How to renew your bike insurance? 12th September 2019
Are you wondering why it's important to renew your two-wheeler insurance on time? Well firstly, you are required by law to have insurance for any motorised vehicle on road, so that in itself is reason enough to renew your insurance on time. But beyond that, timely renewals have a lot more to offer to you. If you fail to renew your policy on time, your vehicle is completely unprotected for that period of time. And with so much that could happen to your two-wheeler, it's not wise to take that kind of risk.
The process of online renewal
If you wait until the expiry of your bike insurance, you’ll expose your two-wheeler to unnecessary risks. In most of the cases, insurers give a grace period to renew your policy. However, if you raise a claim in the grace period, it will not be honored because the policy does not exist during this period.
So, follow this simple procedure to stay ahead of the curve and avoid any repercussions of a lapsed policy.
- You can either go to your insurer to renew your policy, or you can pay your policy premium and renew your two-wheeler insurance online.
- To do it online, l5ogin to the website of your insurer and enter details of your previous policy as well as your bike.
- Select the insurance policy that you need.
- Choose the insured declared value (IDV) and add-ons if you need any.
- Make payment through NEFT/ Debit/Credit card etc.
- You have successfully renewed your policy!
The rate of renewal depends on the day when your policy comes into effect and the duration of the policy period.
Benefits of renewing your two-wheeler insurance online
Renewing your bike insurance is fairly simple if you understand the process. With a little help, you can renew your insurance policy online from anywhere. If you still aren't convinced, here are a few benefits that will definitely make you favour renewing your two-wheeler insurance online:
- Renew the policy without new inspection.
- No fresh documentation required.
- It only takes a few minutes to renew the policy without any extra charges.
- You can compare the best deals and choose an appropriate one.
- The insurers provide complete chat and phone support to clear your doubts.
Most importantly, it’s necessary to stay updated about the expiry time and renewal conditions of your bike insurance before it’s too late. With the ease of online renewal, you no longer have any excuse for delays. So head over to an insurance provider like Magma HDI to renew your policy now.