It is a legal requirement to purchase a two-wheeler and insure it. It is, however, crucial to keep your policy active and renew your bike insurance on a regular basis. This ensures that your policy does not lapse and that you obtain greater benefits in comparison to the money you save by not acquiring the coverage at all. ##
When you are going to renew your policy, you should review your requirements because your needs may have changed in the previous year, and you may now require different coverage. If you fail to renew your bike insurance online, it will expire, and you will no longer be able to enjoy its benefits.
Renewing a Two-Wheeler Insurance Policy Online After It Has Expired:
If you wait until your insurance policy’s expiration date, you may be exposed to a variety of hazards. Instead, if you renew your bike insurance on time, you can prevent all of this. Most insurers provide you a grace period of 30 days after the policy expires, during which you can still renew it. However, if you file a claim within the grace period, it will not be honored because the policy was not active at the time.
To complete the two-wheeler insurance online renewal after it has expired, follow the procedures below:
- First and foremost, you must review your policy’s criteria. Changes can be made online while renewing your two-wheeler insurance.
- Go to the website of your desired insurer.
- Give them the relevant information about your bike as well as the previous policy.
- Select the type of two-wheeler insurance policy you require.
- Set the Insured Declared Value (IDV) *
- Select additional two-wheeler insurance coverage add-ons if you want to supplement your current plan.
- Finally, make the payment.
Following payment, you should receive a renewed bike insurance policy by email to your registered email address. Examine all documents and have policy printouts on hand. One duplicate must always be kept in the storage compartment of your bike, while the other can be kept at home.
There are two kinds of two-wheeler insurance policies:
1. Policy for Third-Party Liability
In comparison to a full bike insurance policy, the third-party policy provides less coverage. It covers the losses incurred by a third party as a result of damage caused by your motorcycle. If you are responsible for third-party property damage or injuries to the other party, the insurer will bear the losses on your behalf. This kind of policy is mandatory, and you cannot skip out on it.*
2. Comprehensive Motorcycle Insurance Policy
The Comprehensive policy is a more comprehensive plan that covers losses to your bike as well as third-party claims. Your insurance provider will also cover losses incurred as a result of bike theft, natural disasters, vandalism, and so on under this policy. This kind of policy is important for preventing financial losses. *
The Importance of Motorcycle Insurance
Purchasing two-wheeler insurance coverage is vital not only because it is required by law but also to assist you in the event of an unexpected event involving your vehicle. If you renew your bike insurance policy on a regular basis, you will continue to be eligible for a No Claim Bonus, which is a concession on the next price you pay. NCBs can accumulate into very large savings. Make sure you learn how to accumulate NCBs. * ##
Automobile insurance coverage can be renewed online in minutes. To ensure that the amount you pay is not excessive in comparison to the coverage you receive, you may use the two-wheeler insurance premium calculator online to obtain immediate rates.
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.