Having proficient bike insurance in place to cover your roadside damages and legal liabilities has become compulsory at the current date. According to the Indian motor vehicles act, it is a must for two-wheeler owners to at least have third-party bike insurance to legally drive on Indian roads. Now, you can get your bike insurance online within minutes. It is a completely paperless and hassle-free process. Bajaj Allianz bike insurance is one of the best insurers in the Indian market you can opt for. They have the highest claim settlement ratio of 91.23% and a very easy renewal process. Here are all the details on how to renew your bike insurance online.
What is Bike Insurance Renewal?
It is not only fun to ride bikes and scooters in India, but they are also convenient and economical to maintain. Due to their affordability, two-wheelers have become very popular in India. However, there are several risks associated with riding a bike or scooter, including accidents, theft, and natural disaster factor. Having a small lapse in your bike insurance could lead to heavy losses for you in the future if it does not be covered. Renewals must be made on time when it comes to bike insurance. Renewing bike insurance online will give you a lot of ease and a sense of security. Understanding how and when to renew bike insurance online is very important. Here is all about it.
Steps to Renew Expired Bike Insurance Online
Your bike insurance should ideally be renewed well ahead of its expiry date. You run a significant risk of facing penalties and having no insurance coverage if your bike insurance is expired. So, make sure to renew your Bajaj Allianz bike insurance within the grace period which usually has a 30 days period. You also get adequate coverage during the grace period, beyond which your bike insurances cease to exist. However, follow these steps to renew your bike insurance online.
- You have the choice to change the coverage of your insurance policy when it is up for renewal. Therefore, be assured that you understand your new requirements.
- Visit the website of your previous insurer (or the new insurer) and fill in the details regarding your two-wheeler and previous insurance policy.
- Choose a bike insurance plan that satisfies your needs.
- Set the Insured Declared Value for the bike, aka “IDV” (the current market price of the bike).
- The policy paper will be delivered to your email once you make a payment online.
As soon as you receive the policy document, be sure to double-check the details. If there are any discrepancies, get in touch with the insurer and use the policy endorsement process to make the necessary changes.
5 Things to Know Before Renewing Bike Insurance
Renew Before Expiry
Your two-wheeler insurance should ideally be renewed at least 15 days before it expires. Do not wait for the insurance to expire. You could lose out on advantages like a no-claim bonus (NCB) and suffer losses and fines if your bike insurance policy expires. You can easily renew your bike insurance online.
Avail the No-Claim Bonus
If your current policy year was claim-free, you are eligible to get a no-claim bonus when your insurance is renewed. You may be eligible for an NCB discount of up to 50%, depending on how many claim-free years you have accrued.
Relook at your Insurance Cover
At renewal, the ideal time to look over your bike insurance coverage or make other policy changes. You will be able to clearly identify what works and does not for you when the policy’s term is about to expire. As a result, you can change your policy’s coverage if necessary. Additionally, check the bike insurance premium cost before renewing the policy. You can use the Bajaj Allianz bike insurance calculator to know about the premium of your policy.
Correct your Information
The best time to resolve any discrepancies in your insurance policy is during renewal. For instance, if you relocated during the previous policy year, you can update your address in the policy documentation when you renew. The resolution of your claim may be impacted by even seemingly minor errors, such as a misspelled name or birthdate. Therefore, you can update the information on your policy if you find any errors by providing the necessary proof.
Grace Period
You must not be concerned if you are a few days late for the policy renewal date. Depending on the type of policy, most bike insurance providers such as Bajaj Allianz bike insurance give a grace period for policy renewal. You can keep your accrued benefits, such as the no-claim bonus if you renew your bike insurance policy within the grace period. You still have time to renew the premium successfully even if you missed paying it before it expired.