Insurance

Processes Involved In Bike Insurance Renewal

One of the easiest ways to traverse around our heavy traffic conditions is the usage of a two wheeler. Not only are the maintenance and running costs is cheaper, it allows you to cut through the traffic and thereby saving time. When you do ride a bike make sure that you have a valid bike insurance on you at all times. Bike insurance ensures that you are a law abiding citizen and keeps you away from a lot of other financial disasters. If your policy is close to expiry do make it a point to have the upper hand on bike insurance renewal.

There are a couple of approaches that you can follow for your bike insurance renewal. Firstly, you can walk into the branch office of your existing insurer or a potential new insurer and get your bike insurance renewal done. Alternatively, you can visit the website of insurers and renew the policy online which is a much faster and recommended way.

Bike Insurance Renewal

If you choose to renew the policy online, the following are some easy steps to get through the entire process.

  • Visit the website of any insurer that you wish to buy the policy from.
  • The website will most probably ask you to enter the details of the previous policy.
  • You might be required to enter the registration number of your bike or other details such as chassis number of engine number.
  • The insurer will then provide you a quote for the policy along with all the details that you must be aware of before the purchase.
  • If you are happy and satisfied with the product, you can continue with the same.
  • Now you must fill up the application form on the website.
  • Do double check the same to ensure all the details are filled up properly.
  • Add riders to the policy should you feel the need for them.
  • Once you have reviewed the form, submit the same and the payment gateway is now available for you.
  • You can pay for the policy by any form that you wish either net banking, credit card or debit card.
  • On the completion of the payment, you will receive a confirmation from the insurer.
  • Expect to receive a soft copy of the policy in your email id within some time.
  • Take a printout of the same and keep it with you while you ride the bike.

You can also opt to do your bike insurance renewal using any of the insurance comparison websites available like Coverfox.com. There is some minor variance to the process but for the most part, it remains identical.

  • Visit the comparator website that you are comfortable with.
  • Provide the details of your bike such as manufacturer, model, year of registration, registration number etc.
  • The website will then return with a list of quotes from various insurers.
  • You can take a quick look at the features and premium quotes.
  • Once you are happy with a particular offering on the list, you can proceed with the same.
  • The steps that follow remain the same.

Common Reasons to Apply For a Bike Insurance Renewal

Here are a few reasons why your bike insurance renewal should be done on time.

  • Ride Legally

When you renew your bike insurance, you are essentially following the laws. The Motor Vehicle Act of 1988 mandates all vehicles to have insurance.

  • Protection from Calamities

When you own a bike there are several natural as well as manmade calamities that you are exposed to. Bike insurance renewal on time ensures that things such as cyclone, burglary, theft, landslide, flood, war etc. do not impact you much financially.

  • Peace of mind

Your bike insurance renewal done on time can provide tremendous amount of peace. A financial loss will be the last of your concern in the case of an accident or mishap. Also, it prevents you from paying hefty fines should a traffic cop find out that you are riding without an insurance.

Problems to Tackle In Bike Insurance Renewal

A few things that should be very particular about during your renewals are:

  • Do not let your existing policy to lapse or else you might have to struggle a bit to get your new policy.
  • If you are buying a second hand bike form someone else, do not forget to transfer the insurance in your name.
  • An NCB bonus is for yours for the taking; do not forget to claim the same.

When your bike insurance renewal is done on time, it helps you in more than a few ways. Ensure that you are always on the top of the renewal.