Protect your Honda Activa by renewing two wheeler insurance policy on time

Posted on: Feb 15, 2022 | | Written by:

Protect your Honda Activa by renewing two wheeler insurance policy on time

Published on February 14, 2022. EST READ TIME: 3 minutes

India is the world’s largest two-wheeler market, since a bike or scooter is the first choice for easy commuting for most middle-class people here. However, India’s vast population and widespread two-wheeler usage makes it prone to many accidents as well. Plus, there are problems like natural calamities, fires and thefts to deal with. Which is why, even when you have a smart and efficient scooter like Honda Activa, you need the right kind of insurance to stay financially protected in case of unexpected situations. Plus, you need to renew two-wheeler insurance on time, so that you are always covered. So, first, let’s take a look at the types of insurance you can choose from and then the process of renewal.

Types of bike insurance

1. Third-party liability bike insurance

This is the most basic form of insurance. It is also mandatory as it covers you against any damage to a third-party person or their property, thereby ensuring that the victim is always compensated. Any injury to a third-party person, including disablement (partial or total) and death is covered by the policy. Damage to the person’s property as a result of an accident involving your insured Activa is also covered, including legal fees.

2. Comprehensive bike insurance

This is the insurance policy that provides, as the name suggests, comprehensive coverage to your Honda Activa. It includes the mandatory third-party liability component, as well as the own damage component, which provides financial coverage against any damage to your own vehicle as a result of an accident. It also provides coverage against theft, leading to relative peace of mind. While this is not mandatory by law, it is always the recommended option, given its extensive coverage and the option of including add-on covers.

You can always switch to either of the above plans at the time of renewal, however, it is recommended to select a comprehensive policy for a valuable and new bike. For bikes older than 10 years, perhaps you could opt for the third-party insurance only, or if you intend to sell the Activa, then the basic insurance might suffice. However, be prepared for out-of-pocket expenses in case you opt for the third-party insurance plan.

How to renew two-wheeler insurance policy for Honda Activa

It is super simple to renew two-wheeler insurance nowadays, with most insurers having a formidable presence online. The entire insurance renewal process can be done remotely, at your comfort and convenience, without having to visit a branch office.

There are effectively four ways in which you can renew your policy:

i) Contact the insurer

If you’re more confident about visiting the insurer and getting the job done, you can walk into the nearest branch office and carry the necessary documents. Fill up the application or renewal form, make the payment, and your policy will be renewed.

ii) Contact the insurance agent

At the time of buying the policy, you would have gotten a point of contact – the agent, who had handheld you through the entire process. Call your insurance agent, who would be responsible for filing the paperwork. However, you may need to pay extra as agent fees if you choose this mode of renewal.

iii) Web portal

Visit the insurer’s website, enter your policy details, submit any additional document that’s required, make the payment, and voila! You’re covered. This is the easiest way of completing the renewal process. You avoid the hassle of queues and waiting at the office, and can renew your policy instantly, at your own time and convenience.

iv) Use the mobile app

You can also renew your policy easily from the insurer’s mobile app, just like you would do on the website. Sign in, and simply renew by making the payment, and you’ll be covered instantly.

Tips to renew two-wheeler insurance

• Renew before expiry

Always renew your policy before it expires, to preserve your No Claims Bonus discount (NCB), and to remain protected all the time.

• Update details

Make sure you update any personal details that may have changed since the last renewal. Any discrepancy in your paperwork at the time of filing a claim can lead to rejection.

• Know your grace period

In case you forget to renew your policy on time, know that every insurer provides a grace period, depending on the policy. Renew your policy within the grace period to retain its benefits and remain covered.

Conclusion

For your Honda Activa, you can consider the scope of coverage at the time of renewal with an appropriate Insured Declared Value (IDV). Consider availing add-ons for specific scenarios you may encounter during the policy period to prevent out-of-pocket expenses. Buy a multi-year policy, if possible, to remain covered even if you forget to renew your policy. And finally, make use of the insurer’s online presence to renew your policy on time and conveniently, to keep your financial safety net intact.

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

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