How to Go About Bike Insurance Policy Renewal?

Buying a two-wheeler and securing it with an insurance policy is mandatory by law. However, it is equally important to keep your policy active by renewing it periodically. This way, there will be an assurance that your policy does not lapse and you will receive more benefits in comparison to the money you are saving by not purchasing the policy at all. Reviewing your requirements is necessary when you are about to renew your policy, because your needs might have changed in the past year, and you might need a different coverage now. If you somehow forget to renew your two wheeler insurance online, it will expire and you won’t be able to enjoy its benefits any longer.

Process of Renewing Two-Wheeler Insurance Policy Online After Expiry:

If you wait for your insurance policy’s expiry date, there are chances that you will be exposed to a lot of risks. Instead, you can avoid all of it, if you complete your two wheeler insurance renewal on time. Most insurers offer you a grace period of 30 days after the expiry, within which you can still renew the policy. However, if you raise a claim in the grace period, it won’t be honored as the policy was not active during this period.

You need to follow the mentioned steps to complete the two-wheeler insurance online renewal after expiry:

1. Firstly, you need to review your requirements related to your policy. Changes can be made online during two wheeler insurance renewal
2. Visit your preferred insurer’s website
3. Provide them with the necessary details related to your bike as well as the previous policy
4. Now, choose the type of two-wheeler insurance policy you want
5. Set the Insured Declared Value (IDV)
6. Opt for additional covers (add-ons) if you wish to enhance your existing plan
7. Lastly, make the payment

Once you’ve made the payment, you must receive a renewed bike insurance policy that is sent to your registered email id. Check all the documents and keep printouts of the policy with you. One copy must always be in your bike’s storage and you can keep the other one at home.

A two-wheeler insurance policy could be of the following two types:

• Third-party Liability Policy

The third-party policy provides less coverage in comparison to a comprehensive bike insurance policy. It provides coverage for the losses suffered by the third-party due to damages caused by your bike. If you are responsible for the damages to the third-party property of injuries to the other party, the losses will be borne by the insurer on your behalf.

• Comprehensive Bike Insurance Policy

The Comprehensive policy is a more extensive plan and provides coverage for the losses suffered to your bike, along with the third-party. Under this policy, your insurance provider will also offer coverage for the losses suffered in case of bike theft, natural calamities, vandalism, etc.

Significance of Two-wheeler Insurance

Purchasing a two-wheeler insurance policy is necessary not just because it’s mandatory by law, but to help you in cases of unfortunate events involving your vehicle. If you are regular on renewing your bike insurance policy, you remain eligible to receive No Claim Bonus, i.e. concession on the next premium you pay.

Renewal of a motor insurance policy can be done online within minutes. To make sure the amount you’re paying is not too high in return to the coverage you are receiving, you can make use of the two-wheeler insurance premium calculator online and get quotes instantly.

Daisey Bell

I am Daisy Bell and a pro-level blogger with years of experience in writing for multiple industries. I have extensive knowledge of Food, Fitness, Healthcare, business, fashion, and many other popular niches. I have post graduated in arts and have keen interest in traveling.