What documents to keep handy while renewing two-wheeler insurance online?

Unless you are opting for a long-term two-wheeler insurance policy in which the coverage is valid for either two or three years, the risk coverage available under a bike insurance policy is valid for one year only. When that period comes to an end, the policyholder is required to renew the policy by paying a fixed amount to continue enjoying the coverage. Many two wheeler owners in India do not care to renew their insurances. Not having a 3rd party liability insurance is an offense. Because the premium amount is less (around a 1000 rupee for normal bikes) and the commission even smaller, insurance agents do not find it worth their time to chase bike owners for renewals. No claim bonus discounts notwithstanding, even insurance companies do not push big time for insurance renewals. Many refuse to offer only 3rd party liability and insist that owners buy a comprehensive coverage, which obviously costs more.

To renew the policy, all you would require is to sign a cheque and give it to the insurer who will issue the temporary document. Once the cheque is cleared, you will get the original copy. This happens if you are renewing your insurance policy from your previous insurer. However, if you decide to change the insurer, you would require additional documents like address proof, photo identity proof, RC, signed cheque, etc. 

A two-wheeler insurance can be renewed in two ways:
     1. Offline: If you exercise this rule, you will have to visit the insurer’s office and pay a fixed premium amount to renew your insurance. The insurer in exchange will give a printout of the renewed two-wheeler insurance policy along with the premium receipt. Many fuel stations can be seen with displays offering insurance renewal within 5 minutes. If your existing policy is still in force renewal is lot simpler and quicker. (because the risk is still owned by current company). If it has expired, process may take longer as many companies insist on a physical inspection.
    2. Online: You can opt to renew your insurance policy online and avail the comfort of home. It means, without visiting the insurer’s office physically, you can renew your two-wheelerinsurance online from anywhere at any point of time, with the help of the following three steps:
  •  Enter the expiring policy details
  • Proceed to the next page to enter engine number and chassis number
  • Make online payment and your policy will be renewed in no time
You don’t need to waste your time in commuting. All you have to do is log onto the insurance company’s website and renew your policy online. It is a hassle-free mode, which not only proves to be convenient but also offers high incentives. As the insurer saves costs in administration and distribution, those are passed on to policyholders in the form of cheaper premium rates.
When you go online for your two-wheeler insurance policy renewal, you enjoy various benefits. You get notifications with regard to your due date which also helps in making timely insurance premium payments. Further, it protects you against any delay in premium payment and thus, ensures a secure ride.
Note: Avoid using open or free wi-fi for renewing your two-wheeler insurance policies, as it can lead to the misuse of your card details.
Tread with caution
Though, the guidelines for renewing the insurance policy might vary from one insurer to another, there are some necessary steps that need to be taken in all the situations. It is highly recommended to renew your two-wheeler insurance policy before the due date, ideally a month before the due date. Also, take out a printout of your transaction as a proof of payment.
Tips to lower bike insurance premium rates
·      1. Quick Comparison: A major mistake which most of the bike owners commit is that they renew their policy without comparing other plans. Before renewing the policy, it is essential to make a proper comparison between various options available in the market. Some insurers provide lucrative offers to two-wheeler or motorcycle insurance policyholders who want to move from their current insurer to another. Comparison of different insurance policies will help you in saving the money on insurance premium without compromising on the coverage. Websites like policybazaar.com offer easy comparisons.
·         2. Opt for higher No Claim Bonus (NCB): If you haven’t filed a claim in the previous policy year, the insurer will offer you NCB, which can help you in getting lower premium rates. The bonus can go up to 50% and is transferable from one insurer to another.
·         3. Compute your vehicle’s IDV: Calculate your vehicle’s IDV or Insured Declared Value before you renew your policy. Once you know the depreciated value of your vehicle, it becomes easy to negotiate with the insurer and get lower premium rates. For instance, if the market value of your motorcycle at the time of purchase was Rs 90,000 and after two years, its value falls to Rs 60,000, you should renew your policy on the depreciated value of Rs 60,000 instead of the original market value of Rs 90,000.
·        4. Install safety equipment: When you install safety equipment, like anti-theft alarm, GPS tracking device, etc., the risk for theft diminishes significantly. Insurers understand this fact and offer discounts accordingly. (More relevant for cars)
·         5. Go for higher voluntary deductible: A voluntary deductible is the amount that you have to pay at the time of claim before the insurance company settles the claim. By opting for a higher voluntary deductible amount, you can automatically reduce your premium rates. However, opt for a voluntary deductible, which you can afford.  The risk of doing this is in case of theft or accidental damage you will be getting less money.
Conclusion
A bike insurance does wonders only if it is active. So, to keep your policy valid and get a comprehensive coverage, it is pertinent to renew your 2-wheeler insurance on time. You can go for long-term two-wheeler insurance policy as well, which insures your vehicle for two or three years in one go and saves you from the hassles of yearly renewal. 

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