Renewing two wheeler insurance is crucial to keep yourself and your bike safe from any unforeseen circumstances that may occur while on the road. Doing it on time is imperative as it keeps you legally valid and financially secure. Whether renewing an old policy or buying a new one, it is important to understand the process of two wheeler insurance renewal.
In this article, we will discuss the benefits of two wheeler insurance renewal and the process of renewing it. We will also talk about the things you need to check before renewing your bike insurance and how to renew two wheeler insurance online.
Benefits of Two Wheeler Insurance Renewal
Renewing your two wheeler insurance is one of the smartest investments you can make. Here are some of the advantages of renewing your two wheeler insurance policy –
1. Financial Protection
An insurance policy provides financial protection against any damages caused to your two wheeler due to accidents, theft, natural calamities and other mishaps. With an active insurance policy, you can claim for repair or replacement of your two wheeler.
2. Legal Protection
As per the Motor Vehicles Act, 1988, it is mandatory to have third party bike insurance. Without an active policy, you can not legally drive your two wheeler on the road.
3. No Claim Bonus (NCB)
If you do not make any claim throughout the policy year, you are rewarded with a No Claim Bonus (NCB). This bonus is offered in the form of a discount on the premium during the renewal of the policy.
4. Flexible Policies
Renewing your policy allows you to choose from a variety of policies available in the market. Based on your requirements, you can opt for a policy that offers the desired level of financial protection.
Things to Check before Renewing Your Bike Insurance
Before renewing your two wheeler insurance, it is important to carefully examine certain aspects of the policy to ensure that you are making a wise decision. Below are a few things that you should check before renewing your bike insurance –
1. Policy Coverage
It is important to check if the coverage offered by your existing policy is still suitable for you. Depending on your current requirements, you may need to upgrade the coverage offered by your policy.
2. Policy Exclusions
Exclusions are the situations that are not covered under your policy. It is important to read the policy document thoroughly and check if the exclusions mentioned in the policy suit your requirements.
3. Policy Discounts
Insurance companies offer a variety of discounts to their customers. Check if you are eligible for any discounts. These discounts can be in the form of a No Claim Bonus (NCB), installation of security gadgets, renewing the policy before the expiry date, and many more.
4. Insured Declared Value (IDV)
Insured Declared Value (IDV) is the maximum amount that an insurer will pay to the policyholder in case of theft or total loss of the two wheeler. It is important to check if the IDV mentioned in the policy document is correct and covers the current market value of the two wheeler.
How to Renew Two Wheeler Insurance Online
Renewing two wheeler insurance online is a hassle-free and time-efficient process. Here are the steps to renew your two wheeler insurance online.
Step 1: Visit the Insurance Company’s Website
To renew your two wheeler insurance online, visit the website of the Bike Insurance Check. For instance, if you want to renew your Bajaj Allianz two wheeler insurance, then visit https://www.bajajallianz.com/general-insurance-renewal/two-wheeler-insurance-renewal-online.html.
Step 2: Enter Policy Details
After visiting the website, enter the required details such as policy number, expiry date and other details to fetch the policy details.
Step 3: Review Policy
Once you enter the details, review the policy details and check if there are any discrepancies. It is important to check if the policy coverage, IDV and other details are correct.
Step 4: Pay the Premium
After reviewing the policy details, pay the premium through the available payment options such as net banking, debit card, or credit card.
Step 5: Receive the Policy Certificate
Once you make the payment, the policy certificate will be sent to your registered email address. You can also download or print the policy certificate for future reference.
Conclusion
Renewing your two wheeler insurance is important to keep yourself and your two wheeler financially and legally secured. Before renewing the policy, it is important to check if the current policy still meets your requirements and also check the exclusions, discounts and IDV. Renewing your two wheeler insurance online is a hassle-free and convenient process. Follow the simple steps mentioned above and renew your two wheeler insurance with confidence.
