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Renew Your Bike Insurance Policy Online In Easy Steps

A two-wheeler insurance policy offers financial coverage against any damage to a bike and its riders. These policies usually include protection against road accidents, theft, natural disasters, third-party liability, etc.

Bike insurance policy is a preferred solution to mitigate the financial burden of expensive repairs in case the vehicle faces an accident. A third-party insurance scheme is also mandatory in India under the Motor Vehicles Act, 1988, and is available for two-wheelers used for both private and commercial use.

There are several financial institutions that offer these services to prospective customers. Companies like Bajaj Finserv even allow an insured to apply and renew online Bike Insurance policies, making the entire process quick and hassle-free.

How to renew two wheeler insurance online?

Insurance renewal includes some simple steps that you can complete from any workstation. Let’s take a look.

  1. Visit the website – Navigate to the official website of the insurer and log in using your personal and vehicle details. You will find the provision to find your previous policy using your policy number. Fill up the details, select the renewal option, and calculate the premium payable for the insurance policy.
  2. Enter additional details – The website will ask for your personal contact details, residential address, details of the two wheeler, and details of your nominee before beginning its renewal process. Enter the required information and select its renewal payment option.
  3. Pay the due amount – Select a suitable payment option and pay the total amount to bike insurance online. Financial institutions usually offer various payment options like credit or debit card, net banking, payment wallet, etc. for maximum convenience.

You will receive an email containing all relevant details after the successful renewal of your two wheeler insurance.

The above mentioned renewal process is applicable for both comprehensive and third party bike insurance policies.

Why buy a two-wheeler insurance policy?

There are several reasons why every bike owner should consider a two wheeler insurance policy. The Indian Motor Vehicles Act makes it mandatory for all vehicles to carry at least a liability-only policy. Moreover, you can also benefit from several factors from your insurance policy.

Here are some of them:

  • Extensive policy coverage – Most two-wheeler insurance policy offers coverage for a variety of situations including man-made and natural calamities, damage caused by fire, theft, and even accidental death of the vehicle’s owner. Moreover, these policies usually offer long-term protection of up to 3 years, freeing the insured from the hassle of paying an annual premium.
  • Add-on covers – Some of the best bike insurance policies allows additional covers like protection for spare parts and accessories, zero depreciation cover, and even accident cover for pillion riders. These add-ons cover a wide range of scenarios offering financial protection against every possible accident.
  • Choice of policies – You can opt for only a third-party liability cover or an all-inclusive comprehensive cover for your two-wheeler, offering you more flexibility to select an third party bike insurance that suits your requirement.

Two Wheeler Insurance

  • No Claim Bonus (NCB) – You can receive attractive no claim bonuses if you do not claim for your insurance policy in one financial year. Financial institutions like Bajaj Finserv even offer discounts if you are a member of a recognised automotive association, have a good rider history and have an anti-theft device installed in your vehicle. These discounts can be utilised to lower the payable premium.

The integration of online renewal process of two-wheeler insurance policy makes it hassle-free for every bike owner across the country. It is a must-have for everyone to overcome any financial emergencies witnessed after an unforeseen incident.

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