A motor insurance policy for a two-wheeler is mandatory in India as per law. This act ensures that you can enjoy financial support in case of a mishap such as an accident. Other than the minor and major damage to the bike, even the total loss of the bike is covered. You can claim the full insured amount as per the policy document details. However, claiming insurance in case of an accident is only valid when you have an active bike insurance policy. Hence, it is imperative to renew your insurance policy before it expires. Here is what you need to know about bike insurance renewal. We share the complete list of the documents and paperwork needed to do the same.
Bike Insurance Renewal
As mentioned earlier, bike insurance renewal is quite important before the expiry date. It ensures that you have valid insurance at all times. For renewing the insurance, you need to arrange certain documents and keep them handy. Bike insurance can be renewed through both online and offline modes. Though the list of documents needed may vary a little depending on the insurance company, the list contains more or less the same documents.
If you are renewing the policy with the same insurer, then not many documents are needed. If you are changing the insurance company and buying a new insurance policy from a different service provider, then you will need some additional documents. Also, in case the policy has already lapsed or expired, the insurer may request a slightly different set of documents from you.
What are the Documents Needed for Online Bike Insurance Renewal
Renewing a bike insurance policy today has become not only easier but faster too. When you buy a bike insurance policy online, you can also compare and read about the renewal details such as the premium, documents needed, coverage, and more in detail.
Here we share the list of documents needed for bike insurance renewal:
- ID Proof: Identity proof can be one of the documents such as a passport or a ration card or a DL (driving licence). You can also show an Aadhaar card or a voter’s ID card.
- Address Proof: You also need to submit one of the address proofs. It can be one of the documents such as a passport or Aadhaar card or a voter’s ID card or a DL (driving licence)
- Registration certificate or RC of your two-wheeler.
- Passport-size photographs.
- Old policy number, in case the same is applicable in the case of existing bike
What are the Documents Needed When There is a Change in the Bike Insurance Service Provider
If you have decided to change your existing insurance provider and go for a new insurance provider, then you might need additional documents. This is required as the new insurance provider may provide a different policy with different coverage, premium, and other add-on services compared to the former.
To transfer the policy from one insurance company to another at the time of renewing the two-wheeler insurance policy, here is the list of documents you will need:
- ID Proof: Identity proof can be one of the documents such as a Passport or a Ration Card or a DL (Driving Licence). You can also show an Aadhaar card or a Voter’s ID card.
- Address Proof: You also need to submit one of the Address proofs. It can be one of the documents such as a Passport or Aadhaar card or a Voter’s ID card or a DL (Driving Licence)
- Registration Certificate or RC of the bike.
- A copy of the existing insurance policy document.
- A few latest passport-size photographs.
- A copy of the lapsed Bike Insurance Policy
Lapsed Bike Insurance Policy
Though the insurance company offers a grace period too which is around 15 to 30 days depending on the provider and the policy, still many people fail to renew the policy within the grace period. This leads to the expiration of the policy.
In case you have expired your bike insurance policy, then you must know that you would have given up many benefits such as NCB. When the bike insurance policy expires, the coverage stops immediately. So, to enjoy the benefits of the policy incessantly, ensure to renew the policy for sure.
How to Renew a Lapsed Bike Insurance Policy
Here is what you need to know about lapsed bike insurance renewal. There are two modes of renewing the expired Bike Insurance policy:
Under this quick and convenient method of renewing the policy, you need to open your insurance provider’s website and fill out the form for getting the bike insurance reactivated. You will have to mention important information. You will be then able to renew the lapsed bike insurance policy after paying the asked fees.
You can visit the insurance company office and apply for the renewal with the help of the company professionals.
Do check your insurance policy and see whether it is time to renew your bike insurance policy, so it stays active. You should not delay the bike insurance renewal policy as a lapsed bike insurance policy does not provide coverage for the damages caused due to an accident. Under this scenario, you will have to bear the cost of the repair of your damaged bike.