Did you know that out of the total number of two-wheelers running on Indian roads, about 75% are uninsured?
Yes, that’s right!
Even though purchasing a third party bike insurance is mandatory under the Motor Vehicles Act, 1988, the majority of two-wheelers in India remain uninsured.
One of the principal reasons for this can be attributed to the fact that most two-wheeler owners don’t renew their policies after they expire. Be it negligence or forgetfulness, these two-wheeler owners risk incurring penalties for not renewing their insurance policies after they lapse.
Legal liabilities aside, non-renewal of insurance policies can lead to other substantial personal losses, as well.
Take a look!
Why Should You Renew Your Bike Insurance Policy on Time?
Well, firstly, it is illegal to ride a bike without a third party liability cover in place. Apart from that:
- You risk bearing financial losses due to third-party damages caused by your two-wheeler.
- You are exposed to the risk of financial liabilities from damages to your own vehicle, or own injury.
- Your No Claim Bonus from previous year’s insurance policy gets cancelled, thus depriving you of the discount offered under it.
To make sure that you are protected against such circumstances, it is crucial to renew your insurance policy on time.
What Can Happen if You do Not Renew Your Insurance Policy on Time?
If you delay renewing your policy by one day, it can lead to a lapse of the same and subsequently bring a plethora of problems with it.
If you do not renew your insurance policy on time, then –
- Your two-wheeler insurance cover will become void and lead to a lapse of all the benefits offered under, exposing you to unforeseen financial risks.
- You will also be violating traffic regulations which can lead you to pay a hefty fine of up to Rs. 2000 with 3 months imprisonment.
- Your No Claim Bonus discount will become invalid.
So, if you want to avoid these inconveniences, it is best to renew your policy (whether third-party or comprehensive) as soon as it expires!
How will you do it? Don’t worry! We have you covered.
Renewing Your Two-Wheeler Insurance Policy
When it comes to renewing your expired policy, you can do so both online or offline. But make sure you Compare bike insurance policies provided by different insurance providers before finalising one.
For the online process, you will need to follow the steps mentioned below –
Step 1 – Visit your insurance provider’s website and open the page for bike insurance policy renewal.
Step 2 – Fill in the required details like your
- bike’s brand,
- its variant,
- registration date
-for your two-wheeler and click on the “Get Quote” button. Double-check and make sure that the details you have entered are correct.
Step 3 – Select the type of policy you want to purchase – third party liability or comprehensive cover.
Step 4 – Check the add-on covers available for you and choose the ones you want to purchase (if you want them!)
Step 5 – Provide the details of your previous insurance policy, including date of expiry, No Claim Bonus earned, etc.
Step 6 – You will be provided with the premium amount you will have to shell out.
Step 7 – Make the payment, and THAT’S IT! Your third-party insurance policy will be immediately activated.
You will also be provided with a PDF for your insurance policy which you can download to keep a copy for yourself.
Now, for the offline process, you will have to –
Step 1 – Visit the nearest branch of your insurance provider or get in touch with an agent.
Step 2 – Submit all the required documents.
Step 3 – Make the necessary payments.
Step 4 – Your documents and other requisite details will then be verified after which the insurance company representative will hand over your policy documents and receipt of renewal.
Finally, check out the things you will need to look into while renewing your policy.
Factors to Consider Before Renewing Your Policy –
Well, following the process to renew your insurance policy is pretty simple, if you know what to look for! Here are a few tips to help you out –
- Check the different policies offered by various insurance providers and seek out the one providing the maximum coverage, highest IDV, maximum network garages, fast claim process, etc.
- Choose whether you want to carry on with your existing insurance provider or shift to the services of a new one. Review the benefits offered under different policies before making the decision.
- Decide between a third-party insurance cover and the more advantageous comprehensive cover.
- Look for a hassle-free application process and 24×7 customer support to maximise your benefits from the service.
- Seek out a policy from a reputed insurance company.
..and you are done!