How to get your Bike Insurance Renew Online
Samiksha is a 26-year-old interior designer from Kolkata who rides her two-wheeler to work every day. After one rough Thursday in the office, she decided to stop at a tea stall on the way home to unwind.
As Samiksha was about to turn left, a man on a motorcycle came speeding towards her and crash! Both fell off their vehicles. Samiksha lifted herself from the ground to assess her wounds- she only had a few minor scratches on her elbow and foot.
But the same could not be said for her bike. It was dented badly on one side, had a cracked mirror, and the bike’s footrest was bent out of shape. The repairs cost her Rs. 20,000, which was roughly half her monthly salary.
Samiksha’s story has a happy ending, though. She was wise enough to get her bike insurance renewed only on Wednesday, which allowed her to claim all those expenses. What a sigh of relief!
If you own a two-wheeler or bike, it is essential to get your bike insurance renewed on time. Not only is it illegal to drive an uninsured vehicle in India, but it can also wreak havoc on your finances in the event of an accident.
However, if vehicle insurance renewal seems a tedious job to you, you’ve chosen the right place. Continue reading this article to convert this tedious job to an
y easy one for you.
Why Is On-Time Bike Insurance Renewal Important?
When you get your bike insurance policy renewed on time, you unlock the following benefits:
1. Non-stop Coverage: The need to make an insurance claim may arise at any time. Hence you need uninterrupted coverage for your vehicle at all times to avoid those unforeseen circumstances.
2. Can Make All the Claims: If you delay insurance renewal, you will not be eligible to make claims in case you meet an accident that day. Samiksha’s story offered us a glimpse into the importance of insurance for unexpected events. Had she delayed her renewal even by one day, she would have had to pay for all the expenses herself.
3. Avoid Legal Troubles: Having an expired insurance policy is the same as not having one. The Government of India, vide the Motor Vehicle Act, 1988, has mandated third-party vehicle insurance. Driving an uninsured bike can lead to legal troubles like fines and even imprisonment.
4. Economical: It is practically always cheaper to renew a policy than to revive an expired one. Once it expires, the insurance companies reassess the vehicle and usually offer a fresh quote that is mostly higher than the existing ones.
5. Avoid Loss of Benefits: Benefits like accumulated NCB (No Claim Bonus) lapse if your policy expires and the grace period is over.
To avoid such situations, always make sure that you renew the policy before it expires.
Benefits of Bike Insurance Renewal Online
Every two-wheeler insurance policyholder has diverse requirements in terms of budget, insurance coverage, etc. They select a bike insurance plan based on their needs.
To make a wise decision, it’s significant to do proper research and compare various plans available in the market. Online renewal of insurance plans facilitates convenient research and helps to make a well-informed decision.
Continue reading to know why you should renew your bike insurance policy online.
- It Saves Time: Time is money! And a lot of time is wasted in queues, paperwork, and frequent visits to the insurer’s office. When you opt for the online process, you do away with these elements and save a lot of your precious time.
- Eco-Friendly: As the digital process is paperless, this helps to maintain an eco-friendly environment. Besides, you get access to the digital documents at your fingertips, and it also saves time otherwise required to maintain the documents physically.
- Convenient Comparison: Online renewal facilitates easy comparison among various service providers and insurance plans. You can select the best according to your requirements. Also, there is no unwanted pressure that is usually experienced in face-to-face interactions with sales executives of insurance companies.
- Customizable on Your Own: The policies can be customized as you want. For more benefits, you can enhance your policy with Add-ons like NCB protection, Zero Depreciation, Roadside Assistance, Third-party cover, etc., available online. You can also exclude the features that you do not require in your insurance policy.
- Safety Is Ensured: In online bike insurance purchase and renewal, insurance providers ensure proper safety and security so that the policyholders’ personal information and payment details remain confidential.
- Easy Shift Among the Insurance Providers: Policyholders can easily replace the insurers if they do not want to continue with the current one.
Bike Insurance Expired? Don’t Worry, Here’s What You Need to Do
Generally, a grace period of 90 days from the expiry date is allowed for bike insurance renewal. You will not lose any policy benefits if it is renewed during the grace period, especially the accrued NCB.
However, policy lapse may lead to the following consequences:
1. Loss of benefits like NCB
2. Insurance premiums may shoot up
3. The insurance provider may charge penalties/fees. The rates vary from one insurer to another.
4. Your insurer may reassess your two-wheeler. Costs like depreciation charges may be levied again.
How to Check Your Bike Insurance Validity Online?
It’s easy! Insurance providers maintain all the records of the policies of their customers. By logging into their official website, you can have access to your insurance policy details. This process may differ from insurer to insurer.
You also have other options to check your bike’s insurance status online, like VAHAN (an e-service website of the Road and transport ministry) and the Insurance Information Bureau (IIB) portal.
Steps to Renew Your Bike Insurance Online
Step 1: Assess your insurance policy requirement
Above all, you need to assess your requirement in terms of coverage, the policy period, premium amount, etc.
Step 2: Compare the relevant plans by insurance providers
Once you start searching, you will encounter multiple insurance plans offered by several insurance providers. Here, you should focus on the policies that serve your requirements identified in step 1.
Once you find out the relevant plans, compare the terms and conditions offered by different insurers.
Step 3: Finalize the plan
Finalize among the best plans and choose the one which suits you the most.
Step 4: Follow the procedure
The procedure may differ from one insurer to another. However, some of the common stuff is entering the details of your bike; choosing add-ons like NCB protection, zero depreciation, roadside assistance, third-party cover, etc.
Step 5: Make payment and enjoy the insurance benefits!
The next step is to make payment, and your two-wheeler is insured now! You are eligible to take the insurance benefits.
Now that you are aware of both pros and cons of bike insurance renewal, make sure you don’t delay it any further. By checking your bike insurance online, you can determine when it will lapse and renew it immediately.
However, if you want to avoid the headache of renewing the policy every year, you can choose long-term insurance plans offered by many insurance providers.