The automobile industry is booming in India with a major chunk of vehicles you see on the roads being two-wheelers. Inevitably, road accidents have also been on the rise. The Indian government through the Indian Motor Vehicles Act, 1988 has made third-party liability insurance compulsory for any vehicle plying on Indian roads. Two-wheeler insurance comes with a host of benefits such as coverage for personal accidents, third-party liability, vehicle damage, and theft and loss of vehicle, all of which can cause a major dent to your savings if your bike is uninsured.
The IRDAI regulations have directed insurance companies to make two wheeler insurance easily available for the public to meet the legal requirement. Popular two wheeler insurance plans from prominent service providers are also easy to renew. Timely renewal ensures that you get failsafe coverage from unforeseen situations on the road. In addition, renewing your policy on time or within a 90-day period post expiry of your policy entitles you to a no-claim bonus for the previous year. Renewing your two wheeler insurance policy is hassle-free today with multiple channels making the process a breeze for you.
Based on what works conveniently for you, renew your bike insurance plan directly at the branch, use the service provider’s app, or go through the process of online renewal through the insurance company’s website.
Why You Should Renew Your Plan Online
Renewing your two-wheeler policy is no longer tedious when technology has been growing by leaps and bounds and online renewal has emerged as the simplest method of all.
Here are the benefits of renewing your insurance plan online.
· Beat the Queues
Paying a visit to the insurance company’s office personally is quite an investment of time and money as you may have to commute all the way and wait for your turn to get connected with the concerned department.
Online renewal saves time and effort as you only need to fill up your policy and payment details and with just a few clicks of the mouse, your policy gets renewed instantly.
- Hassle-Free Method of Payment
Making payment online for the renewal of your two wheeler insurance is convenient as the amount gets directly debited from your bank account or your credit from the comfort of your home.
You can also make a NEFT transfer if you prefer a bank to bank transfer. All you must do is log on to the portal of your insurance provider and choose your preferred mode of payment.
· Evades the Need for Vehicle Inspection
Inspection upon renewal may not be mandatory when you renew your policy online before its expiry. However, depending on your past record of claims, you may be asked for an inspection of your vehicle.
When you opt for an online renewal within the stipulated time frame of the policy, there is generally no need for vehicle inspection by the surveyor, and you can renew it easily with the necessary details .
· Quick Policy Issuance
When you make the payment for policy renewal online, you will get your updated policy instantly on your email and will not have to wait for the document to arrive at your place by post. Insurance providers usually generate a digital policy in a PDF format and this does not require any signature confirming the premium payment.
Know Which Plan Is the Best for You
The number of two wheeler insurance companies has been on a rise and each of them promises to offer the best coverage benefits for your specific requirements. Primarily there are two kinds of bike insurance plans for you to choose from – liability-only insurance and comprehensive insurance.
Liability-only policies provide coverage mainly to the third party that may be involved in the mishap and does not indemnify the rider or his two-wheeler. A comprehensive policy works better for all-around protection since it is an all-encompassing policy. The higher premium rates for the comprehensive policy are justified by the protection provided to the two-wheeler and rider from natural or man-made events. Moreover, you get total peace of mind when you opt for a comprehensive bike insurance policy.
Coverfox.com is your one-stop destination for comparing bike insurance plans from top insurance providers and selecting a plan that works best within your budget.
Whichever is your preferred plan, premium two wheeler insurance companies have easy-to-use portals that simplify the process of online renewal for you. Renew your two wheeler insurance online and avail of the benefits of instant renewal the safe, secure, and transparent way. Happy and safe riding!