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Considering the increasing number of accidents and mishaps happening on Indian roads, buying bike insurance is essential. If you ride a bike every day to work, then buying bike insurance should be a priority for you. It will keep you and your vehicle safe from any unfortunate circumstances that may take place in the future.
Buying bike insurance is important, so is renewing it. Only an active bike insurance plan will provide you with insurance coverage in case of an accident or any other unfortunate situation. You need to keep a track of the validity of your bike insurance plan so that you can renew it before the due date. A bike insurance policyholder can renew his/her bike insurance policy before its expiry term. A policyholder can either renew bike insurance online or can do it offline by physically visiting the nearest branch of the insurance company.
A policyholder has the freedom to opt for the policy term at the time of buying the plan. In case you opt for a bike insurance plan with the policy term of 1 year, then you will be required to renew the policy on a yearly basis. But, if you opt for a bike insurance policy for a long-term i.e. 2-3 years, in that case, you will be required to renew the policy every 2 or 3 years as per the opted term.
Bike Renewal Process in India
Renewing a bike insurance policy is a very simple and easy process. In today’s time, a number of insurance companies have collaborated with various web insurance aggregators to offer a hassle-free renewal process to its insurance buyers. Additionally, a number of insurance companies have embraced technological advancement and launched their own mobile applications. Anyone having a smartphone and a good internet connection can simply download the application and keep a track of his/her bike insurance plan. Before the due date, the policyholder can renew the process using the app.
Online Bike-Insurance Renewal
Here is how you can renew your bike insurance online:
Renewal Through Mobile Applications
Several bike insurance companies have launched their own insurance application for both Android and iOS platforms. You can install it on your smartphones.
Renewing your bike insurance policy through mobile applications is more or less the same as using the online renewal process. The premium payment for the renewal process via the app is very easy and convenient. When you renew your bike insurance policy through the mobile application, you will have to provide your personal details and policy-related information. It includes your name, mobile number, email address, age, bike registration number, bike model and year, policy date, bike insurance policy details, policy number and more.
Once you fill in the correct and details, you will be required to complete the next step of making the payment. It is important to verify the details as the mobile screen size is generally small, and mistakes are bound to happen. So be a little extra cautious and proceed only after cross-checking the details. Also, read the terms and conditions before accepting as the insurance provider might have updated it.
Online Renewal Process
Through the advent of technology, everything has become easy and simple. In this technologically advanced world, you don’t really need to be present at a place if you need to complete a particular task. Everything is available at your fingertips.
Many insurance companies offer bike insurance renewal process through their official website. So, you can just log in to your insurance company’s official website and follow the procedure. Additionally, various web insurance aggregators also offer this facility. You can log on to their websites and follow the easy process to renew your bike insurance. All you need to have is policy information, required documents, and good internet connection. You would have to provide the necessary documents, personal details and vehicle’s details. After you fill in the correct details, you will have to make the payment as per your preference. After you make payment, the insurance company will email you the renewed policy copy. Make sure you download this PFD as you might require it in future.
Mentioned above are different ways in which you can renew your bike insurance online. Renewal of bike insurance online is the most popular and favored method, as it is easy, speedy and secure.
If you don’t want to pay any heavy costs due to repair and damage, make sure you renew your bike insurance policy before its due date. If you have a bike insurance policy and you forgot to renew it, renew it as soon as possible.
If you don’t, then your policy will cease to exist and the insurance company won’t be able to provide you the coverage in case of an accident. As a result, you will have to bear the costs from your own pocket. In order to avoid such circumstances, it is advisable to keep a close eye on the policy renewal date.
Note- Some companies also offer a grace period in case you have missed your renewal date.
Factors to Consider Before Buying Bike Insurance Online
Undoubtedly, buying bike insurance is easy as well as necessary. There are certain factors that you need to consider when you buy a bike insurance online:
Firstly, it is important to know when to buy a bike insurance policy. Many find it confusing to understand when to actually buy a bike insurance policy. The answer is very simple; buy it as soon as you purchase your bike. This is because casualties can occur at any point in time. It will not knock on your door and ask you to safeguard your bike and your life with bike insurance. So, before any unfortunate incident takes place, buy a two-wheeler insurance policy. It will save you from the expenses that may incur in the future. Though, it may cost you little for paying the premiums but paying premiums is much better than bearing the heavy expenses in case an accident or road mishap.
When you buy a bike insurance policy, it is essential to thoroughly understand the terms and conditions and inclusions and exclusions of the policy. Instead of buying a bike insurance policy because it is a compulsion, make sure you have insights about it. It will help you to take an informed and wise decision. It will not only provide you a better protection but will offer the benefits that will be worth it. If you want to select the best bike insurance that suits your budget and also fulfils your insurance expectations, keep the following key points in your mind before you seal the deal.
Factors that Affect your Premium Rates
An insurance company provides different premium rates to different insurance buyers. It calculates the premium rate keeping in mind a number of factors, most importantly the risk involved. It means the likeliness of the policyholder filing a claim during the bike insurance policy tenure. The premium rate is also impacted by the multiple features of the two-wheeler. It helps the insurance company to determine the premium to be offered.
- Cubic Capacity of the Engine’s- One important aspect that the insurance company takes into account is the cubic capacity of the vehicle. If the cubic capacity is high, the insurance premium will be high.
- Area of Residence- The state/city of the residence will make a significant difference in the premium rate. The geographical area is divided into two zones depending on the risks involved, i.e. zone A and zone B. If a bike owner resides in zone A city, he/she will have to pay a higher premium. But if a bike owner resides in zone B city, then he/she will have to pay a lower premium.
- No Claim Bonus (NCB)- This is one of the most important factors to consider when one buys bike insurance online. As the name suggests, No Claim Bonus is a type of bonus offered by the insurance company to the bike policyholder when he/she does not file any claim during the policy period. It implies getting a certain percentage of discount offered on the premium. It is a reward that the insurance company offers the policyholder for being a good and cautious rider. If the policyholder has not filed any claim in a year, then he/she is eligible to get a No Claim Bonus discount from the first year onwards.
While one can renew the policy even after the expiry, one must try to renew it before the due date. In case the policyholder meets with an accident while his/her policy is in an inactive state, the insurance provider won’t offer any insurance benefits.
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