through human-made or natural calamities. As per the law, it is a legal compulsion for every bike driven on the road to hold a valid insurance policy.
If you’re a policyholder, you will be at ease knowing that your vehicle is protected from any danger of damage or loss. However, if you wish to reap the benefits of a bike insurance policy, you must get them renewed on time. Vehicle insurance companies like Tata AIG offer seamless online bike insurance renewal processes. However, you can also opt for offline methods of renewal.
Let us understand the two-wheeler insurance renewal in detail here.
The two methods of renewing bike insurance policy are:
In the offline bike insurance renewal process, you will need to contact an agent or visit your insurer’s office branch to renew your bike insurance policy. This process generally involves filling out some forms and submitting documents. You will have to fill in your vehicle and policy details in the application form.
The insurance company will hand over the renewed policy if you pay the premium by cash, debit card, or DD. If you have made the payment through a cheque, the policy will be emailed to you once the cheque clears. Though the offline process can be quite time-consuming, some people who are still not comfortable with technology choose to go for it.
To get the bike insurance policy renewal done online, you must first go through your existing policy and its coverage to analyze whether you wish to continue with the same cover and insurer. If you want to continue with your existing plan, you must visit your insurer’s website and follow the steps to renew the policy and make the payment. However, if you wish to switch to a different policy or move to a new insurance company, you should put in some effort to research other companies and their offerings and find the policy that suits your requirement.
The steps involved for renewal of two-wheeler insurance includes:
- Visit your insurer’s website and go to the bike insurance renewal form.
- Enter your two-wheeler registration number and other important information needed.
- You can continue with the same insurance policy and customizations or choose to make changes to it.
- Update the IDV. You can update the IDV depending on your requirement. It is advised that your IDV must be 10% less than the previous year’s policy.
- Pick the riders/add-ons based on your requirement.
- After finishing the steps, you will get the premium amount that you have to pay.
- If you have not filed a claim in the previous policy year/s, do not forget to check if the correct NCB discount is applied to your renewal premium.
- Check the final amount and other details and make the payment.
- Once you have made the payment, your bike insurance policy renewal is done.
Once you have carried out these steps diligently, your insurance company will send you the renewal documents through email. You can download the policy document and get a printout of the document. You can show this document to traffic police if the need ever arises.
Five things to know before your bike insurance renewal:
- Opt for the NCB (No-Claim Bonus):
If you haven’t filed a bike insurance claim during the current policy year, you can opt for the No Claim Bonus benefit during insurance renewal. You will get a discount on the insurance premium based on the number of years you haven’t filed a claim. If you don’t file a claim for five consecutive years, you can avail a discount of up to 50%.
- Look for mistakes in information:
You must check your information policy for any discrepancies before filing for renewal. Any minor mistake reflected in your insurance policy can affect your insurance claim settlement. Therefore, you must go through your policy document carefully and provide the required documents.
- Renew before your plan expires:
It is optimal to consider getting the policy renewal almost 15 days before the expiry date. It would help if you didn’t wait for the plan to lapse. If your policy lapses, you may lose out on the advantages like NCB and face a penalty.
- Grace period:
If you have missed the renewal date on your policy, you must not worry. Most insurance companies offer a grace period of 15-45 days based on the policy type. If you renew your insurance policy within the grace period, you can still benefit from the NCB (No-Claim Bonus). Therefore, if you haven’t made the premium payment before the plan expires, you still have the grace period to get the renewal done successfully.
- Go over insurance plan:
The renewal period for your insurance plan is the best time to evaluate your bike insurance cover requirements. When you reach your policy term’s end, you understand how much coverage you actually need. Therefore, you can adjust your bike insurance policy accordingly.
If you’re a bike insurance policyholder, you must ensure to get the policy renewed on time. Since it is illegal to be found riding a bike without a two-wheeler insurance policy even for a day, individuals opt for the two-wheeler insurance online renewal, as it is quicker than the offline process.