Bike Insurance Renewal
Like other insurance policies, two-wheeler insurance plans also need to be renewed after its validity period gets over. A bike insurance might be active for 1 year, 2 year or 5 year as per the policy and the insurer. Two wheeler insurance renewal should be done before the expiry date so that the policy doesn't get lapsed. If the policy is not renewed, all the accumulated benefits will be lost.
What is a Two-wheeler or Bike Insurance Renewal?
Bike insurance renewal is the process of renewing your existing bike insurance policy. As such, you know that all the two-wheeler policy of insurance is available with a period of validity. It can be any number of years and once this validity gets over, you need to renew your insurance.
It is very important to renew your bike insurance so that you can continue to stay protected under your bike insurance coverage.
Bike Insurance Renewal Online Process at PayBima
If you are not sure about how to renew two wheeler insurance online, below are the steps to follow for the bike insurance renewal process:
Bike Insurance Renewal Online Process at Insurance Company’s Website
Two wheeler insurance renewal online can be done at your Insurance Company’s Website by following the below steps:
- Visit the portal of your bike insurance company and go to the renewal page.
- Submit the registration number of your bike along with other required information.
- Now select the renewal plan that you want to purchase.
- Choose any add-on (if you want). You can also update your IDV here.
- Complete the process to check the premium that you must pay for the policy.
- You can make the payment via any online payment mode.
- Your renewal is done once the payment has been made.
- You will receive the renewal documents via your registered email.
Factors To Consider While Renewing Two Wheeler Insurance Online
Here are some key factors to consider while renewing bike insurance online:
What Is The Best Time To Renew Your Bike Insurance Policy?
As you know, it is important to stay under the cover of insurance all the time because otherwise you might fall into legal hassles. Now to stay under protection throughout, you must make sure to keep your bike insured all the time. Hence, it is better to renew your two-wheeler insurance prior to the date of its expiry. This way you can also keep your NCB intact and gain other insurance benefits.
However, in case you miss to renew your bike insurance on time due to any reason, you still have a chance to renew expired two wheeler insurance online during the grace period of 90 days that your insurer allows. But, it is always better to insure before time rather than waiting for the grace period.
Benefits of Bike Insurance policy Renewal
Renewing your bike insurance on-time allows you to enjoy a number of benefits. If you are not sure about them, here are some points as mentioned below:
- You can stay away from legal hassles - It is compulsory for every bike owner to have a third-party bike insurance policy as per the Indian Motor Act, so that they can ride their vehicle without hassle. The third-party insurance protects the insured against third-party liabilities. But if you do not renew your policy and any mishap happens, you have to incur the expenses on your own.
- You get coverage against natural disasters - With your Bike insurance own damage policy, you can stay protected against calamities of nature such as floods, fire, earthquakes, storm cyclones etc. Hence, you can mitigate the monetary strain on you with the help of your bike insurance during such situations of calamities.
- You get coverage against disasters created by humans - Along with staying protected against natural calamities, your bike insurance also offers coverage against man-made disasters. It can be anything ranging from theft, riot, war, strike etc. With your bike insurance policy, you can stay protected against all such financial burdens due to the damages caused to your bike.
- You can retain your No Claim Bonus (NCB) - Another benefit of online renewal of your bike is that it allows you to retain your NCB discount accumulated for not filing any claims in the previous year. However, you might lose that benefit if you do not renew your two-wheeler insurance on time.
- You can have security and mental peace - This is again a very important aspect of renewing your bike on time. It allows you to have mental peace and security and allows you to ride the bike on the roads with no hassles at all. Further, this way you can also avoid huge fines levied by the traffic cops on the road for not having insurance.
Things To Remember For The Renewal Of Your Two-Wheeler Insurance Policy
Below are some things that you must try to remember at the time of renewal of two-wheeler insurance:
- Always try to stay updated about the expiry date of your two-wheeler insurance and renew the policy so that you do not have to pay any fine. Getting your two wheeler insurance online renewal after expiry can cost you a hefty amount.
- Also, it is important to read the policy papers thoroughly and compare them before buying the right insurance as per your bike.
- You should use the NCB accumulated under your policy over the past years for not raising claims in the last policy year.
Why Should You Purchase/Renew Bike Insurance Online?
Here are some reasons to buy/renew two-wheeler insurance Online:
- If you buy/renew insurance online, you can have a paperless process, which can be processed easily. You save paper as well as time in this process.
- Online buying/renewing also makes the process of comparing policies simple. You can compare features, cost, premium, coverage and so on.
- Online buying/renewing also saves a lot of time and you can get it done from the comfort of your home.
- Online processes also make it easy for you to customize your policy.
- It is a safe and secure process and allows easy portability.
Frequently Asked Question
Yes, it is possible to change the IDV of your bike during policy renewal. But, you must note that every insurer places a certain maximum cap for the IDV value and it may vary from one insurer to another.
Yes, you can renew it during the grace period. So, if you miss to renew your two-wheeler insurance before it expires, you still have a chance to renew it during the tenure called Grace Period, which is offered by the insurer. In most cases, insurers give a 90 days' grace period during which the insured is allowed to renew the bike insurance after the expiry date.
It just takes a few minutes to renew your two-wheeler insurance online. You may be required to submit your policy details and RC information during renewal.
Yes, you can get reminders for renewal of your two-wheeler insurance before it expires. In most cases, the insurers send reminders to policyholders before the expiry date by means of email, text messages etc.
Yes, most insurance companies allow alterations of add-on covers while renewing your two-wheeler insurance policy.