Everyone is rushing to get two wheeler insurance online as a result of the Insurance Regulatory Development Authority of India’s (IRDAI) recent interventions in the two-wheeler insurance market. Older two-wheeler owners have a more relaxed attitude toward their policies, while newer owners are chasing after insurance companies to get their vehicles covered. After purchasing a two-wheeler insurance policy, don’t just sit back and unwind; keep track of the expiration date so you can renew it. #
How does the insurance for two-wheelers expire?
Check your financial situation before purchasing a two-wheeler insurance policy to make sure you can afford the premiums. The main factor leading to the cancellation of a two-wheeler policy is the inability to pay the premiums. If the premiums are too expensive for you, either look for policies with lower premiums or choose to pay them in instalments. If you are out of money, don’t proceed with the lump sum payment.
After purchasing two-wheeler insurance, be sure to track the expiration date of your contract. In addition, the policy will expire if this is not done. There are instances where a policyholder forgets when their policy expires and, upon realising this, rushes to the insurance companies for immediate renewal. The best time to renew your two wheeler insurance online, though, is a few days prior to the expiration date.
What steps must be taken to renew a two-wheeler insurance policy?
The task of renewing your policy is not difficult. The insurance companies typically offer two options for doing this. Depending on his comfort and convenience, a policyholder may choose to renew his or her policy offline or online. View both of these options to see if you would prefer to renew offline or online:
Online
- Log into your insurance provider’s website
- Submit the necessary personal information, such as your vehicle’s licence plate number and insurance information
- Your policy will be renewed immediately after you have submitted the necessary information.
- All the paperwork or documents related to the renewal of your policy will be emailed to you. Ideally, a two-wheeler vehicle does not need to be physically inspected during an online renewal process, provided your policy has not expired.
This is how you renew your two wheeler insurance online.
Offline
- Call your insurance provider
- Have your vehicle inspected
- Send in all the paperwork pertaining to your policy and your claims
- When everything is finished, the insurance provider will renew your policy either right away or in a matter of days.
- You will benefit from No Claim Bonus upon renewing your policy (NCB) *
Benefits of renewing your two-wheeler insurance:
Every insurance provider provides online renewal for two-wheeler insurance to its customers. The following advantages of renewing your policy:
- Allows for the online comparison of various policies’ coverages
- Aids in money savings through a simple comparison
- Let’s you choose the ideal option based on your needs and budget.
- Uses customer service to assist in guiding you through the entire process.
When do you intend to renew your expired policy now that you are familiar with the entire procedure?
According to the IRDAI, renewing your policy is a required procedure. Choose an online process if you want to speed up the procedure because it guarantees a smooth journey. In the end, having access to money in the event of a physical accident enables you to cope with anything, anywhere. #
Be sure to calculate your premium to be paid with the two wheeler insurance premium calculator. This is usually available on most aggregator sites where you can compare premiums. Make sure you add in all the riders you want to ensure the most accurate result.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions,
limitations, terms, and conditions, please read the sales brochure/policy wording carefully
before concluding a sale.