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How to Renew Two-Wheeler Insurance at Affordable Rate

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Published on February 25, 2021. EST READ TIME: 2 MIN

Be it beating huge traffic jams or requirement of small parking space, bikes make our commute faster and convenient. While a two-wheeler is fun to ride, there is no dearth of dangers on the road. Having bike insurance is mandated by the law, but at the same time, getting a comprehensive one is important as it gives you a financial cushion when catastrophe strikes. It’s also essential to know when your policy is expiring so that you can renew before the deadline and enjoy uninterrupted coverage. The whole process of renewal has gotten simpler over the years, but still, one should do thorough research and compare deals to get a better offer with bigger coverage and smaller premium. Let’s discuss a few things you should consider when it is time to RENEW TWO WHEELER INSURANCE policy.

1. How you should renew your two wheeler at cheap rate?

Having a two wheeler insurance is a must, but did you know that you can also reduce the premium of bike insurance policy at the time of renewal? Yes, you can. Here are some ways which can help you renew your policy at a cheaper rate:

• Driving record: If your driving history shows that you are a safe driver and follow all traffic rules and regulations, you will get decent discounts on your TWO WHEELER INSURANCE PREMIUM at the time of renewal. A safe driver is considered less of a liability for the insurance company.

• Buying from one insurer: Buying various policies from one insurance company can get you a good discount on premiums. If you wish to renew your two wheeler insurance at a cheap rate, consider the same insurance company from whom you have purchased other policies like home, health, etc.

• Higher deductible: If you go for higher deductibles, the premium will be low. A deductible is the amount that the policyholder has to pay at the time of claim settlement.

• Good credit score: A good credit score is another way to renew two wheeler insurance at a lesser rate.  Those with a good credit score are believed to be careful drivers and less likely to cause accidents. This is the reason insurers look at the credit score of policyholders, while deciding the motor insurance premium.

• Online buy/renew: Availability of channels for online two wheeler insurance has made the process of renewal super easy! If you renew two wheeler policy online, you are most likely to get a better rate. This is because you don’t have to pay the agent/broker’s charge from your pocket.

2. What are the documents required for renewing of two wheeler insurance?

Renewing two wheeler insurance has become a lot easier and faster than before. Below is the list of documents to renew two wheeler insurance

• Proof of identity (Driving License/Passport/ Aadhaar/PAN Card/Government-issued photo ID

• Proof of address (Driving License/Passport/Aadhaar/Government issued address proof/bank or post office passbook)

• Recent passport-sized photograph

• Registration certificate of the bike

• Old policy number, if required

• Net banking details/credit card/debit card details (for online payments)

Conclusion

It is mandatory to buy a third party bike insurance policy, but just buying it is not enough. You should renew two wheeler insurance before its expiry to enjoy uninterrupted benefits. If you don’t renew the policy before its expiry, the policy gets lapsed and any claims made during this period will be rejected by the insurer. Apart from losing your No Claim Bonus, you will also have to pay from your own pocket the expenses due to damage to your vehicle or any damage to third party. Renew on time and stay secured!

Disclaimer : The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

This blog has been written by:

Mukesh Kumar | Motor Insurance Expert | 36+ years of experience in insurance industry A veteran in the insurance industry, Mukesh Kumar has the expertise of handling various functions like Business Development, Underwriting, Claims, Human Resources, Quality Management and Marketing. With rich knowledge of the industry, he loves to share his views on topics of insurance sector and takes special interest in educating people on advantages of having insurance.

Few other articles

• Factors affecting two-wheeler insurance premium

• Things to Know About Motorcycle Insurance in India

• How your driving record will affect your motor insurance premium

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