A detailed guide to renewing your two-wheeler insurance – ThePrint
Bombay (Maharashtra) [India], April 28 (ANI / PNN): Bicycle insurance is a legal document between you, the policyholder and an insurance company. In these insurance policies, the insurance company will provide you with financial assistance in the event of accidental damage, theft and any loss suffered by the bicycle due to man-made or natural calamities.
In accordance with the law, it is a legal obligation for every bicycle driven on the road to have a valid insurance policy.
If you are a policyholder, you will be comfortable knowing that your vehicle is protected from any danger of damage or loss. However, if you want to reap the benefits of a bicycle insurance policy, you need to get it renewed on time. Auto insurance companies like Tata AIG offer transparent online bike insurance renewal processes. However, you can also opt for offline renewal methods.
Let us understand the renewal of two-wheeler insurance in detail here.
The two methods of renewing the bicycle insurance policy are:
In the process of renewing bicycle insurance offline, you will need to contact an agent or visit your insurer’s branch to renew your bicycle insurance policy. This process usually involves filling out certain forms and submitting documents. You will need to fill in your vehicle and policy details in the application form.
The insurance company will issue the renewed policy if you pay the premium in cash, debit card, or DD. If you made the payment by check, the policy will be emailed to you after the check is cleared. While the offline process can take a long time, some people who are still not comfortable with the technology choose to go for it.
To get the bike insurance policy renewal online, you must first go through your existing policy and its coverage to analyze whether you want to continue with the same coverage and the same insurer. If you want to continue with your existing plan, you must visit your insurer’s website and follow the steps to renew the policy and make payment. However, if you want to switch to a different policy or move to a new insurance company, you should make an effort to research other companies and their offers and find the policy that suits your needs.
The two-wheeler insurance renewal steps include:
Visit your insurer’s website and access the bike insurance renewal form.
Enter your two-wheeler registration number and other important information needed.
You can continue with the same insurance policy and the same customizations or choose to make changes.
Update the IDV. You can update the IDV according to your needs. It is advised that your IDV be 10% less than the policy of the previous year.
Choose the drivers / add-ons according to your needs.
After completing the steps, you will get the premium amount that you need to pay.
If you haven’t filed a claim in the previous policy year (s), be sure to check to see if the correct NCB discount is being applied to your renewal premium.
Check the final amount and other details and make payment.
Once payment has been made, your bicycle insurance policy is renewed.
Once you have completed these steps diligently, your insurance company will email you the renewal documents. You can download the policy document and get a printout of the document. You can show this document to the traffic police if the need arises.
Five things to know before renewing your bike insurance:
Opt for the NCB (No-Claim Bonus):
If you have not filed a bicycle insurance claim during the current insurance year, you can opt for the premium without claim when renewing the insurance. You will benefit from a discount on the insurance premium based on the number of years during which you have not filed a claim. If you do not file a claim for five consecutive years, you can benefit from a discount of up to 50%.
Look for errors in the information:
You should check your information policy for any discrepancies before filing a renewal request. Any minor error reflected in your insurance policy may affect the settlement of your insurance claim. Therefore, you should carefully go through your policy document and provide the required documents.
Renew before your plan expires:
It is best to consider renewing the policy almost 15 days before the expiration date. It would help if you didn’t wait for the plan to expire. If your policy lapses, you may lose benefits like the NCB and face a penalty.
If you’ve missed your policy renewal date, don’t worry. Most insurance companies offer a grace period of 15 to 45 days depending on the type of policy. If you renew your insurance policy within the grace period, you can still benefit from the NCB (No-Claim Bonus). Therefore, if you have not made the premium payment before the plan expires, you still have the grace period for the renewal to be successful.
Review the insurance plan:
Your insurance renewal period is the best time to assess your needs for bicycle insurance coverage. When you reach the end of your contract term, you understand how much coverage you really need. Therefore, you can adjust your bicycle insurance policy accordingly.
If you have a bicycle insurance policy, you must make sure you renew it on time. Since it is illegal to ride a bicycle without a two-wheeler insurance policy even for a day, individuals opt for online two-wheeler insurance renewal because it is faster than the offline process.
This story is provided by PNN. ANI will not be responsible for the content of this article in any way. (ANI / PNN)
This story is automatically generated from a syndicated feed. ThePrint is not responsible for its content.
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