In India, owning a two-wheeler or multiple bikes per household is usual. The reason behind this is actually very simple. Indian cities have busy roads, and keeping up with the office timings is a huge ordeal for people.
With developing infrastructure, local trains or metros aren’t preferred by many, though the numbers are increasing. Apart from being affordable, the two-wheelers are preferred because they are easy to maintain, consume less space, and tackle traffic better than the four-wheeler vehicles.
Having a bike directly translates into buying two wheeler insurance. At the same time, two-wheeler insurance means renewing the policy to retain it for the financial well-being of your bike.
In India, it is legally mandatory to purchase insurance (at least third-party liability insurance) along with a bike. It is usually advised to get comprehensive bike insurance for your bike because it is more beneficial.
Now, with the increasingly busy lifestyle, renewing your two-wheeler insurance might become a huge task. But when you understand insurance policies thoroughly, you can make use of little things, like the motorcycle break-in period of your insurance policy. Now, what is a break-in period? How is it beneficial for a policyholder? Let us discuss this!
Break-In Period: Motorcycle Insurance Policy
Simply put, the break-in period is a time span the insurance company offers between the renewal date and the expiry of your insurance policy. These days can also be called a grace period. This grace period gives you a little extra time to complete your policy renewal procedure.
Every insurance company has a different break-in period, but they usually span from about 20 days to 90 days. Some companies provide as less as 7 days, but no company provides more than 90 days.
The insurance company will usually notify you through text messages, WhatsApp messages, emails, or phone calls in case you do not renew your policy before the assigned date. They will inform you about this grace period and how you need to renew your policy. This will also help you keep track of things.
Renewing Your Two-Wheeler Insurance Policy in the Break-In Period
When you buy a bike policy online, the documents mention every procedure and important dates relevant to your policy. If you read and understand all the terms and conditions in the documents and follow them, starting from periodic premium payments to the renewal date, you will not have to hustle a lot.
But for some reason, if you cannot keep up with those dates and have to use the grace period, i.e., the break-in period, you can follow these tips. Otherwise, it is always advised that you must start the policy renewal process beforehand in order to avoid such emergencies.
- Collect your Documents
When you miss your bike insurance policy renewal, you complete the renewal process in the break-in period. First, collect all the necessary documents you have. The online renewal of your two-wheeler insurance policies has made the process very easy and straightforward.
- Visit the Website
Your insurance company will mostly have a website online because, nowadays, each and every reputed company, like Tata AIG, has an online presence so that they can offer better facilities. Open the online policy renewal option.
- Fill Out the Form
Once you are redirected to the online policy renewal section, you will find a renewal form. Duly fill out the form. Make sure that you have entered all the information correctly, uploaded every necessary document, and checked the terms and conditions of the policy.
Once you have filled out the entire form, do not forget to proofread it once again. You might have made a slight mistake and not have noticed it. So, ensure the accuracy of your renewal form.
- Payment Process
When you submit your documents and the insurance company receives all the information, they send you an estimated cost of the policy renewal.
You can pay the insurance purchase price once you receive the estimate. You can make the payment on your cards, online banking, or other available modes of payment.
- Renewal Complete
Once the payment has been made, the insurance company mails you all the insurance documents instantly. You can save them in your local files, keep them in emails, and also print them out for safety!
This is how easily you can get your policy renewed even during your break-in period.
Necessary Documents for the Renewal of your Break-In Insurance
- Driver’s License
- Vehicle Registration Certificate
- Copy of your previous insurance policy
- Number Plate
- RTO details
- Personal Details
- Passport size photos
- Identity proof
- Address proof
If you have a lot on your mind and you know that keeping up with dates is not exactly your strongest suit, then you can allow the insurance company to notify you. You can also use something as simple as a reminder for your policy renewal.
Policy renewal is an important procedure because a lapsed policy does more harm than good. You might have to buy a brand new policy, which will cost much more than the renewal cost. (It is also very time-consuming.) So, this is all about the policy renewal process during the break-in period and your break-in insurance policy.