Bike or two-wheeler is the primary source of transportation for a lot of people in India. Hence, many people get their vehicles insured at the time of purchase. However, most of these people either forget or don’t know the process of bike insurance renewal once the first term ends.
Here are some simple steps for renewing your bike insurance:
1. Go To Coverfox.Com
The first step for bike insurance renewal is to compare your previous policy with other available policies to ensure that you have the best plan. For this, visit Coverfox.com and from the top left corner select Two Wheeler Insurance under the Insurance menu.
2. Enter Your Bike Details
Now, Enter Your Bike Number and select relevant option from Has Your Previous Policy Expired. If you don’t remember any of these details, click on Not Sure Of Your Bike Number and enter bike model, registration RTO, and previous policy details.
3. Evaluate the Plan
After you have entered all the relevant details, evaluate various plans and compare each plan with your previous policy. If you find a better policy with lower premium, additional benefits, discounts, or useful add-on covers, select that plan. However, before moving forward, thoroughly check the premium bifurcation, terms and conditions, and exclusions of this plan to ensure that it delivers the said benefits.
Additionally, look for claim settlement ratio of the provider and its online claim process as well because online claim is more feasible and faster than offline claim.
4. Enter Additional Details
Once you have selected the plan, you’ll be asked some additional details such as
- Previous policy details – start time and expiry date
- Contact information – phone number, email ID, address, etc.
- Personal details – name, gender, date of birth, etc.
- Vehicle details – registration RTO, bike model, bike number, etc.
5. Make the Payment
Make the payment online via any available options such as credit card, debit card, or wallets. You can, in fact, directly pay via internet banking and your policy will be renewed within no time.
Why Bike Insurance Renewal?
1. Avoid Legal Implications
Bike insurance is mandatory in India under the Motor Vehicles Act, 1988. So, if your bike insurance renewal is not done on time, you may face legal fines and in some cases, even imprisonment. By renewing your bike insurance on time, you can avoid these unnecessary penalties and stay safe from financial liabilities.
2. Avoid Inspection
Every new vehicle goes through inspection at the time of purchase of insurance, and if you don’t renew your bike insurance before its expiry, you’ll have to go through this process again. It will needlessly waste your time and put you through various hassles of carrying out inspection again.
3. Avoid Losing NCB
You receive No Claim Bonus benefits for all the claim-free years on their comprehensive bike insurance, and if you let your policy expire, your NCB also lapses. You can also retain the NCB in case of policy transfer, but if you never renew your insurance, these benefits will expire.
Benefits of Comprehensive Bike Insurance Renewal
1. Protection from Manmade Disaster
Renewing bike insurance can save you from financial liabilities occurring from manmade disasters such as theft, burglary, etc. For the exact amount of coverage and terms and conditions, check your policy details.
2. Protection from Natural Disasters
In case of natural disasters such as flood, landslide, storm, etc., renewing your comprehensive bike insurance can save you from severe financial losses. Generally, exact damage cover and repair cover is mentioned in inclusions of your policy details.
3. Stay Free From Third Party Liabilities
Third party liabilities can lead to severe financial burden, and in such scenarios, if you don’t have an insurance or you have not renewed your bike insurance, you may have to pay for all these liabilities from your pocket. Renewing bike insurance or paying insurance premium may seem like an unnecessary spend sometimes. However, in case of an accident, this insurance saves you from financial burden caused due to third party damage.
Renew Your Bike Insurance in Advance
If you have purchased your bike insurance online in the first place, you’ll start receiving renewal reminders in advance. Renew your bike insurance policy after the first or second reminder itself. This is to ensure that you don’t forget renewing your insurance on the last date.
It is a common that most of us tend to stall the renewal process and payment until the end date. But, even a single day’s delay can cause you to go through the process again and lose the NCB, and if not that, then you will have to pay late charges.