Two Wheeler Insurance or Bike Insurance is an insurance policy that provides economic security to your two-wheeler/bike against any damages that may be rendered by accidents, natural tragedies, robbery, or any severe happenings. A Two Wheeler Insurance also protects financial failures against any third-party liabilities. In this article, we are focussing mainly on how to renew two-wheeler/bike insurance online. We can also discuss what is bike insurance, key features, types of insurance, and much more.
Two-wheeler insurance is a contract between an insurance company and a bike owner in which the insurer guarantees to cover any financial responsibilities that may occur as a result of an accident involving the insured’s two-wheeler. Two-wheeler insurance covers all sorts of two-wheelers, including motorcycles, scooters, scoots, and mopeds. Third-party insurance, standalone own-damage (OD), and comprehensive two-wheeler insurance are the three types of two-wheeler insurance plans offered in India. These insurance plans are differentiated by the types of coverage they give.
Renew Two-Wheeler/Bike Insurance Online
Before going to learn how to renew two-wheeler /bike insurance online, let us discuss types of bike insurance policies.
Different types of bike insurance policies
Comprehensive policy
This two-wheeler insurance policy covers the costs of accidental damage to a third party as well as the owner’s own vehicle. You can also choose add-ons for a small extra charge to enhance your coverage under such a policy. For a small additional premium, it also provides personal accident insurance of 15 lakh for accidental death and disability.
Who is it appropriate for?
If your two-wheeler is already covered by a third-party policy.
What does it cover?
- Accident
- Damage in transit
- Theft
- Third-party liability
- Fire
- Personal accident
- Natural calamities
- Add-ons
Standalone own damage policy
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Our stand-alone own-damage two-wheeler insurance plan covers damage to your bike or scooter caused by natural disasters such as earthquakes, floods, cyclones, landslides, and other natural or man-made calamities such as theft, burglary, riots, strikes, or other man-made disasters.
Who is it appropriate for?
If your two-wheeler is already covered by a third-party policy
What does it cover?
- Accident
- Natural calamities
- Theft
- Damage in transit
- Fire
- Add-ons
Third-party cover
This kind of insurance protects you from legal responsibilities that may arise as a result of an accident. If your bike causes harm to a third person or his property as a result of this type of two-wheeler insurance policy, your insurer will pay these expenses.
Who is it appropriate for?
This is not a policy that any bike owner should consider. Even if your bike is sitting idle in a parking lot, it is still vulnerable to theft, fire, and parking accidents. Only consider this if you’re willing to pay for bike maintenance out of pocket.
What does it cover?
- Third-party property damage
- Injury to the third party
Benefits of having a bike insurance
Owning and riding a bike shows a lot of advantages. For example, purchasing and maintaining a two-wheeler is more reasonable and easy to handle than a car. Despite these benefits, riding a bike is incredibly risky when the condition of the roads is bad and there is serious traffic. Also, factors like bad weather, road spills, rash driving by other drivers can harm you and your vehicle. Not to say, bike theft has evolved into a raging problem in current years. Hence, having a trustworthy bike insurance policy is more of a need. Here are other few benefits that two-wheeler insurance presents:
- Economic protection
- Roadside service
- Coverage for extra parts required in repairs
- Coverage for bike robbery
- Coverage for accidental damages
Why buy bike insurance online
-
Instant quote
- Instant policy issuance
- Customizing plan as per your needs
- Transparency in process
- Simple renewal
- 24/7 online support
How to choose the right bike insurance policy to renew online?
When it comes to choosing a policy, you must make the best decision possible. Knowing what to search for, what would be suitable for you, and trying to strike a balance between the two is the key to doing so effectively. Here are a few things to consider while looking for a decent two-wheeler insurance policy:
- Coverage—policy type, IDV, and add-ons
- Network of cashless garages
- Service of claims
- The ratio of claims settled
- Feedback from customers
- Easy payment
How to renew Vehicle Insurance Online
To renew two-wheeler insurance online, go to the insurance provider’s website and pick renew the policy.
For example: Install the Policy Bazaar app from the Play Store or visit www.policybazaar.com
Step 2: Fill in the blanks, choose whether or not to include add-on covers, and finish the journey by paying the fee online.
Step 3: Your renewed policy will be emailed to the address you provided during registration.
The two-wheeler insurance coverage will be emailed to you or provided to you via WhatsApp.
Benefits of Purchasing Two-Wheeler Insurance Renewal Online
The following are some of the advantages of purchasing two-wheeler insurance renewal online:
Unbiased Opinion – When you buy or renew a two-wheeler insurance policy online, no agent is involved, so there is no chance of being influenced in any way. You are free to choose from the most suitable motorbike or scooter insurance coverage based on the information you offer.
Easy to Compare Different Plans Online – Comparing different bike insurance plans in terms of features, inclusions, and exclusions is simple when buying or renewing online. This allows you to understand the benefits and drawbacks of each insurance, as well as the premium rates of similar policies, so you can make an informed purchasing decision.
Convenience – Buying or renewing a two-wheeler insurance coverage online is the most convenient option. You can choose the best coverage for you by comparing numerous possibilities in the comfort of your own home. You can also purchase a policy from any location in India at any time. When done online, renewing a bike insurance coverage takes only a few minutes.
Direct Transaction With The Company -When purchasing bike insurance policies online, you can avoid paying an additional cost to the insurance broker or agent. In the event of a problem, you can contact the insurance company’s customer service representatives and have your questions answered.
Payment Security -When you buy or renew two-wheeler insurance online, you may pay your premiums over a secure payment gateway. There are a variety of premium payment options available, which you can use according to your preferences. Debit cards, credit cards, and e-wallets are the three types of cards.
Least documentation-You do not have to fill out a lot of paperwork when purchasing bike insurance coverage online. Photocopies of documents are not required to be submitted. All you have to do is fill out online quotations, evaluate different plans, and shortlist the most appropriate coverage.
Frequently Asked Questions
What is a two-wheeler insurance policy?
Ans: A two-wheeler insurance policy is an agreement between an insurance company and a bike owner in which the insurance provider guarantees to pay any damage or loss incurred by the covered bike as a result of an accident, theft, fire, or other occurrences, depending on the policy chosen. In most cases, the contract between the insured and the insurer is for a year and must be renewed each year.
What if my bike insurance policy gets expired?
Ans: Every two-wheeler insurance policy has an expiration date before which it must be renewed in order to continue to be valid. If you fail to renew your insurance on time, you may do it within the 90-day grace period following the expiration date, but it will not be renewed after that and you will have to purchase a new policy.
How to find my bike insurance policy number?
Ans: The insurance provider generates a unique number between 8 and 10 digits to each bike insurance policy. It’s usually printed on the insurance card that the insurance company sends out. You can also discover it by going to your insurer’s website and inputting your registered mobile number.
Is it compulsory to own a bike insurance in India?
Ans: Yes, every bike owner in India is required to have at least a third-party bike insurance plan, according to the Indian Motor Tariff.
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