Life is unpredictable, that applies to your bike also! Possessing a bike is not enough. It should be protected from unforeseen events such as accidents, thefts, and many more problems. The Motor Act of India mandates the requirement of a standard insurance policy for every vehicle that a person possesses. Apart from giving protection to your bike, the add-on covers of the policy prove to be beneficial for the bike owner.
A general insurance plan has to be renewed periodically, depending on the terms and conditions of the policy that you have opted from an insurance company. Timely renewal of your bike insurance is essential for ensuring the continuity of cover, sense of security, and also protection from legal consequences.
In case you fail to renew the policy before its due date, the policy will be termed as void. A penalty or a fine will be issued against you by the insurance company at the time of renewal and can be rejected if the lapse period of the policy is significantly high.
One can opt for a renewing process by adopting the offline process or an online mode. The latter is a widely preferred option by people nowadays.
- Online Two-Wheeler Insurance Renewal
- This is the easiest option as the online facility for policy renewal is easily accessible through your smartphone device.
- Browse the company’s website and search from the various options available for insurance policies and their prices and opt for the best.
- Renewing the policies online can avail you with special discounts by paying premium through various channels such as Net banking, Debit/Credit cards, etc. Some insurance companies offer a reduction in the premium by a certain percentage if you pay premium online.
- Offline Two-Wheeler Insurance Renewal
- Visit your insurance policy provider; company or agent
- Fill in the Insurance Renewal form
- Submit copies of your driving license, Vehicle Registration Certificate, and an old copy of your bike insurance policy.
Following parameters should be considered while renewing the bike insurance policy
- Be informed about the due date of your purchased policy. Try to avoid the last-minute chaos by renewing it well in advance, thus saving you from fines, additional costs, and stress.
- You can opt for a cover that offers additional benefits that are unavailable in your existing policy. For example: If you had initially purchased a third-party insurance policy, you could switch to a comprehensive plan at the time of renewal.
- Do not forget to compare insurance quotes offered by various insurance companies, in terms of discounts such as NCB and affordable premium to be paid for a comprehensive package.
- In case you find that your policy has elapsed, don’t panic! Get in touch with your insurance provider immediately to avoid further delays and mishaps. Your company is there to help you out!