How to Renew your Expired Bike Insurance Online?
People in India own bikes for several reasons, some people prefer bikes over cars because it is economical, and others prefer bikes because it makes easy to commute in traffic.
As compared to four- wheeler, riding on a two wheeler is considered dangerous as it exposes you to the risk of self-injury or damage to bike due to accident or you could face heavy liability cost in case third party is badly injured. Such unexpected expenses could deplete your savings. But if you buy two-wheeler insurance, all these expenses will be taken care of. Two-wheeler insurance is designed to offer financial cover against unfortunate events or accidents that could cause damage to your bike or pillion or third parties.
As per the Motor Insurance Act, all bike owners in India must have a third-party two-wheeler insurance. However, research suggests that nearly 60% of bike owners do not have valid insurance. Apart from being a legal obligation, the bike-owners need to have an insurance cover to get financial protection against the damages that may occur due to an accident.
If you meet with an unfortunate accident and do not have valid insurance, you may have to pay for the damages out of your pocket and sometimes, depending on the nature of the damage, the expenses can be significant. That is why, every time you take your bike to the streets, the stakes are very high and can lead to major losses.
Types of Two-Wheeler Insurance
In India, there are two types of bike insurance policies - Comprehensive policy and third-party policy.
Comprehensive Insurance Policy –
This category of policy covers both third-party liability and self-damage. Also, it provides protection against natural and man-made calamities like rain, storm, riots, theft, etc.
Third-Party Liability –
A third party liability insurance protects the insured from any liabilities that may arise when the insured damages any third party's or cause any bodily injuries to them.
Just as it is vital to buy the right kind of bike insurance to suit your needs, it is equally important to renew the policy regularly. You can renew the policy either online or offline. But, when you renew the policy online, you get the following benefits:
Coverage against natural calamity
When you renew the bike insurance policy, you continue to get protection against the natural perils like earthquake, cyclone, typhoon, floods, landslides etc. Such calamities can cause significant damage to your bike. With insurance protection, you can get compensation for the damage to the vehicle and any bodily injuries to the rider.
Coverage against man-made calamities
Certain incidents like strikes, burglary, and theft can lead to loss of your bike or damage it. If you have an active bike insurance policy, you can reduce your financial liability as the insurance company will pay for the loss and the repair costs.
Protects you from legal issues
In India, the bike-owners must have third-party insurance; it is a legal obligation. Insurance renewal not only helps you fulfil the legal requirement and save yourself from paying fine but also you continue to get the financial protection in the event of an unfortunate accident.
Renewing a policy on time without making any claims during a policy year makes you eligible for discounts. These discounts reflect on the premium amount and help you save a considerable amount.
When should you renew your bike insurance policy?
If your insurance has expired and you haven't renewed it, then your policy will automatically become void, and you would have to purchase a new policy. It is better to renew the policy before its expiry date, and if you don't want to renew the policy every year, you can opt for two-wheeler insurance with a longer duration.
Generally, the insurance companies send a reminder to the policyholders before the expiry date. This can give you adequate time to renew the policy.
How can you renew your bike insurance policy online?
To renew your bike insurance online, visit the website of your insurer. Enter the details of the existing policy, if you want to add or remove a cover, customise it and finally head towards the payment window. There is a very generic way of doing it, and it may vary insurer to insurer. After you complete the payment, the insurance company will send the policy document to your registered email ID.
It is essential to renew the policy within the expiration date as you can rarely revive the policy post expiration. Also, if you fail to renew, you risk losing the benefits accrued in the policy.