If you already have a motorbike or are planning to purchase one, you should know that getting bike insurance is mandated by law. According to the Motor Vehicles Act, possessing a valid bike insurance is mandatory if you wish to ride your motorbike on public roads. Failure to adhere to this rule can get you into trouble with the authorities and can even lead to a penalty of Rs. 2,000. That’s why it is important to possess valid bike insurance at all times.
But then, fear of legal consequences shouldn’t just be the only reason for you to purchase or renew your motorbike insurance. In fact, insurance offers several other benefits too. For instance, in the event of an accident involving you and your vehicle, bike insurance can help protect you financially from third party damage claims. You can use the insurance to help repair your damaged motorbike as well.
Since bike insurance plays such a huge role, it is crucial to ensure that you renew it on time every year. A lapsed insurance policy will not provide any benefits and you will end up losing the financial safety net.
That said, if you’re worried about the renewal process being too lengthy and time consuming, you’re in for a surprise. With the Finserv MARKETS app, all it takes is just 10 steps to get your bike insurance renewed. Finding it hard to believe? See for yourself.
Bike Insurance Renewal Process Through the Finserv MARKETS App
To get your bike insurance renewed, all that you have to do is follow the below mentioned steps.
- Firstly, download and install the Finserv MARKETS app from your smartphone’s app store. The app is available on both Android and iOS operating systems. Once installed, open the app and log in using your mobile number. You will receive a One Time Password (OTP). Enter the OTP to validate your login.
- Tap on ‘Insure’. You can find this option at the top of the app. And then, click on the ‘Bike’ option. The app will take you to the bike insurance section, where you can read about the features and benefits of bike insurance and browse through the various offerings. Once you’ve gone through the page, tap on the ‘Want to insure your bike? Click Here’ option.
- Here, you will be asked to enter a few details such as the registration number of your bike, your mobile number, and your date of birth. Additionally, you will also be asked to choose whether your existing bike insurance policy has expired or not. Upon specifying all the details, click on the ‘Get Quote’ button at the bottom.
- In the next page, you will have to enter a few more details like the vehicle make and model, the variant, the registration month and year, and the manufacturing year. Once you’ve entered all these details, tap ‘Proceed’.
- Here, you will be asked to give details of your existing bike insurance policy such as the type of policy and claims that you have made. Also, you will have to enter the pin code of your current residence along with the policy expiry date. After you’ve entered all of the details, click on ‘Proceed’ once again to get to the next step.
- In this page, you will be asked to check the current No Claims Bonus (NCB) value, choose the type of bike insurance plan and addons that you wish to opt for, and select the Personal Accident (PA) cover. Once you make the necessary choices, you will be shown a list of two wheeler insurance plans along with the premiums for the same. Choose the one that you’re comfortable with and proceed.
- Here, you’ll be required to enter policy details such as the engine number, chassis number, previous policy number, and the name of the previous insurer. Once you’ve entered that, you will then be asked to provide details of the bike’s owner and their address. Upon entering all the details tap on the ‘Next’ button to proceed.
- You will be shown a summary of the policy details, which includes the Insured’s Declared Value (IDV), the current NCB, the policy type, and the total premium that you would have to pay including GST.
- Once you’ve verified all of the details in the page, click on the ‘Pay Now’ button on the bottom to make the payment. You can choose to pay via debit card, credit card, UPI, Netbanking, or even through EMIs.
- Upon making the payment successfully, a soft copy of your bike insurance policy will be sent to the email address specified by you.
See how easy it is to renew your bike insurance through the Finserv MARKETS app? If your motorbike insurance is due for renewal, download the Finserv MARKETS app right now and follow the above steps to renew it instantly. That said, before you go ahead and do that, ensure that you use a bike insurance calculator to determine just how much premium you would have to pay for your motorbike insurance. This way, you will be in a better position to make informed decisions.