Renewing bike insurance online is a simple and hassle-free method for saving time and energy. While an active policy provides financial coverage against accidents, damage, or third-party liability, riding an uninsured motorcycle can incur considerable fines and additional legal actions. Thus making timely renewals very important.
There is no form-filling or agent call-out involved in online renewal. You can compare policy quotes, select the correct cover, and benefit from timely quotation discounts. You can renew your cover easily within minutes at home using online portals. This guide will explain why and how you should renew your cover online.
What is Two-Wheeler Insurance, & Why is it Important to Renew It?
Two-wheeler insurance is financial protection that provides security against hazards such as accidents, theft, and vandalism. Your bike insurance policy is not merely a compliant one; it guarantees safety against unexpected financial costs.
Your bike insurance must be renewed for various reasons, including:
● Prevention of Gaps in Coverage: When you cancel your policy, you will no longer be covered against accidents, theft, or loss. Your coverage must be assured so that you are free from sudden dangers.
● Avoiding Penalties: Not renewing your policy on the renewal date can invite fines or penalties and, in worst-case scenarios, suspension of your vehicle registration. Precaution in keeping track of renewal dates prevents such monetary traps.
● Being Eligible to Recover: The sole way you are being made eligible for filing claims against loss or theft is through policy renewal. You risk losing with no avenue to make compensation claims when your policy expires.
● No Claim Bonus (NCB): If you renew your policy on time and have gone through a year without suffering an accident, you are entitled to the No Claim Bonus. The discount can reduce your renewal premium, giving you rewards for good driving.
● New Coverage: When renewing your policy, you can change your coverage based on any new update in your car or your needs. You are, therefore, assured that you are well covered at all times, regardless of any change.
How to Renew Bike Insurance Online?
You can renew your bike insurance and avoid unnecessary fines by just a few simple steps. Following are the simple steps to renew your bike insurance:
Step 1: Go to the Website of the Insurance Company
The first step is to go to your insurance company's website. Most insurers have a simple-to-use section specifically for policy renewals. Search for the "Renew Policy" or "Renew Your Insurance" tab on the homepage or under your account if you are a registered user.
Step 2: Enter Your Policy Details
You'll need to input key details from your current policy to begin your renewal. These usually include:
● Your bike's registration number
● Your current policy number
● The expiry date of your existing policy
By providing these details, the insurer can quickly locate your current policy, making the renewal process much faster and more efficient. Double-check that you've entered the correct information to avoid any issues down the line.
Step 3: Choose Your Coverage Type
Then, you will be asked to select the coverage type. You have the choice to choose third-party liability insurance, which will indemnify the third parties in case they get damaged, and comprehensive bike insurance, which will indemnify the third parties and your bike in case it gets damaged, stolen, or destroyed by acts of nature.
If you're satisfied with the existing cover, you can proceed with it. Otherwise, you can upgrade or shift to a more suitable cover, i.e., buy an extra cover for theft or accidental damage.
Step 4: Confirm Premium and Payment
Your insurer will calculate your renewal premium once you have provided all the details. It will vary depending on your bike's age, yodel, and the policy you've opted for. If you have not filed any claims during the past year, you will also receive a No Claim Bonus (NCB), which will lower your premium.
After verifying the premium is genuine and in your pocket, proceed to pay the same via any of the online payment avenues enabled:
● Credit/debit cards
● Net banking
● Digital wallets
Step 5: Receive Confirmation and Download Your Updated Policy
Your instant renewal confirmation will be in your hands as soon as the payment is made. Your policy document at renewal must be downloadable via PDF.
Print or save a copy of your updated policy for your personal records. Double-check the information to ensure that it is current and correct.
Online renewal of your bike insurance is a hassle-free and time-saving procedure. By just following the above simple steps, you can get your bike insured without any hassle while also avoiding penalties or gaps in coverage. Renewing your insurance in time also lets you enjoy benefits such as the No Claim Bonus.
Remember that bike insurance is not only mandatory by law but also necessary to safeguard your bike, yourself, and other road users. By keeping your policy updated, you can ride confidently, knowing you've covered financially in the event of any unforeseen circumstance.
