A variety of aspects must be considered before buying a bike insurance policy. The most difficult decision is deciding between an online and an offline insurance policy. It is now simpler and quicker to purchase online bike insurance due to technological advancements. However, with the rise of scams, you should be mindful of a few safety considerations when selecting a reputable insurance provider to insure your bike. You're ready to buy or upgrade your two-wheeler insurance online once you've been checked.
What is Bike Insurance Renewal?
Renewal premiums are the annual premiums charged by the insurer to the insured in order to keep the policy active and use its benefits. After a grace period, a policyholder's policy will expire if he fails to pay his premiums.
Ways in Which Bike Insurance Can Be Renewed?
A two wheeler insurance plan can be renewed online as well as offline. You can follow the below mentioned steps to renew your bike insurance policy in time -
Steps To Renew Bike Insurance Online
Follow the below-mentioned steps to renew your bike insurance policy -
- Check the official site of the bike insurance company
- Enter your bike insurance policy number and your mobile number. Your policy details will appear
- Select bike insurance add-ons, if required.
- Make the payment of the renewal premium. You are done. You will receive the bike insurance policy in your inbox.
Steps To Renew Bike Insurance Offline
- Visit the nearest branch of your insurance company
- After you've checked all of your previous records, fill out the renewal form. If there are no adjustments in risk or coverage specifics, there is no need to request a new proposal form when renewing on your own
- Please submit all necessary documents
- Pay the invoice
- Get the receipt
Is Online Bike Renewal Really Safe?
Yes, it is safe to purchase two wheeler insurance online. You can follow some tips to ensure you are buying from the correct place and get the benefits of buying or renewing a two-wheeler insurance policy. Some individuals, on the other hand, prefer a time-consuming offline documentation process. It is up to you to decide which form of insurance purchase is the most convenient and time saving.
Benefits of Purchasing Two Wheeler Insurance Online
The digitalisation of the insurance industry has made purchasing or renewing auto insurance much easier. Without having to visit a branch, a two-wheeler owner can select and compare the best insurance option for his or her vehicle. Online insurance programme involves the following benefits:
- Paperless Experience: Buying insurance for a two-wheeler used to be a time-consuming process. The presence of middlemen and brokers also made it cumbersome to purchase or renew bike insurance. Some items have become simpler and paperless thanks to companies that deliver a digital process. Companies that specialise in digital insurance, have an online platform for buying and renewing insurance. Insurance professionals will walk you through the entire online buying/renewing process with ease.
- Simple Renewal Process: The process of renewing your bike insurance is made easier by purchasing it online. You can choose your favourite insurance package with add-ons, make your deposit, and you'll be ready to use the services for the remainder of your policy duration. Don't be concerned about the No Claim Bonus you've got (NCB).
- Customer Service 24/7: The most significant advantage of purchasing a bike insurance policy online is the availability of customer service 24 hours a day, seven days a week. You do not need to be concerned if anything goes wrong. For assistance, you can contact customer support directly. Professionals will direct you through the whole process of purchasing, renewing, and filing claims.
- No Broker Charges: The conventional approach entails the use of middlemen and brokers, as well as an additional premium. Online two-wheeler insurance, on the other hand, does not use middlemen or brokers, so there are no brokerage fees.
Mr. Kumar wanted to renew his HDFC Comprehensive Two Wheeler Insurance Policy because it was nearing the end of its policy term. He chose to do it online because it was more convenient and hassle-free for him. He simply went to the official website of HDFC General Insurance to renew his two wheeler insurance policy and logged in using his credentials. After checking the relevant information, he made the payment for the renewal premium. He soon received an email intimation that his policy had been renewed for a new term. He did not have to incur any brokerage charges which he would have insured in case he had renewed his policy offline via an agent.
Things to Keep in Mind While Renewing Bike Insurance Policy Online
When it comes to making online purchases, most people are concerned about their safety. Until purchasing or renewing an online bike insurance policy, always read the company instructions, terms, and conditions. Before buying or renewing two-wheeler insurance online, there are a few things to think about:
- Be Aware of Fraudulent Offers: With the growing number of crimes, the graph of frauds is also increasing. You may have seen the warning label "Beware of Fraud" in some areas. To begin, determine whether the insurance company is registered. The Insurance Regulatory and Development Authority of India requires that all insurance companies be licenced (IRDAI). Also, don't forget to look up the insurance company's feedback and ratings to learn more about its credibility.
- Examine The Policy's Signature: When purchasing or renewing a two-wheeler insurance policy, make sure the policy documents have your insurer's approved signature. A person's identity is represented by their signature. It gives an organisation a sense of trustworthiness. Make sure the insurer's signature is present when buying or renewing online bike insurance.
- Verify With The Insurer: Before purchasing or renewing a two insurance insurance plan, it is a good idea to double-check with the insurer. It's a good idea to contact them via phone or SMS. You will get a good picture of the policy norms, premiums, and any questions about your insurance policy after having a detailed discussion with the insurer.
- Request A Payment Receipt: A receipt is evidence of a purchase. Never fail to request a reimbursement receipt or bill from your insurer as a matter of course. Keep track of the purchases and keep track of your premiums, deductibles, and other fees.
Our lives have been made easier and simpler by the digital world. The same can be said for insurance. With the benefits, drawbacks also fall into account. However, it is your duty to check the insurance company's authenticity. Check the details before purchasing or renewing insurance to ensure there is no fraud. Keep your guard up and don't give away any personal information or bank account information that isn't necessary. Often contact your insurer to make a secure payment to be on the safe side.