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Tips to Renew Bike Insurance Online
A two-wheeler insurance policy in India usually comes with a validity of one year, after which it has to be renewed annually. As per the Motor Vehicles Act of 1988, two-wheeler insurance renewal is mandatory for every bike owner in India. Riding an uninsured bike can attract a penalty of up to Rs. 2,000, or 3 months imprisonment, or both.
You can renew your bike insurance policy either offline or online. In the current pandemic situation, online bike insurance renewal seems to be the best method. This way, you can not only renew your bike insurance policy from the convenience of your home but also fetch high discounts on the premium you need to pay for it.
Below are some tips that can help you with your bike insurance renewal online:
1. Always do it yourself
Rather than asking someone else or taking the help of a broker to renew your bike insurance on your behalf, you should always do it yourself. Modern insurance companies have simplified the process of online two-wheeler insurance renewal. All you need to do is simply visit an insurer’s website, enter your bike’s details, and pay the premium online using a debit/credit card or net banking facility.
2. Choose the right type of policy
Two types of bike insurance policies are available in India – standalone third-party liability policy and comprehensive bike insurance policy. While renewing your bike insurance, you should carefully assess your needs and choose the right type of policy for yourself. As per the law, it is mandatory for all bike owners to renew their third-party cover before its expiry date.
3. Make use of No Claim Bonus
No-Claim Bonus or NCB is the discount given by the insurers to their customers for not making any claim during a year. So, in case you haven’t made a claim on your bike insurance policy during the current policy period, do not forget to avail of the NCB discount at the time of its renewal. You can get up to a 50% discount on the premium you need to pay for your bike insurance renewal.
4. Renew your policy on time
Don’t wait for the eleventh hour to renew your bike insurance policy. Instead, do it at least a month before its expiry or lapsation date. Renewing your bike insurance before its expiry date may save you from the hassles of getting your bike re-inspected by the insurer. Additionally, if you fail to renew your bike insurance within 90 days after its expiry, you may lose out on the NCB discount.
5. Compare various options before renewing
It’s not necessary to renew your bike insurance from your current insurer only. Online bike insurance renewal provides you the flexibility to compare various policies from different insurers and choose the one that’s best suited to your needs. You can visit the websites of different insurers to take quotes for your bike insurance renewal, and go for the one which is providing you the best deal.
By opting for the online route, you can conveniently renew your bike insurance policy from your home. However, while renewing your bike insurance online, you must keep in mind the above-mentioned tips. Also, before paying your bike insurance renewal premium, you should not forget to read online reviews about the insurer and check the SSL (security) certificate of its website.