How to Renew Bike Insurance Online?
Do you own bike insurance and is it due for renewal? You can now renew the insurance cover online, anytime anywhere. Read further to know the process of online renewal.
The Motor Vehicles Act, 1988 made it compulsory for bike owners to have a bike insurance. This segment of insurance is regulated by the IRDAI (Insurance Regulatory and Development Authority of India). Apart from abiding by the law, it is important for all bike owners to buy a bike insurance policy to get financial protection against the damages to the bike that may occur due to an accident, or theft.
The insurance companies in India offer two types of two-wheeler insurance policy:
- Third-party two-wheeler insurance policy
- Comprehensive bike insurance policy
The third-party bike insurance policy offers only basic coverage. It offers compensation for the damages you may cause to the third-party’s bike, property or for physical injuries. The premium for third-party insurance is much lower than a comprehensive policy.
A comprehensive bike insurance policy, as the name suggests offers complete protection. It covers both third-party liabilities as well as damages to your own bike and it also covers the treatment cost for physical injuries you may suffer due to an accident.
Renewing Bike Insurance
Just as it is important to buy a bike insurance policy to avoid paying hefty fine and get financial protection, you must also renew your bike insurance on time. Today, with most insurance companies offering online services, bike insurance renewal is easy; you can renew your bike insurance from the comfort of your home.
Recently, a directive from the Supreme Court of India made it mandatory for all bike owners to buy a five-year policy for all bikes purchased after 1st September 2018. The directive further stated that the policy must be purchased at the time of purchasing the bike. And if anyone fails to oblige, they will have to hefty penalty.
Several insurance experts welcome the move by the Supreme Court. For bike owners, it is beneficial too as you need not have to renew your policy every year and remember the renewal date. Once you purchase a long-term insurance, you need not worry about bike insurance renewal online for five years.
For renewal of your existing policy before the expiry date, you can easily renew the cover online through the website of the insurance company under the relevant section. It is advisable that you renew the policy before the renewal date to avoid any penalty. However, if for some reason you fail to renew the policy before the expiry date, the policy will not be terminated immediately. Generally, the insurance company provide a grace period before terminating the policy.
Steps for two-wheeler insurance renewal online.
- Visit the website of the insurance company and select the relevant option for ‘insurance renewal’
- Next, depending on your need, you must choose the right tab for ‘renewal with other company’ or ‘renewal with the same company.’
- Provide all the necessary information as required such as policy number, renewal amount, the tenure for renewal, personal information, etc.
- During the bike policy renewal process, you can choose to include add-on covers to your base comprehensive policy and widen the scope of the coverage. You can consider choosing add-ons like, zero-depreciation cover, etc.
- If you choose any add-ons, the system will then display the new premium amount applicable for renewal.
- If you are comfortable with paying the new premium, you can proceed to complete the payment. You can pay through net banking, credit or debit card. Today, many insurance companies also have tie-ups with various online payment gateways, choose the payment option that best suits your interest and finish the payment.
- After the payment process is completed, the system will generate a new policy number (if you have altered the base policy) and display the next renewal date. You can easily download the document or take a print of it for your reference. Generally, the insurance companies also send a hard copy of the policy document to your registered address.
Documents required for bike insurance renewal
When you renew your bike insurance policy, you must have certain documents handy before initiating the online renewal process. The documents required for renewal are a statutory list issued by the IRDAI. The list of documents you must have during renewal include:
- Driving license’s details
- A copy of the vehicle registration certificate and the RC number
- Details of your old insurance policy (policy number, date of issue, expiry date, premium amount, sum assured)
- Baking detail – debit card, credit card, net banking for online payments
Apart from the above documents, if you opt for bike insurance policy renewal from another insurer, you must submit:
- Proof of identity (PAN card, Aadhaar card, passport, driving license)
- Proof of residence (voter id, Aadhaar card, passport, bank passbook, any ID issued by a government organisation)
- Passport-sized photographs
Make sure that you be aware of the bike insurance renewal date (you can note it down somewhere or set a reminder for it on your mobile phone) and renew it correctly on time to avoid any legal hassles.