Two-wheeler is one of the most commonly used modes of transport in our country. In fact, there is one bike or scooter owner in every household and there are families who own more than one two-wheeler.
It is important to note that two-wheelers are more susceptible to damages and accidents in comparison to other cars and four-wheelers. For this reason, it is imperative to buy a two-wheeler insurance policy along with its timely renewal.
A bike insurance policy covers the owner/driver from theft, vehicle damage, and personal accident in case of death and disabilities resulting from an accident. Moreover, it compensates for any third-party damages and liabilities arising from an accident involving your two-wheeler.
You can get your bike insurance renewal online and offline both. As per the Indian Motor Vehicle Act of 1988, it is mandatory to have your two-wheeler insured and that is why it is important to renew it in time. Besides this, there are various other benefits of bike insurance renewal and the major ones are enumerated below:
- No-Claim-Bonus: Mostly, all the bike insurance companies offer a No Claim Discount on the insurance premium, for not making a single claim during the policy period. The discount usually ranges between 20 and 50 percent. So, if you renew your policy on time you can avail the benefits of No-claim-bonus and pay a lesser premium at the time of renewal.
- Compensation for Man-made and Natural Disasters: Renewal of your bike insurance policy will ensure coverage against the loss or damage in case of natural calamities like cyclone, fire, flood etc. Not only that, but it also ensures coverage against accidents, riots, and theft.
- Third-Party Damage Cover: Policy renewal also ensures coverage against legal procedures in the event of any road accident causing damage to a third-party, property or person.
- Add-on Benefits: You can choose the desired coverage options while renewing your policy. So, you can utilize this time to choose the benefits that you may have missed at the time of purchase. For instance, you can opt for following benefits when renewing your policy: zero depreciation cover, loss of accessories cover and personal accident cover for the pillion riders among others.
- Revising the Policy Terms: If you want to change the duration of your policy, you can do so at the time of renewal. You can continue with the annual plan or opt for a multi-year plan for 2 to 3 years. The benefit of buying a long-term plan is continuous coverage, discounts on premium and no hassle to renew it on an annual basis.
- Easy Online Renewal: It has become easier to buy or renew insurance online with smartphones and internet. Insurance companies with their simple online procedures provide ease of buying to the prospective and existing customers.
Suppose you have a Bajaj Allianz policy, then you can very conveniently go for Bajar Two Wheeler Insurance online from the insurer’s site. The process is secured, time-saving and easy to understand.
All the motor insurance companies follow their own renewal process, but more or less they all follow a similar procedure and some of the steps are listed below:
- Go to the website of the two-wheeler insurance company
- Submit details such as your policy and vehicle registration number
- Click on the renewal button
- Select the add-on covers (if any)
- Click submit button
- Pay online and they will send you an online receipt
Further Benefits of two-wheeler insurance online renewal are listed below:
- Paperwork Is Not Required: Online insurance platform reduce the hassle of documentation and paperwork procedure. It is simple to purchase the policy online and securely make the payment online. The entire procedure is quite convenient for the buyer and there are various discounts that one can get with online purchase.
- Easy Online Comparison: Renewing two-wheeler insurance online offers the customer, the chance of choosing a suitable plan. You can compare various policies and then select an adequate one. With online comparison, one can analyze the merits and demerits of the two-wheeler insurance can even compare the cost of premium online.
- Option to Select the Most Cost-Effective Plan: Along with convenience, it is quite cheaper to get a policy online. It eliminates the cost of middlemen or broker who charge you an extra amount for their services. At times, the price of a bike insurance policy is lower online as compared to the offline price.
- The Flexibility of Making Changes to The Policy Document: If you need to make any changes to the policy document then you fill up an endorsement form, which is available on the insurer’ s website. Once the endorsement is submitted to the insurance company, your request will be sanctioned instantly.
But before that here are a few things that one needs to consider before purchasing bike insurance online:
- Fake Offers: Avoid getting tempted to fraudulent offers online, as they are very common these days. They are used to trick the customers to disclose their bank account details. To make sure the authenticity of the policy, it is always better to speak to the insurer directly.
- Ask for a Receipt: Always ask your insurer for payment receipt both renewal and purchase of a policy for future reference.
In a Nutshell.
Timely renewal of two-wheeler insurance policy ensures both peacefulness and a sense of security. It ensures coverage against road accidents and saves you from the penalty as it is an essential document for every vehicle owner/driver in India. However, before purchasing a policy it is recommended that you go through the policy documents and features. You can also read bike insurance reviews from other customers before zeroing down on one.
