Third party two wheeler insurance cover is a mandatory requirement under the Motor Vehicles Act, 1988. This type of insurance policy covers the third-party liability, which you face when your bike injures or kills someone or damages someone’s property. A third party two wheeler insurance policy comes for a specific tenure after which the coverage expires. The tenure is usually one year except if you have taken a long-term bike insurance plan.
Moreover, if you have bought a bike on or after 1st September, 2018, the coverage tenure would be for five continuous years after which renewal would be required. Since the cover is legally mandatory, you are required to renew bike insurance before the coverage tenure expires so that you can enjoy uninterrupted coverage and also comply with the legal mandate.
Renewal of third party insurance policy can be done online in simple steps. Here are two ways of renewing the policy online –
- Through the existing insurance company’s website – If you want to continue with the same insurance company’s policy, you can visit the company’s website for renewal. Then you can follow the below-mentioned steps for renewing the policy –
o On the website, under ‘two wheeler insurance’ you would find the option of renewing the policy.
o When you select the renew option, the existing policy number, the expiry date of the current policy, claim history of the current year and other details are asked.
o On providing the details you get the renewal premium.
o You would then have to pay the renewal premium and the policy would be renewed online.
o Once renewed, you would get the renewed insurance policy in your mail box. The hard copy would be sent by the company later on.
- Through insurance aggregator’s website – Certified insurance aggregators are online platforms which show third party insurance policies of multiple companies. You can buy or renew third party plans through insurance aggregator websites too. The process is as follows:
o You would have to provide your bike’s details like the registration number, make, model and variant, manufacturing year, fuel type, etc.
o The date of expiry of the current policy is also required to verify whether renewal is done within due date or not
o The claim history in the last year is also required along with the existing policy number
o Lastly, you would have to provide your personal details
o You can then select the best insurer offering the third party insurance policy, pay the renewal premium and renew bike insurance online.
Documents required for renewal
Some simple documents are required when renewing your third party policy. These documents include the following –
- Existing policy document for the policy number
- RC book for the bike’s registration number
- Application form for renewal which is to be filled and submitted online
Things to look out for when renewing online
When you renew your third party plan online, here are some things which you should look out for –
- Always renew on or before the due date. If the policy is not renewed within the due date, the policy lapses. In case of a lapse, the cover ceases. If you are caught without a cover, you will face legal consequences.
- Renewing the policy within the due date also gives you continued coverage against third party financial liabilities. In case of any liability that you face, the policy would compensate the financial loss suffered.
So, online renewal of third party insurance plans is a simple affair. The whole process can be completed in minutes and you can renew the policy from the comfort of your home or office. Don’t let the cover lapse as it is mandatory.