When one acquires a two-wheeler, he/she has the following responsibilities: ensure that the vehicle is insured. Regardless of whether you are trying to renew your insurance prior to the date of expiry or you have let your insurance expire and you are in a hurry to renew it, the process of doing so online is simple, quick and easy. This step-by-step guide will help you to know how to renew two-wheeler insurance online so that you can easily get it done.
In this blog, we will give a detailed procedure together with examples on how to do it.
Why is it Necessary to Renew Your Two-Wheeler Insurance?
Before diving into the steps, let’s understand why it’s essential to keep your two-wheeler insurance updated
- Legal Requirement: In India, it’s compulsory to at least have third-party liability cover for the two-wheeler.
- Protection Against Financial Loss: There is the aspect of risk that is covered in the event of an accident, theft or any form of damage.
- Avoid Penalties: Bikes without valid insurance can cause severe trouble and penalties, which can also land you hefty fines.
Now that we know how crucial it is, let’s proceed with the process of how to renew two-wheeler insurance online in just a few steps.
The first stage involves the collection of the necessary details.
It is recommended that before proceeding with the process, one should be prepared with all the information as well as documents needed. This will help you in the renewal process, as you will be well prepared.
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Step 1: Documents Required for Online Insurance Renewal
Having these documents with you will help in speeding up the two-wheeler insurance renewal process that you have to go through.
- Policy Number: This can be gotten from the insurance policy document that you have with the insurance company currently.
- Vehicle Registration Certificate (RC): Your RC contains crucial information about your two-wheeler and hence it is one of the most important documents.
- Personal Identification: Some of the general documents required for the purpose of verification include the Aadhaar card, the PAN card, etc.
- Previous Insurance Details: It should also be easy to check the previous policy information, such as the name of the insurer and the type of policy.
Step 2: Go to Your Insurer’s Website or Insurance Aggregator Platforms
After getting all the details, it is time to visit the insurer’s website or a third-party aggregator’s website to check the status of the two-wheeler insurance. Currently, almost every insurance company provides an opportunity to control the policy and renew bike insurance online.
The insurance aggregators include Policybazaar, Coverfox and others that enable you to compare the different plans and renew your policy on the same platform.
- Search for Two-Wheeler Insurance: Now click on the bike insurance option.
- Enter Vehicle Details: Give details of the vehicle for example, the registration number of the vehicle and the previous policy details, if any.
- Choose the Best Option: Aggregator platforms are going to present you with a list of insurance plans that are available in the market from different insurers. Choose the one that is most appropriate to your needs.
Step 3: Choose the Type of Policy: OD, Comprehensive, or Third Party
Then, you will have to choose between third party insurance, own damage insurance, and fully comprehensive insurance. Let’s break down these options:
Third-Party Insurance:
- Excludes any loss to a third party, whether personal injury or loss to property of third party.
- It will not pay for your car’s damages during a collision or if it gets stolen. Third-party insurance is mandatory for all vehicles by law.
Own Damage Insurance:
- Here the insurance covers your vehicle’s expenses for accidents, calamities, theft, and vandalism, among others. However, it does not reimburse the third party.
Comprehensive Insurance:
- This type of insurance pays for the damages to your bike as well as the liability for causing harm to other people’s property.
If your two-wheeler is expensive or you need complete insurance, then this is the best choice.
In addition to renewing two-wheeler insurance online, you can also avail of additional packages such as zero depreciation coverage, personal accident cover and engine protection.
Step 4: Provide All the Required Information
Having decided on the appropriate policy and the premium to be paid, the following information has to be given:
- Policy Number: For renewal, this will be directly connected to your previous policy that you had taken.
- Personal Information: Things like name, contact information, address and other relevant data.
- Vehicle Details: These include the registration number, make and model, the year of manufacture and the engine specification.
- Previous Policy Details: State the policy number, the name of the insurer and the type of coverage that you had earlier.
After filling in all the data, one should check it to avoid any mistakes.
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Step 5: Pay the Premium
After verifying your details, the next step in how to renew two-wheeler insurance online is paying the premium. Online payment methods are secure and convenient. You can use:
- Credit/Debit Card: Most insurers accept Visa, Mastercard, and other cards.
- Net Banking: If you prefer direct transactions from your bank.
- UPI/Wallets: Several insurers accept UPI payments and popular e-wallets like Paytm, Google Pay, etc.
Once the payment is successful, you’ll receive an acknowledgment of the transaction along with the policy document.
Online platforms typically have built-in calculators that allow you to compute your premium based on various factors such as:
- IDV (Insured Declared Value): This is the value of your two-wheeler in today’s market. It also sets the premium rates as well as the claims to be paid.
- Age of the Vehicle: New vehicles are usually expensive to insure because of their high market value as compared to older models.
- Engine Capacity: The engine size of the bike also plays a part in determining the premium rates; bikes with big engines will most likely have higher premiums.
- Add-Ons: If you have chosen any of the optional covers, then the premium will be more.
For instance, if you have a 2018 Honda Activa 125 and you want to renew the insurance of this bike, when you have put all the required information regarding the car on the calculator, the premium that you will be charged will be influenced by the factors stated above.
