An insurance policy is among the best ways to protect ourselves from financial losses. These policies help us protect our prized possessions like our bikes from different unfortunate events (natural disasters, theft, accidents, etc.). With a bike insurance policy, you will be financially protected if something happens to your vehicle. However, simply purchasing the insurance plan will not help you. You must also renew your two wheeler insurance policy on time.
Importance of Conducting Bike Insurance Renewal on Time
In India, it is compulsory to get your bike insured before you drive it on the roads. This is because riding a two-wheeler on the road without a valid insurance policy is against the law and can lead to you paying heavy fines. Along with this, the two-wheeler insurance policy will help you protect your vehicle from unforeseen events.
It is imperative to renew your bike insurance on time so that the policy does not expire and you and your bike can stay protected. So, here are some reasons why you must renew your bike insurance policy on time:
- Break-in policy:
If your bike insurance plan expires and you renew it after a considerable amount of time, your bike insurance will be labelled as a break-in. In this case, the insurance company may have to inspect your bike. Consequently, an inspection of your bike insurance may lead to a hike in your two-wheeler insurance rate. However, if you renew your insurance policy on time, your two-wheeler will not have to undergo inspection.
- Accumulated NCB:
The No-Claim Bonus (NCB) is a bonus bike insurance companies offer to reward policyholders for not filing a claim. You can get up to a 50% discount on your insurance premium if you do not file a claim for five consecutive years. This NCB is applied to your premiums when you renew your bike insurance policy on time. If you delay the renewal, you may lose out on the NCB discount.
You can carry out the insurance renewal either offline or online. While many policyholders may choose to visit their insurance provider’s branch for the offline policy renewal, this process can be quite slow and cumbersome, as there are plenty of steps involved. However, with the online renewal procedure, you can carry out the insurance renewal quite fast.
Why is the Online Renewal of Two-Wheeler Insurance Convenient?
In the past, bike owners had to spend an entire day waiting in long queues with all relevant documents to carry out their policy renewal. However, today you can carry out the bike insurance renewal online from the comfort of your home. Insurers like Tata AIG allow their customers to carry out the Tata AIG two-wheeler policy renewal online. All you need is your policy number, your debit/credit card details and a stable internet connection!
Here are some benefits of conducting a bike insurance renewal online:
- Reduces time spent:
Conducting the renewal of the insurance policy for your bike online helps you combine the benefits of the internet and online payments. With your bike insurance renewal online, you do not have to visit the insurer’s office; instead, directly visit their website and follow the process to carry out the insurance renewal. The time spent on an online renewal is quite low compared to the offline process, where you would have to gather all the necessary documents, wait in the queue for your turn and spend a good amount of your time in the insurance office.
- Easy and convenient:
Almost all insurance companies send out reminders or alerts to inform policyholders about their upcoming renewal dates. However, there is a chance of missing out on conducting the renewal on time due to certain prior commitments that may come your way. However, with an online renewal of a two wheeler insurance process, you do not have to miss out on any events as you can conduct the renewal from the comfort of your home or even on the go through your smartphone or tablet. You can also revisit your insurance coverage, include different add-ons to the plan, adjust the coverage and opt for a new plan in a matter of minutes.
- Comparison:
The insurance company may have launched other policies that offer better coverage than the one you currently own. With the help of an online renewal, you can explore different options available and purchase the most suitable plan after learning about the coverage.
- Discounts:
Many insurance companies in the country offer different discounts on their website when you carry out the bike insurance renewal online. These discounts help you lower the premium amount when purchasing the plan.
Steps to Conduct Bike Insurance Renewal Online:
- Visit the official website of your insurer.
- Fill in the required details and select a suitable plan.
- Analyze your coverage and update the plan based on your insurance requirement.
- Make the payment.
Once you finish the payment, your insurance company will send you the updated policy to your registered email ID if a bike inspection is not needed.
Conclusion
Thus, if you’re a bike owner, purchasing an insurance policy for your bike can be quite beneficial for you. However, to reap the benefits of a bike insurance policy, you must conduct the renewal on time. The online renewal of your two wheeler insurance is quite convenient and saves you a lot of time and some money as well.
Additionally, if you have any questions, the information on your insurance provider’s website can always help you out. You could also get in touch with their support team for additional queries or any type of assistance with your bike insurance renewal online.