When you purchase a new vehicle, you make sure that it is well-maintained and kept in pristine condition all the time. But we all know how the Indian roads function. With the ever-increasing traffic and degrading roads, your precious possession can be vulnerable to accidents and loss.

Moreover, bike repair work is quite expensive and can take a toll on your savings. In such a situation, a bike insurance policy can certainly come in handy. Not only can it cover you against road accidents, but it will also reimburse any significant repair work expenses that you may incur along the way.

Bike insurance is mandatory by law under the Motor Vehicles Act, 1988. So, when you purchase a new bike, you need two-wheeler insurance under your name. Insurance providers offer two types of cover plans –

  1. Third-Party Insurance – where the premiums are relatively low
  2. Comprehensive Insurance – where the premiums are high

Depending on your affordability, you can choose either of the plans mentioned above. However, it is highly recommended to purchase a comprehensive plan as it provides all-the-round coverage to your vehicle.

If you already have a policy, it is necessary that you renew it time and again. Just like purchasing bike insurance is mandatory, insurance renewal is of equal importance.

We cannot stress more on the fact that bike insurance comes in handy during unfortunate mishaps which could further lead to unpleasant repercussions. When you renew it on time, it will keep your two-wheeler protected at all times.

As a matter of fact, you no longer have to rush to the insurance office when your insurance expiration date nears. You can renew/buy bike policy online from the comforts of your home. Almost all insurance providers offer the online bike insurance renewal facility, thus making it easy for you to renew the policy on the go.

You must renew two-wheeler insurance before it expires. It will safeguard your vehicle against any financial losses incurred and legal liabilities that arise due to unfortunate events. Moreover, when you renew the policy on time, you can take advantage of certain benefits like discounts on premiums and bonuses.

When you realize that your bike insurance is about to expire, contact the insurance provider and inform them regarding the same. Also, make sure to inquire whether or not your vehicle needs to go through the surveying process for renewal. So, if bike inspection is necessary, you can fix an appointment with the executive according to your preferred time.

On the other hand, if you plan to switch to a different insurance provider, you can claim for the No Claim Bonus (NCB) within the 90 days after the bike insurance lapses.

Renew Bike Insurance Online – Essential Documents

You can renew the policy online from the comforts of your home. All you have to do is visit the official website of your insurance provider and apply for the policy renewal. After filling out the renewal form, you will be requested to submit the copies of certain documents.

The documents necessary for bike insurance renewal are issued by the Insurance Regulatory and Development Authority of India (IRDAI), which is followed by both public as well as private sector insurance companies across the country.

The primary documents and details required to be submitted along with the renewal form are as follows –

  • Your details like name, date of birth, residential address, gender, and employment details
  • Your driver’s license details
  • Bike registration number and registration certificate (RC) number
  • Previous bike insurance policy number
  • Credit/debit card or net banking details for online payment

You can seek this information from your last insurance policy paperwork. As per the IRDAI rule, you can switch insurance providers during the policy term or on bike insurance expiration. So, if you want to change the insurance provider and renew the policy with a different provider, you will have to submit the following set of documents –

  • Proof of identity – passport, driving license, Aadhaar card, PAN details
  • Address proof – passport, driving license, bank details or post office book
  • Latest passport-sized photos
  • Your contact details like name, address, date of birth, gender, and employment information
  • Your driver’s license
  • Bike registration number and registration certificate (RC) number
  • Credit/debit card or net banking details for online payment

Submit these documents along with the bike insurance renewal form. After verification, you will receive the renewed policy in no time.

Points To Keep In Mind

Before you purchase a bike insurance policy, make sure that you consider these pointers –

  • Renew it before it expires to avoid traveling on your two-wheeler uninsured
  • Browse different plans and compare them online before making a decision
  • Make use of the No Claim Bonus (NCB) to avail discounts on insurance premiums

A Final Thought

A lot of people are reluctant to renew bike insurance, whereas most of us forget the expiration date. Hence, the chances are that most people ride the bikes uninsured. For this purpose, insurance providers have made the renewal facility readily available online.

Are you looking for bike insurance renewal?

Then get in touch with us at Finserv MARKETS. With Bajaj Allianz Bike Insurance renewal, you can avail round the clock bike roadside assistance, cash-free servicing, hassle-free process, and so much more. You can seek cashless services from over 4000 network garages spread across the country.

Renewing bike policy with us at Finserv MARKETS, you can ride worry-free no matter where you decide to travel. Browse through different bike policy plans available on our platform. Also, you get the Bajaj Allianz two wheeler Insurance quickly and at affordable premium rates.

So, don’t wait! Safeguard your bike with Bajaj Allianz Bike Insurance available on the platform, right away. Also read about zero depreciation bike insurance before you buy the policy

Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!

Leave a Reply

Your email address will not be published. Required fields are marked *