A bike insurance policy offers insurance coverage that provides financial compensation against unpredictable situations and risk associated with loss and damage of a two-wheeler. Two-wheeler insurance policies also safeguard the rider and protect him against third-party liabilities caused due to an accident involving a fellow driver or the insured himself.
Considering the rise of vehicular accidents in the country, availing two wheeler insurance online or offline has become a mandate. These insurance policies also come with lucrative renewal benefits for the policyholders. Moreover, the entire process can be completed online or offline, following some easy-to-follow steps. Lets’ take a look at how to renew a two wheeler insurance policy.
How to renew bike insurance online?
It can be performed with 5 simple steps:
Step 1: Select the ‘Renew’ option under the two-wheeler insurance column from the company’s website.
Step 2: Enter your motorcycle or scooter’s details, along with personal details in the required fields.
Step 3: You can now choose add-on covers as per your requirement. This will be used to calculate the final premium amount.
Step 4: Fill in the renewal form with necessary details and make the payment.
Step 5: The renewal policy will be delivered to you instantly through your email.
Alternatively, you can also avail other insurance covers like a third party bike insurance plan by following the same procedure.
Renewal process: Offline
Two-wheeler insurance cover can be renewed offline by visiting the nearest branch of the insurer. There you will be provided with an application to put in the vehicle and personal details manually. You will be provided with add-on covers as well in case you consider buying additional insurance policies. After filling the form, pay the chosen premium, and your two-wheeler policy will be in place.
Note that premium can be paid through cash, cheque or demand drafts. However, cheque payments take time to clear. Your policy will be sent to the postal address and through the email ID provided as well.
However, if you decide to buy two-wheeler insurance or renew online, you will be able to skip the lengthy process and will be able to renew the policy without any hassle.
Benefits of two-wheeler insurance policy renewal
To satisfy their existing policyholders, insurance providers like Bajaj Finserv offer advanced benefits on their two wheeler insurance plan. Some of the benefits extend to –
- Availability of discounts
Transfer up to 50% of the existing NCB (No Claim Bonus) from any bike insurance company while renewing a policy.
- Greater flexibility
In case one’s two-wheeler insurance policy gets expired, there will be no further inspection and documentation required in your two-wheeler insurance online renewal.
- Automated renewal date
Two-wheeler insurance renewal is all automated to eliminate the hassles of remembering your renewal date ever year.
Apart from these, you also get to enjoy massive discounts on renewal premium, instant policy issuance and a convenient claim settlement procedure.
Benefits of buying two-wheeler cover online
- Hassle-free process
You are required to login to the insurance company’s website, enter the personal details, select the type of policy you want and make the payment online. The plan will then be delivered via email in PDF format. Companies like Bajaj Finserv provide bike insurance cover with minimal paperwork.
- Options of various policies
You have the liberty to take up insurance as per your needs. The user can choose between third-party liability or comprehensive coverage as per his or her financial portfolio and requirements.
Furthermore, you can also purchase add-ons such as Zero Depreciation cover. This insurance reimburses the expenses of repair and replacements of parts.
A two-wheeler insurance plan is a smart solution to meet the inflated repair and replacement costs from damaged insured vehicles. With this information, you can pick a bike insurance cover as per your needs and renew it for additional benefits.