Bike insurance is a mandatory requirement as per the Motor Vehicles Act. This law makes it a compulsory requirement for all two-wheeler owners to have an insurance cover. Having a bike insurance policy not only ensures legal compliance, but also financial safeguards against damages. These benefits are available only during the policy tenure. To continue enjoying these benefits consistently over the years, you need to ensure your policy is timely renewed. This article mentions a step by step guide to ensure smooth renewal of your bike insurance policy.
There are two broad categories of renewing a bike insurance policy – offline and online renewal.
Offline Bike Insurance Renewal
The offline method of renewal is how traditionally insurance policies were renewed. You need to approach your insurance agent or the branch office of the insurance company for policy renewal. Next, there are a couple of documents which are required to be submitted which include the bike’s registration document, PUC certificate, the expired insurance policy along with the renewal form. Once these documents are submitted, the insurance company will notify the amount of premium which can be either paid by cash, debit or credit cards or using a bank instrument like cheque or demand draft.
Online Two-wheeler Insurance Renewal
While the offline process is lengthy and requires you to either arrange a meeting with your insurance agent or the insurance company, the online process is fast, simple and convenient. Online insurance renewal requires you to follow the aforementioned steps –
Step 1
Visit your insurance company’s website and locate the two wheeler insurance renewal section.
Step 2
Start with entering your bike’s registration number followed by existing policy details. If you are changing your insurer, you will further be required to mention details about your bike as well.
Step 3
At this stage, you need to select the policy coverage you wish to opt for. Policy renewal allows you to either continue with the exact same coverage or upgrade or downgrade too. Depending on your requirement, you can choose the desired option.
Step 4
Once the insurance policy is finalised, you can select the necessary add-ons depending on the type of policy chosen.
Step 5
Lastly, make the payment for the policy and get started with your insurance coverage immediately.
This is how a simple step-by-step guide can help you obtain adequate insurance coverage. However, there are a few pointers that can help you in selecting the appropriate policy for yourself.
For that, you need to start early. Do not wait right till the end of your policy tenure to renew it. Searching for available options well before the expiry date gives you the time and options to compare among the myriad options.
Next, make sure to take full advantage of any accumulated policy benefits like the no-claim bonus. This facility helps to lower your insurance premium making it an affordable purchase. Further, make sure to reassess the insurance coverage at each insurance renewal. This helps to ensure adequate insurance cover is available depending on the changing driving conditions. Finally, ensure you renew your policy before its expiry to enjoy uninterrupted coverage. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
