A bike insurance policy offers financial protection against damages caused due to an accident, theft, or natural disaster. In India, it is mandatory to have a third-party liability insurance policy for a two-wheeler. You can also opt for a comprehensive policy that offers coverage to you and your bike. Earlier, bike owners would contact insurance agents or company offices to buy bike insurance policies.
However, if they wanted to compare two wheeler insurance, the offline process was tedious and time-consuming. As a result, most insurers have started offering an online platform to help bike owners buy or renew their insurance policies within no time. In this article, we will share some benefits of renewing your bike insurance policy online. Well, some people wonder how to do bike insurance online? The process is quick, and you can do it from the comfort of your home in a few clicks. If you are wondering how to renew two-wheeler insurance, the process becomes simple when you do it online.
When you buy bike insurance online, the insurance company offers financial assistance if your bike meets with an accident or mishap resulting in damages to you, your bike, a third-party property, or a person. The coverage depends on the type of policy purchased by you. In recent years, there has been a marked increase in the number of bike owners opting to buy insurance policies online to avail themselves of the benefits.
Benefits of Renewing Your Two Wheeler Insurance Online
Two-wheeler insurance policies have a policy term for which they are valid. Once the term is over, you are required to renew the policy to keep it in force. You can choose to renew the policy offline by visiting the office of the insurer, or you can also opt for the online renewal of your bike insurance policy.
Here are some advantages offered by online bike insurance policy renewal:
- Quick Issuance – When you opt for two–wheeler insurance renewal online, the renewal process usually does not take more than a few minutes.
- Lower fees – Usually, when you opt for offline policy renewal, you have to bear the charges associated with document processing and agent commission. However, with online renewals, these charges do not apply. Hence, you can get your policy renewed by paying lower fees.
- Minimal documentation and information required – If you are renewing your policy within a period of 90 days, then the online renewal process will not require you to submit a lot of documents or information.
- Renewal without inspection – Most insurers offering online bike insurance policy renewal, do not get the vehicle inspected. This saves time and effort and ensures a quick renewal of the policy.
- Expired policy renewals – You can also renew your expired policy online. While there might be additional documentation and inspection required, the process can be initiated online.
- 24×7 Support – Most insurance companies offer 24×7 support to policyholders via their online platforms. Hence, if you have any queries while renewing your bike insurance policy, then you can get them cleared immediately.
A two-wheeler insurance policy offers financial protection against damages to a third person or property. A comprehensive plan includes cover for damages to self and own vehicle too. Further, it includes damages due to natural and man-made calamities and theft. However, to be able to claim the damages, it is important to ensure that the policy is renewed on time. A lapsed policy offers no claim settlement.
When you opt for an online two wheeler policy, you can compare plans and also choose add-on covers based on your specific needs. Hence, you get better coverage, and the policy is issued in no time.
As a bike owner, it is important to be prepared for damages due to accidents, mishaps, theft, or any other event. These damages can be caused to you, your bike, a third person, or a third-party property. With a comprehensive insurance policy, all these damages can be covered by the insurer. However, it is important to ensure that you choose a policy that covers all the risks you might be exposed to while riding your bike.
Hence, before you buy bike insurance online, think about how and where you intend to ride and park your two-wheeler. This can give you an idea of the kind of coverage you need. Once you are clear about your requirements, go online and compare policies. Buying bike insurance online can help you in many ways and is hence preferred by many bike owners. Also, it is important to understand how to renew bike insurance so that your vehicle can remain covered.