What are the documents required for Bike Insurance renewal?
Motor Insurance Policy acts as a shield protecting you from any kinds of accidents on the road. Given the increasing number of vehicles and accidents and also the busy traffic in India, it is important to insure your bikes to safeguard yourself from any unfortunate event. Having bike insurance allows you to raise a claim and obtain damages if your bike gets involved in any accidents. However, you can raise a claim only when your policy is in active status. If your policy expires or lapsed, then you will lose your privilege. It is the reason why it is advised to always renew your policy well ahead of the schedule so that you do not lose out on any benefits. That said, you might want to know about the documents required to renew your bike insurance policy.
List of Documents Required to renew Bike Insurance Policy
Documents for renewal of your bike insurance depends on whether you are continuing with the same insurer or decided to port to another insurer for better offers and coverage. IRDAI has allowed provisions for the customers to migrate to another insurer if they are satisfied with the current insurer.
Documents required for Same Insurer
Renewing your bike insurance policy is no longer a cumbersome process. Now you can renew your existing policy in a hassle-free manner in a matter of a few minutes. Every company has a list of documents that you need to provide while renewing your policy. Collectively, following documents are required if you are renewing the bike insurance policy in the same company.
- RC of the vehicle
- Proof of Identity (DL/Voter ID/Aadhar/ Ration Card)
- Proof of Address (Voter ID, Aadhar Card, Passport)
- Recent Photograph
- Old Policy number, if required
Documents required for switching to a different provider
In the event you decide to port to a different insurance provider, the new insurance company would ask for the following documents,
- RC of the vehicle
- Proof of Identity (DL/Voter ID/Aadhar/ Ration Card)
- Proof of Address (Voter ID, Aadhar Card, Passport)
- Recent Photograph
- Old Insurance Copy
Lapsed Bike Insurance Policy
At times, people tend to forget to renew their insurance policy on time. Generally, the company allows a grace period of 10-15 days from the date of expiry of the policy to renew. However, if you fail to utilise the grace period, then your policy will move into lapsed status which will cause you to lose your privileges like No Claim Bonus etc. During such instances you need to contact your policy provider either through online or offline and they will suggest what needs to be done.
Key Points to Remember while renewing your bike insurance policy
- Make sure you renew the policy before it expires. Riding with an expired policy is an offence and would attract hefty fines.
- Avail accrued benefits like No Claim Bonus (NCB) while renewing your bike insurance policy online. It will reduce your premium by a significant margin
- Several companies offer long-term bike insurance policies these days, which will make sure that you can stay insured for a long term. Buying a policy this way could prevent the hassle of renewing your bike insurance periodically
- Sites like Fincover give you the option of comparing insurance quotes from multiple insurers at one place in a seamless way. Checking this way would give you insights into features and benefits of different insurance plans from multiple insurers. You can then select the one that fits your requirement.
- If you require enhanced protection for your bikes, then select the appropriate add-ons along with the renewal.
- IRDAI has also given the customers an option to switch to a different insurer. You can do it easily in a site like ours, without losing out on your accrued privileges like No Claim Bonus.