Benefits & Advantages of Bike Insurance Online Renewal
Riding on the road is not
actually just a part of the freedom that you enjoy as a citizen of the country
but is also a huge responsibility. Simply speaking, driving or riding a vehicle
on the road is same as operating a complicated piece of heavy machinery made
mostly out of metal. When driving on the road, you are not only responsible for
your own safety but are also responsible to take care about the safety of other
motorists, cyclists and pedestrians that are using the road.
Buying a bike insurance is mandatory according
to the Indian Motor Vehicles Act, 1988. However,
if you are found riding without a valid two-wheeler insurance policy, then you
can face a hefty fine and even a jail term, if found to be a repeat offender.
Not only should buying a two-wheeler insurance plan be an obligation but also
seen as a serious responsibility.
Besides avoiding the legal
repercussions of not having a bike
insurance policy, you are also protecting yourself, as a rider, against the
financial and legal liabilities in case of a road accident. There are also
instances when you may have bought an insurance policy for your two-wheeler and
then simply forgot to renew it after it lapsed. Now, it has become immensely
convenient, efficient and advantageous to get bike insurance online renewal.
Tip before getting Bike
Insurance Online Renewal
Here are the top tips to
keep in mind before going for bike
insurance online renewal:
·
Check policy validity – Keep a track of your current bike
insurance policy’s expiry date. It is best to renew your insurance policy
well before the validity expires, as it helps to avoid unnecessary charges and
fines.
·
Compare quotes – Before deciding to get bike insurance online renewal make
sure to compare every insurance provider’s policy terms and benefits online.
You can even compare your current policy with others from the same insurance
provider too. This ensures that you will get the best value for money and
optimal protection against liabilities.
·
Cost-Effective premium – Always check to see if you are
eligible for discount benefits, on renewal of your current bike insurance policy. There
are several types of cuts in your premium costs that you can avail if you read
the offered policy document carefully.
How to get the Bike
Insurance Online Renewal done successfully?
There are several top and
reliable insurance providers available online today. Thanks to the stringent
IRDA (Insurance Regulatory and Development Authority of India) regulations, the
insurance industry is more focused on the needs of their customers.
There are numerous types
of bike insurance policies
available online. Always do your research before finalizing your insurance
provider and policy.
Although individual online
insurance providers may have varying websites and options, here are the simple
steps required for bike insurance
online renewal, in general:
1. Access the official
website of the online bike insurance
provider.
2. In case you have an
existing account, enter your user ID and password in the relevant log-in
section, else you can choose to follow a few simple instructions and make a new
user-account with the insurance company. This will give you access to your
individual e-window.
3. Simply click on the
‘RENEWAL’ button and enter the required details of your current bike insurance policy (if requested
for).
4. You will get option to add
any additional benefit-covers or add-ons to your renewed insurance policy. Once
you have selected all the add-ons that you want, you can click on ‘SUBMIT’.
5. To pay the new bike insurance online renewal premium
charges, you can choose to use your debit card, credit card or online banking
options.
6. Once the premium payment
has been successfully processed, you will normally receive a renewal receipt on
your screen, so ensure that you get a hard copy of this receipt as soon as
possible.
What are the Advantages of
Bike Insurance Online Renewal?
Although you may feel
skeptical about purchasing or getting bike
insurance online renewal, here are the top advantages of getting your bike insurance policy easily renewed
online:
·
Convenient – Convenience is one of the major beneficial aspects of
internet, so this is definitely seen when getting bike insurance online renewal also. You do not have to spend time
on physically meeting with your insurance agent, or insurance company, to get
your bike insurance renewed. You
can easily buy the best-suited insurance plan, comfortably sitting at work or
at home. The entire online insurance buying and renewal process has been
simplified to an extreme, making it highly convenient for policyholders now.
·
Informed decision – The internet allows you to browse
through tons of information about bike
insurance from major and smaller insurance providers. You can easily use
it to compare the premium costs and benefits that each insurance provider is
giving with their bike insurance policy
and make an informed decision before getting bike insurance online renewal or buying a new insurance policy for
your two-wheeler altogether. You can easily choose the insurance policy which
best-suits your individual requirements, and avoid unwanted sale of unnecessarily
extravagant insurance policy, as seen with insurance agents.
·
Cost effective – Getting a bike
insurance online renewal is comparatively more cost-effective than
buying through an insurance agent. It has been seen that online policy quotes
are as much as 30% - 70% lower than conventional bike
insurance policy premium cost. The reason for this significant cut in the
premium cost between the two is that through online insurance sales, the
insurance company is actually saving the cost of agents’ commission and is able
to reduce other overheads noticeably.
·
Efficient – Getting your bike
insurance online renewal is incredibly efficient, as it is a completely
automatic procedure. The user-friendly GUI, coupled with secure online payment
gateways, ensure that the online insurance platform is optimally efficient in
its functioning. You can choose from a variety of modern online payment methods
to make your bike insurance premium
payments over the internet, safely and swiftly.
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