As more and more people make the shift to owning and using private bikes for their intercity commutes, the demand for two-wheeler insurance plans rises. To cater to the rising demand, insurance providers have made bike insurance purchases and bike insurance renewal online an easy process.
But if you want to buy a bike policy online or you are renewing an insurance policy for bikes, a few things can be a bit tricky at first.
In this blog, we will help break down the steps involved in buying and renewing your online two-wheeler policy so that you stay insured and safe. These steps may be more crucial to buy own damage cover because third party bike insurance is often bought from the dealership itself.
How to Buy or Renew Two-Wheeler Insurance Online?
Most insurance companies today allow customers to buy their bike insurance policies online on their official websites. This makes the entire process more convenient, and there’s less paperwork involved as well.
The specifics will vary across different insurance companies as they have their own set of procedures. Still, the over-arching process will be the same.
Steps to Buy Two-Wheeler Insurance Online:
- Visit your chosen insurance provider’s website and register for an account.
- Once registered, log in to the website and click on the bike insurance option on the site.
- Fill in the application form online and upload the necessary documents before clicking submit.
- You will need to choose the online two-wheeler policy you want and pay the required premium.
- After your documents, the online bike insurance application and payment have been processed and verified; the insurance provider will send you your online two-wheeler policy.
Steps to Renew an Online Two-Wheeler Policy:
The renewal process will almost be identical to the buying process and only takes a couple of minutes if you have all your documents ready.
- Visit your insurance company’s website and log in. You either have the option to renew the same plan or buy a new 2-wheeler insurance online.
- You will need to provide details like vehicle registration number, chassis number, previous policy details like policy registration and expiry dates, your KYC documents, etc.
- Once you’ve submitted your documents and paid the premium amount to your insurer, you simply need to wait for the insurer to process your payment and documents before your policy gets renewed.
Documents Needed for a Bike Policy Renewal or Purchase:
As of 1st January 2023, the IRDAI announced that all two-wheeler insurance companies must follow proper customer identification procedures on policy purchases and renewals.
This means when purchasing a new policy or renewing your online two-wheeler policy, you will need to present your KYC documents along with your other supporting documents.
Here is the list of documents you will need to renew or buy two-wheeler insurance online:
- Government-issued identity proofs like Aadhar card, passport, PAN card, Voter IDs, Ration cards, etc.
- Address proofs like utility bills, income tax returns, bank or post office passbooks, or any identity proof documents that also state your address.
- Bike registration certificate.
- Your previous bike insurance policy.
- Driver’s licence.
- Form 60 if submitting officially valid documents (OVD).
Why Do I Need Bike Insurance?
Besides being legally mandatory, an insurance policy for your bike has several practical uses:
- With comprehensive plans, you get the advantage of having a third-party cover and an Own Damage Cover. Plus, you also get access to additional add-ons, which can further increase your coverage.
- If your bike is used for business or commercial purposes, you are eligible for tax benefits. However, you must ensure that your bike is registered under your name for this to be possible.
- They are great if you live in a densely populated city like Delhi, where road accidents are common. This is because continually paying for repairs out of pocket can be financially stressful, so buying 2-wheeler insurance online can alleviate much of that stress.
- Lastly, you also get legal protection in addition to financial coverage for injuries and repairs costs. For example, in road accidents, injury to the third-party individual or their property can result in lengthy court cases without a bike insurance plan.
However, with an insurance policy for your bike, the insurer takes care of all the legal liabilities and offers any monetary compensation to the third party in your place.
Online two-wheeler policy renewals today are both easy and convenient. In fact, you can get them done in a matter of minutes. Most insurance companies have simplified the entire process to make that possible.
For example, reputed insurance providers like Tata AIG offer bike insurance renewals online on their official websites. As a result, customers no longer have to commute to the insurance office or be stuck waiting in long queues to renew their insurance policies.