Most vehicle owners in India own two-wheelers as they are the most economical mode of transportation. Therefore, buying two wheeler insurance has become more than just a legal mandate.
Bike insurance is like an umbrella that ensures safety and financial protection in case of an accident. The best part is that you can renew your bike insurance within seconds if you have an online plan. Let’s look into when is the best time for bike insurance renewal online or offline.
What Is the Best Time to Renew Your Bike Insurance?
The best time to renew motorcycle insurance online is before it expires. However, even if you miss it, you can still perform your two-wheeler insurance renewal after its expiration, as companies provide a grace period – usually 15-30 days. It varies depending on the provider.
Most insurance companies also send reminder mail before the policy expires and during the grace period to avoid such policy lapses. Lapsing of a policy means the end of coverage.
This means no coverage in case of loss/damages or theft, and it also means the loss of any accumulated discounts like NCB.
What to Consider While Renewing Your Bike Insurance?
1. Understanding of Coverage
Coverage denotes how much monetary compensation you’re liable to receive during claims after buying bike insurance online or offline. Insufficient coverage can lead to out-of-pocket expenses, and high coverage means increased premiums.
Most online Insurance platforms like Tata AIG have bike insurance premium calculators that provide estimates of bike insurance purchase and renewal rates. You can also easily add and delete add-ons and customise your policy to fit your budget.
2. Choice Of Add-ons
The add-ons you choose will affect your premium rates and bike insurance renewal prices, so you need to be smart when selecting them. For example, getting a zero depreciation cover for a very old bike doesn’t make sense. Therefore, you need to be smart about the choice of add-on when you renew your bike insurance online.
3. Comparing Different Policy Features
When renewing bike insurance online, it is ideal to compare different policy features. You can start by understanding your current coverage and comparing it with policies that provide similar features.
By adding and deleting coverage within different platforms and comparing it simultaneously, you can get a better understanding of what fits you best.
4. Read The Terms and Conditions
You also need to review your policy’s terms and conditions to avoid issues during a renewal or claim. It’s better to always ask your insurer if you have any queries to avoid misunderstandings in the future.
It will also help you get a better understanding of what kind of support is expected once you buy the bike insurance policy for them.
Why is it Best To Renew Insurance for Bikes on Time?
- You get continuity of your bike insurance coverage, which means there are no gaps, and you are always covered.
- Most insurance providers offer discounts on premiums for claim-free years through a No-Claim Bonus (NCB) discount.
- You can avoid fines and penalties for driving with an expired bike insurance policy.
- There is scope for enhancing your coverage with no hurry or stress of missing out on coverage and offers.
- Renewing your policy is cheaper compared to buying new bike insurance after expiration.
Guide to Renew Motorcycle Insurance Online?
- Select any reputed bike insurance platform and visit their official page.
- Search for the renewal section and select bike insurance/bike insurance renewal option.
- Provide the bike registration number.
- Once you input your bike registration details, provide the details of your current policy number.
- You will then receive details of your current policy. You can review and modify your policy based on your current requirements.
- Ensure you provide any details of an NCB if available, as this will significantly affect your premium.
- You can also add and subtract coverage with a bike insurance calculator to get a better understanding of premiums.
- Once you are satisfied with the coverage you have and the premium you will be paying, select the favourable payment mode and make the payment.
- With that, you will get a confirmation email. Print and save the renewed policy.
Conclusion
Renewing motorcycle insurance online offers several benefits, such as being paperless, instant renewals from the comfort of your home and cheaper premiums. Reputed providers like Tata AIG also support sending a physical copy of the policy if requested.
Always renew your policy before it expires and reap the benefits of hassle-free, comprehensive coverage. Don’t wait — renew your bike insurance online today and ride with peace of mind!