Example of Premium Calculation for a 2018 Honda Activa 125
| Type of Insurance | IDV | Basic Premium | Add-Ons | Total Premium |
|---|---|---|---|---|
| Third-Party Insurance | N/A | ₹1,200 | N/A | ₹1,200 |
| Comprehensive Insurance | ₹40,000 | ₹1,800 | ₹400 | ₹2,200 |
Step 6: Download Your Policy Document
Once you’ve completed the payment, your renewed insurance policy will be generated instantly. Most insurers allow you to download the policy document in PDF format. It will also be sent to your registered email ID for reference.
Make sure you download and save the policy document for future use. It’s also advisable to print a hard copy and keep it with your vehicle papers.
How to Renew Two-Wheeler Insurance Online on an Insurer’s Website
Let’s review the previous steps of how to renew two-wheeler insurance online on insurance provider Bajaj Allianz’s website.
Step 1: Visit the Website
- Go to the Bajaj Allianz website and navigate to the “Two-Wheeler Insurance” section.
Step 2: Enter Vehicle Details
- Enter the registration number and details of your two-wheeler.
Step 3: Choose the Policy
- Select the type of policy—third-party or comprehensive—and any add-ons, like zero depreciation.
Step 4: Calculate Premium
- The system will automatically calculate your premium based on your inputs.
Step 5: Make Payment
- Proceed to make the payment using any of the secure methods available—credit/debit card, UPI, etc.
Step 6: Download Policy Document
- After the payment, you can instantly download the renewed policy document.
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Step 7: Check for Discounts and Offers
Many insurers offer special discounts when you renew two-wheeler insurance online. Some common offers include:
- No-Claim Bonus (NCB): If you didn’t file any claims during the policy period, you can get a discount of up to 50% on the renewal premium.
- Multi-Year Policy Discounts: Some insurers offer discounts if you choose to renew the insurance for more than one year.
- Online Renewal Discounts: Some insurers provide special discounts for customers renewing policies online as part of their digital transformation initiatives.
Step 8: Ensure Your Policy Details are Correct
After downloading the policy document, it’s crucial to review it to ensure all details are correct. Check for:
- Correct Personal Information: Ensure your name, address, and contact details are accurate.
- Vehicle Information: Confirm that the two-wheeler details like the registration number, make, and model are correct.
- Coverage Details: Ensure the type of coverage (third-party or comprehensive) and any add-ons are reflected in the policy document.
Congratulations! Now you know how to renew two-wheeler insurance online.
Step 9: Claim Process After Renewal
Renewing your two-wheeler insurance online doesn’t just provide continuous coverage; it also ensures that you can file claims easily in case of an accident or damage. Here’s how you can file a claim:
- Contact Your Insurer: Use the claim assistance number provided in the policy document.
- Submit Required Documents: Provide details like the FIR (in case of theft or third-party damage), photographs of the vehicle, and a repair estimate.
- Surveyor Appointment: The insurer will appoint a surveyor to assess the damage.
- Claim Settlement: Upon approval, the insurer will settle the claim, either by paying the repair cost directly to the workshop or reimbursing you.
Top Insurance Providers Offering Two-Wheeler Insurance Renewal Online.
- HDFC ERGO General Insurance
- ICICI Lombard General Insurance
- Bajaj Allianz General Insurance
- New India Assurance
- Reliance General Insurance
- Tata AIG General Insurance
- SBI General Insurance
- IFFCO Tokio General Insurance
Frequently Asked Questions (FAQs)
What happens if I don’t renew my two-wheeler insurance on time?
If you miss the renewal deadline, your policy will lapse, leaving your vehicle uninsured. You may lose the No Claim Bonus, and a new inspection might be required.
Can I switch insurers during the renewal process?
Yes, during the renewal process, you can compare premiums from different insurers and switch providers if you find a better deal.
What is the grace period for renewing two-wheeler insurance?
Most insurers provide a grace period of 15 to 30 days after the policy expires. During this time, you can renew your policy without losing benefits like the No Claim Bonus.
How long does it take to renew two-wheeler insurance online?
The process can take as little as 5-10 minutes, provided you have all the necessary documents and information.
Is a physical inspection required for two-wheeler insurance renewal?
A physical inspection is generally only required if your insurance policy has lapsed for a significant period.
What are the benefits of renewing two-wheeler insurance online?
Renewing online offers convenience, faster processing, and the ability to compare multiple quotes, often leading to lower premiums.
Can I renew my two-wheeler insurance online without NCB?
Yes, you can renew your policy without NCB, but it’s advisable to claim the NCB if you haven’t made any insurance claims.
Can I renew two-wheeler insurance online without the policy number?
While some insurers may allow renewal using the vehicle registration number, it’s recommended to have the policy number handy for a smoother process.
Is it safe to renew two-wheeler insurance online?
Yes, it is safe as long as you’re using the official website of the insurance provider or a trusted third-party platform.
What are the different payment modes available for online two-wheeler insurance renewal?
You can pay using credit cards, debit cards, UPI, net banking, or mobile wallets.
