How to Check Bike Insurance Status Online?By Okbima 21 Jun 2023
In today's fast-paced world, it’s necessary to know “How to Check Bike Insurance Status Online” to avoid any future legal issues. To ensure safety and security, having a valid two-wheeler insurance policy is essential. But what happens when you need to check the status of your insurance policy?
In this article, we'll explore the ease and convenience of checking your two-wheeler insurance policy status online. With just a few clicks, you can see valuable insights into your coverage, expiry date, and any necessary renewals, ensuring you ride with peace of mind and legal compliance.
What is the Validity of a Bike Insurance Policy?
The validity of a bike insurance policy typically lasts for one year. This means that when you purchase a bike insurance policy, it provides coverage for 12 months from the date of purchase.
It's important to renew your bike insurance before the expiry date to ensure uninterrupted coverage. Failing to renew on time can result in a lapse of coverage, leaving you vulnerable to financial risks in case of accidents or damages. It's a good practice to check the expiry date of your bike insurance and renew it on time to enjoy continuous protection for your two-wheeler.
Benefits of checking Bike Insurance status online
There are some benefits if you check bike insurance status online and they are mentioned below:
• Accessible 24/7: Online platforms are available 24/7, allowing you to check your bike insurance status at any time.
• Location Independence: You can perform status checks from the comfort of your home, office, or while on the go.
• User-Friendly: Online status checks are typically straightforward and require no special expertise.
2. Timely Renewals
• Renewal Reminders: Many online platforms offer renewal reminders, ensuring you're aware of your policy's expiry.
• Avoid Lapses: Early renewal prevents policy lapses, maintaining continuous coverage.
• Customized Renewal Options: You can explore different renewal plans and choose the one that suits your needs.
3. Policy Details
• Coverage Verification: Confirm your insurance coverage, including details of what is and isn't covered.
• Review Additional Riders: Check for any additional riders you may have added to your policy.
• Access Modifications: View and verify any modifications made to your policy over time.
4. Digital Records
• Easily Retrieve Documents: Your policy documents are stored online, making it easy to retrieve them when required.
• Paperless Convenience: Reduces the need for physical paperwork, contributing to a greener environment.
• Enhanced Security: Online records are often more secure and protected from physical damage or loss.
5. Legal Compliance
• Avoid Penalties: Ensuring your bike insurance is up to date helps you avoid costly fines and legal penalties.
• Uphold Riding Rights: Valid insurance is necessary to legally operate your bike on the road.
• Peace of Mind: Knowing you are legally compliant provides peace of mind while riding.
What is covered under Bike Insurance?
The exact coverage may vary depending on the type of policy you choose and the insurance provider. However, a standard bike insurance policy usually includes the following types of coverage:
1. Third-Party Liability
• Legal Fees: The insurance can cover legal expenses in case you are sued by a third party due to an accident.
• Property Damage: It provides financial protection for property damage, including vehicle repairs or replacement and damage to infrastructure such as fences, lampposts, or buildings.
• Passenger Liability: Third-party liability coverage often extends to passengers on the insured bike. In case a passenger gets injured or there's damage to a third party's property while riding your bike, this aspect of coverage can provide protection.
2. Own Damage
• Fire and Explosions: Coverage may extend to damages caused by fire or explosions.
• Burglary and Theft: Protection includes losses due to theft of the insured bike.
• Transit Damage: It covers damages while the bike is in transit, such as during transportation between locations.
3. Personal Accident Cover
• Medical Expenses: In addition to compensation for bodily injury, this cover may include reimbursement for medical expenses and hospitalization.
• Permanent Disability: Compensation for permanent disabilities, whether partial or total, is provided.
• Rider and Pillion: It can extend coverage to both the bike owner/rider and any pillion passengers on the insured bike.
4. Add-On Covers
• Roadside Assistance: In the event of a breakdown or accident, this cover offers services like towing, flat tire assistance, and fuel delivery.
• Consumables Cover: This includes reimbursement for consumable items like engine oil, nuts, and bolts used during bike repairs.
• Key Replacement: In case of lost or stolen keys, this cover assists with key replacement and lock repairs.
What is not covered under Bike Insurance?
While bike insurance provides valuable coverage for various situations, there are certain exclusions and limitations to what it typically does not cover. Here are some common things that are not covered under standard bike insurance:
1. Mechanical or Electrical Failures
• Regular Maintenance: Routine maintenance, servicing, and repairs of your bike's mechanical and electrical components are not covered by insurance.
• Wear and Tear: Gradual wear and tear of the bike's mechanical or electrical parts due to regular usage is typically excluded from coverage.
• Manufacturing Defects: Any issues related to manufacturing defects or design flaws are usually not considered insurance claims.
2. Riding without a Valid License
• Underage Riding: If the rider is below the legally permissible riding age, any accidents or damages that occur are not covered.
• License Expiry: Riding with an expired or invalid license makes you ineligible for insurance claims if an accident happens.
• Incorrect License Category: If the bike rider holds a license for a different vehicle category (e.g., car) but is riding a two-wheeler, the claim can be denied.
3. Drunken Driving
• Beyond Legal Limit: If the rider's blood alcohol content is higher than the legally permissible limit while riding, any resulting accidents or damages may not be covered.
• Substance Abuse: Accidents that occur when the rider is under the influence of drugs or any other intoxicating substances are often excluded.
• Driving Under Suspension: If the rider's license is suspended due to previous drunken driving offenses, any subsequent accidents may not be covered.
4. Unspecified Modifications
• Hidden Alterations: Any undisclosed or unapproved bike modifications or enhancements can lead to claim rejection.
