June 16, 2024

How to renew your bike insurance: Here is a step by step guide

Given the ease and convenience that a bike offers in terms of mobility, it is a common vehicle found in most households across India. If you are a bike owner, you already know that having two-wheeler insurance is mandatory in India.

This means that you need to keep renewing your policy since you cannot be driving on the road without such a plan. Thankfully, advancements across the financial services domain have enabled insurers to offer you insurance online. This even goes for renwal, where you can complete the process in just a few clicks. 

With a 100% digital process, renewing your bike insurance has become easier and simpler. With a convenient process of renewal, you can protect your bike and finances from unexpected incidents. Read on to learn the steps of renewing your bike insurance online and offline. 

Step-by-step guide to renewing two-wheeler insurance

While digitisation has paved the way for online transactions, some insurers continue to offer their services offline to meet every customer’s needs. This also goes for two-wheeler insurance, where insurance providers offer both online and offline options to renew your policy.  

Outlined below are the general steps to renew your bike insurance in both modes. 

Online

  •         Step 1: Visit the insurer’s website/ app
  •         Step 2: Enter the required policy details
  •         Step 3: Review your existing policy and choose modifications if needed
  •         Step 4: Assess and compare the renewal offer
  •         Step 5: Recheck all the information
  •         Step 6: Choose the preferred payment option
  •         Step 7: Complete the transaction
  •         Step 8: Download the policy and store it accessibly
  •  

Offline

  •         Step 1: Visit the insurer’s office
  •         Step 2: Talk to a representative
  •         Step 3: Fill out the necessary information
  •         Step 4: Assess and compare the renewal offer by adding riders or making other changes
  •         Step 5: Submit any additional documents, if required
  •         Step 6: Make the payment as per the modes offered by the insurer
  •         Step 7: Collect your payment receipt and other proof

During the offline process of bike insurance renewal, the insurer will courier your policy to the address mentioned by you. Be sure to collect the policy and keep it safe to ensure that you can access it whenever needed. 

Things to consider while renewing your bike insurance

  •         Evaluate your cover

The sum insured impacts your premium, and being over-covered could result in you paying a high premium amount that you can avoid. However, insufficient cover could mean you are dipping into your savings during an incident. Both of these scenarios can put your financial well-being at risk. So, choose the ideal cover based on your experience during the renewal process.

  •         Check renewal benefits and add-ons

When you renew your policy on time, the insurer may offer benefits in various forms, such as an NCB (No Claims Bonus). Check these benefits to ensure you are making the most of your policy. You also need to look at add-ons that can make your cover more comprehensive. However, add-ons may increase the premium amount. So, be sure to choose wisely.

  •         Compare different offers

You can change your insurance provider at the time of renewal. So, ensure you compare different offers and plans to choose the best one. Also, consider the renewal benefits from your current insurer and other features of new insurers. This way, you can choose the ideal plan.

You also need to assess the costs associated with the policy you want. By comparing the premium cost as well as the features, you can take an informed decision and choose the right provider and bike insurance policy.

Renewing your bike insurance on time comes with a bevy of benefits. These range from ensuring you comply with the law to becoming eligible for money-saving offers. So, make sure you set reminders and avoid missing the renewal date.

Try to renew your plan before the due date so that you can make a well-informed decision instead of making a hasty choice, which can put your bike and finances at risk. To get a range of choices and compare easily amongst top providers, you can rely on the Bajaj Markets app.

On the app, you can compare two-wheeler insurance plans and apply for the ideal one with ease. Download the app from the Play Store or the App Store to get started today!

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