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How to renew two-wheeler insurance online?

As per the Motor Vehicles Act, purchasing a third-party two-wheeler insurance policy is mandatory for bike owners to ride legally on public roads. Such insurance policies are an agreement between the insurance provider and policyholder. The former bears the expenses of damages or losses caused to a third-party vehicle, person or property.

One can also opt for a comprehensive bike insurance policy covering both third-party and own bike damages. Regardless, every insurance policy comes with validity and needs timely renewal. Your two-wheeler policy's timely two-wheeler insurance renewal will ensure optimum protection from the damages caused against artificial and natural calamities. This renewal process can be conveniently done online from your preferred insurer's website.

Bike Insurance Renewal Steps Online

When discussing the expenses of damage caused to the vehicle or third party in an accident, paying from your pocket can lead to a substantial financial burden.

It is wise to purchase a two-wheeler insurance policy to safeguard your finances from the expenses of damage caused to the vehicle due to an accident or mishap.

Since such a two-wheeler insurance plan comes with a certain validity period, renewing the policy by paying a premium amount is essential.

Here are some of the simple steps of online two-wheeler insurance policy renewal:

Step 1: Visit your preferred insurer's website

Step 2: Fill in the required details, such as policy number, vehicle details, etc.

Step 3: Now, make the payment by choosing your preferred online payment mode
 

After successfully making the payment, you will receive the documents of your renewed bike insurance policy at your registered email address on time.

Apart from these, multiple insurance apps offer facilities such as renewing a policy. All you need to do is download the app and log in with your registered mobile number or email address. Check the 'bike insurance' option and apply for a two-wheeler insurance policy renewal, provide your policy details and proceed with paying the premium.

Alternatively, you can opt for the offline mode if you are hesitant about online two-wheeler insurance policy renewal. For this, you will need to visit your insurer's office along with the necessary documents and fill out the application form. By successfully filling out the form and making payment, you will receive a printout of the renewed policy.

You can also renew your policy through an insurance agent who will submit your relevant documents on your behalf to renew the policy. However, you need to pay an additional fee to the agent for the service.

Few things to consider while renewing bike insurance

In most instances, a comprehensive or third-party two-wheeler insurance policy comes with a validity of one year. It needs an annual renewal unless one has chosen a long-term insurance policy.

In this regard, individuals must consider certain aspects before proceeding with buying the two-wheeler insurance policy online:

• Renew policy before the expiry

It is wise to go for an online two-wheeler insurance policy renewal at least 15 days before the policy expires. If your insurance policy expires, you will lose your NCB benefits (no-claim bonus).

• Check your insurance cover

While renewing your policy, you can assess your bike insurance policy coverage and change other existing policy details. When the policy period is about to be over, you will have a fair idea about what is suitable for you and what is not. You can make modifications to your policy coverage accordingly.

• Correct errors in the policy

If you notice any discrepancy or error in your insurance plan, you can get it rectified during the renewal process. For instance, if you have changed your residence during your policy tenor, you can update your address in the policy documents during the renewal. In addition, minor mistakes in the policy documents can impact the claim settlement process.

• Grace period

If you have missed the policy renewal date for a few days, you do not have to worry. Most two-wheeler insurance providers offer a grace period for renewing a two-wheeler insurance policy based on its type.

If you choose to renew your two-wheeler insurance policy online within this grace period, you can hold on to the accumulated benefits, such as the no-claim bonus. Therefore, if you have forgotten to renew your insurance policy before its expiry, you will still have the grace period to fall back on.

• Obtain no-claim bonus

Suppose you have not raised any claim during your existing policy tenor. In that case, you can avail of the no-claim bonus facility during your two-wheeler insurance policy renewal. Based on the number of claim-free years you have gathered, you can avail of an NCB bonus of up to 50%.

Important things that affect the premium of bike insurance policy renewal

Here are some of the essential factors that play a significant role in deciding your premium for two-wheeler insurance policy renewal online:

1. No-claim bonus

If the policyholder does not make any claim during their entire policy tenor, they can benefit from a no-claim bonus (NCB). You can avail a discount of 20% on bike insurance policy renewal after the first claim-free year. This benefit keeps increasing if you avoid raising claims. This benefit can go up to 50%, helping save a lot on the premium amount.

2. Transfer of bike ownership

If you transfer the ownership of your two-wheeler, the premium amount will increase while renewing the policy. However, since the NCB benefit does not belong to the vehicle but to the policyholder, NCB will not be transferred along with the bike ownership.

3. Two-wheeler insurance claim

Your insurance claim history will significantly impact your renewal premium. It means a history of repeated claims can affect your policy premiums. However, it is wise to pay for affordable claims for you to cover.

Individuals willing to purchase such comprehensive motor insurance plans can review the range of Bajaj Finance Motor Insurance plans. These plans come with an affordable premium, and one can also include additional benefits on top of their base policy. Further, intending policy buyers can thoroughly read the plans' terms and conditions, compare the details, and select a suitable plan that suits their requirements.

Moreover, you can benefit get 24x7 assistance, a cashless claim facility, substantial coverage, etc. However, you must always check the policy documents thoroughly before renewing your two-wheeler insurance policy.

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