• Alteration Impact: If the modifications directly or indirectly contribute to an accident, the claim may be denied.
• No Records: When there is no documented proof or record of the bike's modifications, it can be challenging to process claims related to them.
Tips to Keep in Mind before Check Bike Insurance Status Online
Certainly, here are ten tips to keep in mind when you want to check bike insurance status online:
- Regular Checks: Make it a habit to periodically review your bike insurance policy details to ensure it's up to date.
- Renewal Deadlines: Keep track of your policy's renewal date and renew it on time to avoid any lapses in coverage.
- Policy Type: Understand the type of policy you have – whether it's third-party or comprehensive, and what it covers.
- Add-Ons: Review any add-on covers to see if they align with your needs and consider adding or removing them.
- Expiry Date: Always check your bike insurance's expiry date so you can renew it in advance.
- Coverage Limits: Be aware of the financial limits set by your insurance policy for different components like personal accident cover, third-party liability, and damage.
- Claim Procedures: Familiarize yourself with the procedures for filing a claim and keep the insurer's contact information handy.
- IDV Assessment: Understand how the Insured Declared Value (IDV) of your bike is calculated, as it impacts your policy's coverage.
My Bike Insurance is Expired, How to Renew It?
Renewing your expired bike insurance is a simple process that can be done in four easy steps that are mentioned below:
• Contact Your Insurer: Reach out to your insurance company as soon as you realize your policy has expired. You can contact them through their customer service helpline, website, or by visiting a local branch.
• Provide Required Details: Provide your policy number and bike information to your insurer. They'll assist with the renewal procedure.
• Calculate and Make Payment: Your insurer will calculate the premium for your renewed policy, which may include a late fee. You can make the payment using your preferred method, such as online banking, credit/debit card, or digital wallet.
• Receive Renewed Policy: After processing your payment, your renewed policy will be issued. You can download it from the insurer's website or request a physical copy.
When Can I Cancel My Bike Insurance Policy?
You can cancel your bike insurance policy at any time during the policy period. However, the process and the refund you receive depend on the stage at which you choose to cancel
• Within the Free-Look Period: Insurance policies typically come with a "free-look" period of 15 to 30 days after the policy issuance, during which you can review the policy terms and conditions. If you decide to cancel the policy during this period, you will receive a full refund of the premium paid.
• After the Free-Look Period: If you wish to cancel the policy after the free-look period, you can still do so. The refund you receive will be calculated on a pro-rata basis, meaning you will receive a partial refund for the remaining policy period. However, there may be deductions for administrative charges.
• At Policy Renewal: You can choose not to renew your bike insurance policy at the end of each policy term. This is not exactly a cancellation but a decision not to continue the coverage.
• When Selling Your Bike: If you sell your bike, you can request the cancellation of the insurance policy on that bike. The insurer will typically provide a pro-rata refund based on the remaining policy term.
Ask our experts: Verify your bike insurance online effortlessly!
H2: What Is The Cost Of Third-Party Bike Insurance?
The cost of third-party bike insurance in India is regulated and set by the IRDAI (Insurance Regulatory and Development Authority of India). It depends on the engine capacity (CC) of your bike. The rates for third-party bike insurance are updated annually.
Here is a general idea of the approximate costs for third-party bike insurance based on engine capacity:
- Up to 75 CC: The premium is the lowest for bikes with an engine capacity of up to 75 CC. The cost can range from around ?400 to ?1,000 per year.
- 76 CC to 150 CC: For bikes with an engine capacity between 76 CC and 150 CC, the premium is higher. It can range from approximately ?750 to ?1,500 per year.
- 151 CC to 350 CC: Bikes in this category have a moderately higher premium, typically ranging from ?900 to ?2,500 per year.
- Above 350 CC: High-performance bikes with an engine capacity above 350 CC have the highest premiums. The cost can vary from Rs 2,000 to Rs 4,000 or more per year.
In conclusion, it’s necessary to know how to check bike insurance status online to avoid future potential legal issues and financial burdens. By verifying the policy's status, you can enjoy peace of mind knowing that you're protected in case of an unfortunate event.
The benefits of online checking include easy access to policy details, timely renewals, digital record-keeping, and legal compliance. So, make it a habit to check your bike insurance status online regularly and ride with the confidence that you are covered in every journey you undertake.
I lost my vehicle’s registration number. How do I check bike insurance status online?
To check your bike insurance status online, visit the website of your country's insurance regulatory authority or your insurance provider's website. Provide your policy details for information retrieval.
What are the options to check bike insurance status online?
You can check your bike insurance status online through your insurer's website, insurance regulatory authority's portal, or insurance aggregator websites using your policy details.
How to check the third-party bike insurance status online?
To check third-party bike insurance status online, visit your country's insurance regulatory authority website. Enter the vehicle details or policy number to access the policy's current status.
Can I renew my bike insurance before the renewal date?
Yes, you can renew your bike insurance before the renewal date. Many insurers allow early renewals, typically up to 60 days in advance, to ensure continuous coverage.
What is the registration number of a bike?
A bike's registration number is a special code given by the Regional Transport Office (RTO). It's a must-have for every bike owner, like an ID number for your bike.
How to check the third-party bike insurance status online?
To check your third-party bike insurance status online through the Insurance Information Bureau (IIB). Enter your bike's registration number and the verification code, and the website will show you the status of your third-party insurance policy.
Can I check the insurance status without the registration number?
You don't have to provide the registration number to access insurance details on these websites; it's optional.
I bought my bike in 2021. Can I check the policy status on the IIB portal?
No, it's not possible because the IIB portal only has information on policies bought after April 1, 2020.