With the recent interventions by the Insurance Regulatory Development Authority of India in the two-wheeler insurance, everybody is scurrying around to insure their bikes and scooters. While the new owners of two-wheeler are running behind insurance companies to get their vehicle covered, the old ones have developed a laidback attitude towards their policies. Rather than just sitting behind and relaxing after investing in a two wheeler insurance policy, keep a tab on its expiry date for the renewal.
Take a look at this guide which will help you understand the significance of the renewal in your two wheeler insurance.
How does the two-wheeler insurance policy lapse?
Before investing in a two-wheeler insurance policy, ensure that you can afford to pay the premiums. Inability to pay the premiums is the major reason for the lapse of a two-wheeler policy. If you can’t afford the amount of the premiums, either look for policies with lower costs or opt to pay the premiums in installments. Do not go ahead with the lump-sum payment if you are running out of funds.
After you have invested in two-wheeler insurance, keep a tab on the date of expiry of your policy. Failure to do so will also lead to policy lapse. There are times when policyholder forgets the expiry date of their policy and later runs behind companies for immediate insurance renewal on realization of the same. However, the best time to renew your expired policy is few days before the expiry date.
What is the procedure for two-wheeler insurance renewal?
Renewing your policy is not much of a task. For doing so, the insurance companies typically provide two ways. A policyholder can renew his policy either online or offline depending upon his convenience and comfort. Whether you prefer an online renewal or an offline, take a look at both these ways of doing so:
- ONLINE
- Log in to the online portal of your insurance company
- Submit the required personal details like registration number of your vehicle, details of your policy
Once you have submitted the details, your policy will be renewed immediately. On the renewal of your policy, all the documents or the paperwork will be sent across to you via an email. Ideally, an online renewal procedure provided your policy has not lapsed, does not require a physical inspection of the two-wheeler vehicle.
- OFF-LINE
- Contact your insurance company
- Get your vehicle inspected
- Submit all the documents related to your policy as well as your claims
After the entire process is complete, the insurance company will renew your policy either immediately or within a period of a few days. On the renewal of your policy, you will receive the benefits of No Claim Bonus (NCB).
Benefits of two-wheeler insurance renewal?
Every insurance company offers its policyholder with two wheeler insurance online renewal. Here are a few benefits of renewing your policy:
- Allows online comparison of multiple policies and their coverages
- Helps you to save money through easy comparison
- Lets you pick the best one as per your need and budget
- Guides you through the entire process with the help of the customer services
Now that you know the entire process of two wheeler insurance renewal, when are you planning to renew your expired policy? Renewing your policy is a mandatory process as suggested by the IRDAI. In order to hasten the process, opt for an online process as it promises a hassle-free journey. In the end, having financial support during the times of a physical mishap helps you get through everything, anytime and anywhere.
