Bike insurance renewal is crucial for compensation against any vehicular damage or loss. Plus, it is illegal for any vehicle to be on Indian roads without insurance, as stated by the Motor Vehicles Act of 1988. Furthermore, allowing your vehicle to be uninsured puts you at risk of severe financial and legal repercussions, which is against your best interests.
Although renewing your bike insurance may seem like a burden, it is necessary for your security, both legally and financially. So, renew your bike insurance on time to ensure that your bike is never exposed to issues without insurance and that you are always protected from legal and financial responsibilities. But how to get it done fast is paramount, given the hectic schedule one may have. Don't worry, we will let you know the same.
In addition, we'll take you through the things to consider before renewing bike insurance for a hassle-free experience. Let's begin!
How to Renew Your Bike Insurance Quickly?
You can renew your bike insurance quickly online. Just visit the website or app of your insurance provider, and navigate to the two-wheeler insurance renewal page. There you need to input your policy number or bike registration number for online bike insurance renewal. You can pay the bike insurance premium using net banking, debit card, credit card, UPI, etc. Post successful receipt of the renewal premium, your bike insurance policy will renew. The renewed policy contains the policy number, the premium paid for it, the period for which the policy will be valid, a brief on add-ons and their premiums (if you've chosen them), etc.
5 Things to Consider Before Renewing Your Bike Insurance
Before the Expiration Date, Renew The Policy
Your two-wheeler insurance should ideally be renewed at least 15 days before it expires. However, don't wait for the insurance to expire. If your bike insurance coverage expires, you risk suffering losses and fines. In case you don't renew within 90 days of the expiry, the policy will lapse and wipe out no-claim bonus discounts you may earn.
Benefit from the No-claim Bonus
On bike insurance renewal, you may take advantage of the no-claim bonus benefits if you don't make any bike insurance claim during the previous policy year. In addition, you may be eligible for an NCB of up to 50%, depending on how many claim-free periods you have acquired.
Examine Your Two-wheeler Insurance Coverage
Renewal time is ideal to review your bike insurance policy or make any policy changes. You can identify what works for you and what does not when the insurance period expires. As a result, you may adjust your policy's protection as necessary. Before renewing the policy, check the cost of the bike insurance premium.
Updating Your Information
Renewal is the ideal opportunity to get any discrepancies in your insurance policy fixed. For instance, you may update your address in the policy paperwork at renewal time if you relocated to a different city during the previous policy year.
In addition, even minor errors like a misspelled name or birthdate might impact the resolution of your claim. So, if you find any errors, you may correct the information on your insurance by providing the necessary documentation.
You shouldn't be concerned about being late for the policy renewal deadline. Depending on the coverage, most bike insurance providers give a time frame for policy renewal.
In addition, you may keep your acquired advantages, such as the no-claim bonus if you renew your bike insurance policy during the grace period. Therefore, even if you neglected to pay the fee before it expired, you still have time to renew it effectively.
Advantages of Renewing Your Bike Insurance Online
You may be wondering how to renew your bike insurance quickly. Online renewal is the solution. You may now perform several processes online since the insurance sector has gone online due to fast digitalisation.
By renewing your bike insurance online, you can insure a fast and easy transaction and reduce any risk exposure you would otherwise experience. The following are some benefits of renewing bike insurance online.
Help Save Time
You would have to contact the insurance agency and wait in line if there was no internet. This would need a lot of time, effort, and resources on your end and the bike insurance company. So, go online and quickly renew your insurance while sitting at home, saving you the time it takes to go and interact with insurance agents face-to-face.
You save time and gain convenience and flexibility by renewing your two-wheeler insurance online.
When renewing your bike insurance, it could be challenging to be present in person at the insurance office; nevertheless, online insurance enables you to do it whenever it's convenient for you from the comfort of your home.
Moreover, in the security of your home, you can quickly review your opportunities for renewal, evaluate all available plans, and update your insurance as necessary.
Direct Business Transaction
You may avoid paying an additional commission to the insurance broker or agent by purchasing bike insurance online. In addition, you may contact the insurance company's customer service representatives to have your questions answered in case of a problem.
Online Comparison of Plans is Simple
When purchasing or renewing bike insurance online, you may compare several bike insurance policies in terms of features, inclusions, and exclusions. It aids you in identifying the benefits and drawbacks of each insurance and the premium costs of many comparable policies, enabling you to make an informed insurance choice.
You may use a secure method to pay premiums online for purchasing or renewing two-wheeler insurance policies. You may pick from a variety of payment options according to your preferences. These include e-wallets, debit cards, and credit cards.
How to Lower Your Bike Insurance Premium When Renewal Comes Around?
Consider these measures to lower the bike insurance premium of your bike:
- Keep a good driving record
- Choose long-term bike insurance to get a reduced premium.
- Renew your insurance with your current provider.
- Avoid filing bike insurance claims for minor damages to prevent NCB in bike insurance discounts from reducing to zero.
Now that you've seen it, you can understand that renewing your bike insurance online will solve several complications and challenges. You would be able to renew your bike insurance online from the comfort of your home, save a lot of time, and enjoy the extra convenience of being able to browse all of your choices at once.