When you look for bike insurance, there are two types of plans you would come across – Third party bike insurance plan and Comprehensive insurance plan. While the third party insurance policy covers the damages happened to the third person, comprehensive bike insurance provides coverage against the damages to your own vehicle along with the third party.
However, in order to reap the benefits of an insurance policy, you must renew it on time. And to keep track of your bike insurance expiry date, you can check your policy details online. Ways by which you can keep track of other details and the expiry date of your insurance policy.
Insurance Information Bureau
Important details related to your policy can be checked on the Insurance Information Bureau (IIB). As soon as you click ‘Quick Links’ on IIBs homepage, you will be able to access a form. After filling all the information on it you can easily get your expiry date.
It must, however, be noted that IIB carries information available for vehicles that are bought after April 1, 2020.
Another way to get details regarding your insurance policy is via the VAHAN website. The Ministry and Road Transport maintains the VAHAN website. To access the required information you can click the menu tab followed by the ‘Know Your Details’ tab.
As soon as you feed in the details of your vehicle, such as vehicle number and the verification code, you will be able to find a ‘Search Vehicle’ option. Checking on it would get you to the details.
The insurance providers have the entire record of the policies issued by them. You can use the bike’s registration number to get the expiry date on the respective insurance provider’s website. With Bajaj Finserv you can easily renew your bike insurance policy, that too without inspections and without having to submit any fresh documents. Moreover, there is no extra cost involved in the process.
Bajaj Finserv provides all the required assistance when you get your renewal process done. You can get chat and customer supports to resolve any doubts you face during the process.
When Should You Renew Your Bike Insurance Policy?
If you miss your bike insurance expiry date, the policy will become null and void. In this situation you will have to get a new Insurance policy. Insurance companies offer grace periods to renew policy but with a penalty involved. Therefore, it’s better to keep track of the insurance end date and renew it on time. One way of avoiding insurance policy renewal every year is that you can choose a long term cover.
If you are planning to buy a two-wheeler, it is mandatory to buy an insurance policy for the same. You can choose a comprehensive one or a third party insurance policy. Also, keeping track of its expiry day, since it can help you renew your policy smoothly. You can either approach the insurer directly or log on to VAHAN or IIB. The details can be accessed by providing the registration number of the vehicle.
Head over to Finserv MARKETS for more information and a wide range of products. Make use of tools such as their bike insurance calculator to make an informed decision!