How to Renew A Two-Wheeler Insurance Policy in India?
Renew your Bike Insurance Policy at home!
Are you trying to renew your bike’s insurance policy before its expiry?
You can follow these simple steps to renew your bike insurance policy at home.
WHY DO YOU NEED AN INSURANCE POLICY FOR YOUR TWO-WHEELER?
Do you prefer riding a bike instead of driving in traffic?
Most Indians prefer to use two-wheelers like bikes and scooters.
Bikes are economical because they are cheaper than cars. You will also spend less on petrol if you use a bike. You can also buy an electric bike or scooter.
If you live in a city, traffic can be a big issue. You can ride a bike more easily in traffic. You also don’t have to worry about parking. A bike needs less parking space.
However, despite all the benefits, riding a scooter or motorcycle also has risks.
India has more than 1200 road crashes daily. Two-wheelers are responsible for 25% of the deaths in road accidents. In cases of accidents, lack of insurance can cause a lot of problems.
If you don’t have insurance, you will have to spend a lot of money on repair after an accident.
Therefore, it is essential to be safe before riding a bike. You should always have an insurance policy.
Buying a suitable insurance policy for your motorcycle keeps you and your vehicle safe.
Here are three reasons why you should always buy or renew your bike insurance policy,
1) The Motor Vehicles Act (1988) makes two-wheeler insurance mandatory for everyone.
If you have insurance for your bike, you don’t have to pay for causing injury to a person or damage to property in an accident. Instead, your insurance company will pay damages to the third party.
2) Driving a vehicle without insurance is illegal in India. Anyone found riding a bike without insurance will have to pay fines. You can also be jailed for up to 3 months.
3) An insurance policy protects you against any damages that might happen to your vehicle in an accident.
The insurance policy also covers damages caused by earthquakes, floods, and fires. If your bike is stolen, you can also receive money for that.
Are you worried about losing your money if you don’t claim any damages during the validity of your insurance?
You earn the NCB or the No Claim Bonus if you don’t make a claim. The NCB is a discount you get during your insurance renewal for every claim-free year.
Many companies offer bike insurance policies.
You can find a policy that best suits your needs. You can also build an insurance policy depending on the damages you want to cover.
Presently, there are three basic types of bike insurance policies in India :
1) Third-Party Liability-Only Cover:
In these policies, your insurance will only pay for any damage, loss or injury caused to the third party. You will not receive any amount for the damages to your vehicle. You will have to pay for any damage to your bike yourself.
2) Standalone Own Damage Cover:
This insurance policy provides for damages to the insured vehicle only.
You will also have insurance in case of damage due to earthquakes, fires, floods and theft.
But in case of an accident, your insurance policy will not cover the damages to the third party.
You should always buy third-party liability coverage with these policies.
3) Complete Two-Wheeler Insurance:
This kind of insurance policy will give you maximum benefits. They protect your vehicle and pay for third-party damages.
According to the IRDAI, it is now mandatory for bikes to have a 5-year insurance cover. A 5-year insurance plan is great because you don’t have to worry about renewal yearly.
However, it is essential to keep the expiry date of your policy in mind.
You should always renew your bike insurance before expiry.
You can renew your insurance by following these simple steps:
1) Check your insurance expiry date
You can visit the VAHAN website.
Check your expiry date by following these simple steps:
1. Visit the VAHAN website and click on the menu tab.
2. Go to “Know Your Details” and enter your vehicle number and the verification code.
3. Click on ‘Search Vehicle.’
4. You can check the expiry date under the ‘Insurance Up to’ column.
2) Go to the insurance company’s website
You have to visit the official website of your insurance company. Search for the “Two-Wheeler Insurance Renewal” option.
You can also renew your policy using an app if the company has a mobile app.
You can log in to the app with your details and follow the earlier mentioned steps.
3) Fill up the renewal form
You will have to fill up a form to renew your insurance.
You have to provide your current policy number, registration date, model, engine number etc., in the form.
Please keep the necessary documents nearby before filling up the form. You should carefully check all the information before submitting the form.
4) Select your insurance policy
You have to submit the form after filling it up. After checking the information, you should submit the form.
Companies have different types of two-wheeler insurance policies. You have to select a policy that fits your need and budget.
You can check the premium amount after this. Then, proceed to payment.
Multiple payment options like net banking, UPI, and credit/debit card are available.
You can choose any mode of payment to pay the premium. You should always download the payment receipt.
5) Download your insurance policy.
Download your insurance policy after payment.
You should always keep your insurance documents with you while riding your two-wheeler. The insurance card or papers is also identity proof.
You should never provide personal or bank details to any company. The insurance company does not ask for these details.
You can contact the customer helpline if you have any problems while renewing your insurance.
It is your responsibility to renew your bike insurance on time. You should always wear a helmet before riding the bike and follow traffic rules.
A financial expert like Piramal Finance offers you accurate and authentic information on insurance policies and renewal-related information. We will suggest what’s best for you and help take care of your personal loan requirements if any.