How to Renew Your Hero Two Wheeler Insurance

Hero MotoCorp is a leading name in the two-wheeler segment of India, headquartered in New Delhi. Formerly known as Hero Honda, it is a dominant player holding over 50% of the domestic two-wheeler market share. The company is renowned for designing and developing technologically-advanced motorcycles for customers worldwide. Since the company sells millions of two-wheelers every year, it's evident that the riders would need Hero two-wheeler insurance as well. So, learning to renew Hero insurance is worth your time and effort. 

Hero MotoCorp Insurance – Why is it Necessary?

Whichever Hero bike model you buy, you will need a valid insurance policy to drive in India. The Motor Vehicles Act 1988 governs the country’s traffic rules. It makes insurance mandatory for each motorcycle running in India under a third-party policy. Moreover, in case of an accident, the insurance company will cover the loss suffered, financially assisting you and protecting your pockets from unnecessary strain. 

In the event of a third party’s death or injury from your bike, insurance will save you from financial loss liability. The insurance company will cover this liability and compensate the injured person or the dead person’s family for the loss suffered. It avoids the financial stress that you would have to bear otherwise. 

Moreover, you can only take a loan against a bike from Hero FinCorp if you have bought its insurance policy. That is why it is mandatory to keep your insurance policy updated. If you are unsure of your insurance's validity, check Hero bike insurance online and know your last date for renewal. 

Before we learn about Hero Honda bike insurance renewal, its important to learn about the types of insurance plans available. 

Types of Hero MotorCorp Insurance Plans

You can buy two types of insurance policies: 

1. Third-Party Liability Policy:

   This type of insurance policy covers any third-party liability you face if someone gets injured or dies or you damage someone’s property with your bike. It is a mandatory cover for each bike owner under the Motor Vehicles Act 1988.

2. Comprehensive Policy:

   A comprehensive insurance policy gives dual coverage for third-party liability as well as damages to your own bike. That means it also covers the loss if your bike gets stolen or damaged in an accident.

Here are a few points of difference between the two policy covers:

• While the third party is a mandatory cover, comprehensive policy is optional, and you can take it for a wider coverage scope.

• A third-party insurance policy covers third-party liabilities only, while a comprehensive policy covers both owners and third-party liabilities.

• While there are no optional add-ons under a third-party plan, you can choose several optional add-ons under a comprehensive cover.

• The Insurance Regulatory and Development Authority of India determines the bike insurance renewal price for a third-party policy. For comprehensive policies, the insurance companies fix their premiums according to the insurance plan and add-ons.

• Third-party insurance premiums are fixed for all companies, and there are no discounts. However, insurance companies may offer discounts on premiums under comprehensive insurance plans.

Choosing Add-Ons When Buying or Renewing Hero Two-Wheeler Insurance

Besides offering a wider scope of coverage, a comprehensive Hero bike insurance policy offers different types of optional add-ons you can choose at an extra price. Some common add-ons include:

• Roadside Assistance:

  If you buy this add-on, the insurance company will provide round-the-clock help in emergencies. If your motorcycle breaks down and you get stranded in the middle of a road, you can call your insurer for assistance and get the help you need.

• Zero Depreciation:

  This add-on will negate the effect of depreciation on your bike’s parts. If you make a claim, the insurance provider does not deduct depreciation on the parts you replaced or repaired during a period. Therefore, you get the entire cost of repairs under this insurance cover.

• NCB Protection:

  NCB stands for the No Claim Bonus you get each year if you do not make a claim. The bonus rate also increases after each successive year without a claim. However, if you make a claim, the bonus becomes nil. If you select this add-on while going about Hero Honda's two-wheeler insurance renewal online, you can preserve this bonus even after making an insurance claim.

• Return to Invoice:

  If your bike gets stolen or damaged beyond repair, the insurance provider pays the bike's invoice price. It helps get maximum compensation.

• Personal Accident Coverage for Pillion Rider:

  The add-on extends personal accident coverage to the pillion rider. If the person riding with you on the motorcycle gets permanently disabled or dies, the add-on pays lump sum coverage for the contingency.

• Consumables include nuts, bolts, lubricants, oils, etc., used for bike repairs. Opting for this add-on will cover the cost of these consumables.

Steps for Hero Two-Wheeler Insurance Renewal Online

As a bike owner, you must renew your Hero bike insurance yearly to continue your coverage and drive legally. You can complete the Hero insurance renewal process online in the following ways: 

Through the Insurance Company’s Website:

The first way to renew the bike insurance policy online is through the insurance company's website. Follow these steps to complete the process:

• Visit the insurance company’s official website 

• Enter your policy number 

• Confirm the details 

• Pay the bike insurance renewal price

Through a Third Party Website:

There are several websites where you can compare various insurance policies from different companies and finalise one that provides maximum coverage at a minimum premium. These are the steps to follow:

• Visit a reputable third-party insurance comparison website

• Enter your existing policy's details and see various insurance companies' quotes

• Compare their coverage and premiums and opt for the most suitable one

• Pay the premium online and get a copy of your insurance by email

Hero Honda bike insurance renewal can be quickly done online from the comfort of your home. It saves a lot of time and gives you the extra convenience of comparing various plans to get the best deal. Now that you know the importance of Hero bike insurance, buy your favourite Hero motorcycle or scooter using a Hero FinCorp two-wheeler loan after checking your eligibility online.

Conclusion

Overall renewing your Hero Honda bike insurance is a crucial step to ensure legal compliance and protect yourself from financial liabilities. Understanding the types of insurance plans available and considering optional add-ons can enhance your coverage. With the convenience of online renewal options, you can easily compare and choose the best insurance policy for your Hero two-wheeler. Prioritising insurance renewal allows you to enjoy worry-free rides and make the most of your Hero motorcycle or scooter.

FAQ:

1. How do I renew my lapsed bike insurance online?

If your bike insurance has lapsed, you can still renew it online by visiting the insurance company's website or a reputable third-party insurance comparison website. Provide the necessary details, make the payment, and your policy will be renewed.

2. What is the fine for expired bike insurance in India?

The fine for riding a bike without valid insurance in India is governed by the Motor Vehicles Act. If your bike insurance has expired, you may be liable to pay a penalty of up to Rs 2,000 for the first offense and up to Rs 4,000 for subsequent offenses. Additionally, your bike may be seized or your driving license suspended.

3. What is the fine for late insurance renewal?

The fine for late insurance renewal depends on the insurance company's terms and conditions. It is advisable to renew your bike insurance before the expiration date to avoid any penalties or fines. So contact your insurance provider for specific details regarding late renewal penalties.

4. Is third party insurance enough for a bike?

Third party insurance is the minimum legal requirement in India under the Motor Vehicles Act. It covers your financial liability towards third-party injuries, damages, or death caused by your bike. However, it does not cover damages to your own bike. Considering the risks involved in accidents, it is recommended to opt for a comprehensive insurance policy that provides coverage for both third-party liabilities and damages to your bike.