Bike insurance focuses on protecting and covering bikes. If your bike is damaged in an accident, it will be repaired at no cost to you.
The policy also covers thefts, natural disasters, vandalism, and third-party liabilities, as well as accidents. It covers you against financial losses incurred as a result of unforeseen events like flooding, fire, earthquakes, or collisions with other vehicles, people, and property.
Based on data from the National Crime Records Bureau (NCRB), 1,55,622 Indians lost their lives due to road accidents in 2021, with two-wheelers accounting for 69,240 deaths. Due to this factor, it is advised to ride carefully, follow traffic rules, and, most importantly, have the right two-wheeler insurance.
For overall coverage of damages to your bike, you should also have a comprehensive policy. The Ontrack two-wheeler insurance program covers a wide range of two-wheelers, including motorcycles, mopeds, electric bikes, and scooters.
Bike Insurance Renewal
To avoid the payment of a hefty fine and damage to your valuable vehicle, it is necessary to know the bike insurance renewal process early on!
The Bike Insurance renewal process has become relatively easy as the process has shifted online. You can instantly issue the bike insurance renewal in the comfort of your home or office.
There are several plans that offer different types of benefits. For instance, there are insurance plans that need renewal after five years whereas other common insurance policies need yearly renewal. The five years insurance renewal plans are called long-term plans. Short-term plans require you to remember the renewal date to avoid unnecessary fines and penalties.
If you need to renew your existing insurance plan before it expires, visit the insurance company’s website online and select the relevant service for two-wheeler insurance renewal. By renewing the insurance plan beforehand, you can avoid the penalty while also obeying the traffic rules of carrying a valid insurance plan always.
In case you fail to renew the two-wheeler insurance on time, you don’t need to worry as there is a grace period on every insurance plan which gives you a defined period under which you must renew the insurance policy.
- Online Process for Bike Insurance Renewal:
You can renew your bike insurance instantly online without any hassle or extra cost. The complete online process for renewing bike insurance is as follows:
- Visit the site of the insurer and go to the bike insurance renewal form
- Enter the registration number for the bike and other verification details as per the request
- Update the IDV and complete the process.
- Once done, you will be shown the payment to be done. Choose the mode of payment and complete the bike insurance renewal procedure.
- It’s done! Your insurance policy is renewed.
You will receive your bike insurance renewal documents by email at the address you have registered. The policy document is also available for download and printing. If necessary, you can show this document to the traffic police in order to avoid disobeying traffic regulations.
- Offline Process for Bike Insurance Renewal:
You can renew two-wheeler insurance by visiting your nearest insurer’s office. It is a very simple process, but you must find the time to go to the branch. In the application form, you must provide details about your policy and vehicle. A new policy is generally issued immediately if you pay the premium by cash, demand draft, or debit card at the branch.
Your insurance policy will usually be emailed to your official email address once your check clears. The nearest branch office can help you purchase new optional riders or add-on coverage. Depending on your insurer, this step may vary, so you should contact them before opting for additional coverage in order to confirm it.
Having expired two-wheeler insurance is not an option while riding. Besides imposing a penalty, there is also the possibility of major losses if an accident occurs. Your insurer is no longer obligated to cover any damages, legal liability, etc. if the policy has become inactive. Before your policy expires, it is a good idea to renew it.
You can recharge your policy from Ontrack. Another reason to avoid bike insurance renewal at the last moment or before the policy expiration date is to avoid inspection charges.
Types of Bike Insurance Plans:
Two-wheeler insurance policies in India are generally divided into two types. A third-party bike insurance policy and a comprehensive bike insurance policy are available.
Third-Party Bike Insurance Policy
As the name implies, third-party bike insurance protects the rider against all legal obligations arising from causing damage to others. There can be a property or a person as the third party. Your third-party bike insurance covers any liability that you may owe to someone else if you cause accidental damage to their property or vehicle.
You are also covered if you cause an accidental injury to a third party, including his death. Any two-wheeler owner in India must have valid third-party bike insurance when plying on public roads, whether they own a motorcycle or scooter. The penalty for not complying with the rule will be severe.
Comprehensive Bike Insurance Policy
In addition to protecting the rider from third-party liabilities, comprehensive bike insurance protects the rider against his own damage to the bike. Fire, natural calamities, theft, accidents, man-made disasters, and related advertisements are all prevented by this policy.
Renewing bike insurance requires the following documents
Prior to initiating the online renewal process for your bike insurance policy, you will need to gather certain documents. A statutory list issued by the IRDAI specifies the documents required for renewal. During renewal, you must have the following documents:
- Driving license information
- RC number and vehicle registration certificate copy
- Your old insurance policy details (policy number, date of issue, expiration date, premium amount, sum assured)
- For online payments, debit cards, credit cards, and net banking requirements
- Identification document (PAN card, Aadhaar card, passport, driving license)
- Voter identification cards, Aadhar cards, passports, bank passbooks, and any other ID issued by a government.
- Passport-sized photographs as per the requirement of the insurer.