Two-wheelers are found everywhere in India, from metropolitan cities to remote villages. These are fast, economical, and ideally, the best way to commute on a daily basis. Due to these being less expensive than cars and their ability to maneuver in traffic, almost every household has one two-wheeler. Buying two-wheeler insurance is not just ideal for safety, but also mandatory by law. Refusing to do so may invite hefty fines and risk of financial burden in case of unforeseen circumstances.
Buying a Policy Online
With technology getting advanced each passing day, everything from services to commodities is now available online and at your fingertips in an instant. Insurance too is not far behind. The insurance industry has undergone severe changes in the recent few years. Access to smartphones and fast internet has made the insurance ecosystem digital. You can now insure within minutes using a laptop or smartphone. The bike insurance renewal process or buying is now easier and hassle-free. It saves time and allows you to compare various options so you can make an informed choice.
Renewing Your Policy Online
Just like purchasing a new insurance policy, the bike insurance renewal process is also quick and easy. All the customer needs to do is fill out the renewal form along with information about the present policy and vehicle details. It is important to ensure you have entered all the details correctly. You can now pay online with easy and safe payment options. As soon as you have made the payment, your renewed policy is available to download in PDF format. You can save the document for reference and it is suggested to also keep a printout while driving.
How to Buy Two-wheeler Insurance Online
Here are simple steps you can take to buy or renew your bike insurance online and stay secure against financial liabilities and damages.
- Understand the need: Before you make the purchase, understand why you require insurance in the first place. Is it to be legally compliant or you are looking for security against damages to your bike? Accordingly, decide if you need third-party bike insurance or comprehensive bike insurance.
While third-party insurance will give you only coverage against third-party damages, comprehensive insurance will also help you cover damages to your bike. So, consider what you need before proceeding ahead.
- Understand the basics: Getting bike insurance is not rocket science but there are certain terms and rules you need to be aware of. Understand the policy jargon, and basic coverages and are required to add on and make an informed choice.
- Compare different policies online: Simply looking for insurance policies online will yield a plethora of results. It is suggested to compare plans from different insurers and buy a suitable option. Your ideal comparison must be based on available services, claim settlement ratio, coverage offered, and premium amount.
- Finalize the insurer: Comparing different two-wheeler insurance policies may sound complicated but it is an important step. Pick an insurer that enjoys a good market standing and has a high claim settlement ratio. Do check for reviews online and from peers, efficiency, and available offers before you finalize the insurer.
- Complete your purchase: Once you have decided on the insurer and policy you will purchase, you can visit the website or complete the purchase using the mobile app. The process is often simple and can be completed within minutes. Simply share the details, choose the plan and make your payment. There is no need to fill up lengthy forms or upload documents when you purchase insurance online.
Important Things to Remember After Buying the Policy
After you purchase the policy, here are some key points you need to be aware of.
- Verify details of the policy: As soon as you get the policy document, verify all the mentioned details so they are correct. Check the spelling of your name, premium paid, vehicle details, bike registration number, and name of the nominee. These things are crucial at the time of claim settlement. Also, keep the document safely stored digitally as well as in a hard copy.
If you happen to find any discrepancies in the details, you can contact the insurer for a process called policy endorsement and get the necessary changes made.
- Keep a tab on the renewal date: All vehicle insurance comes with an expiry date. To continue using the benefits of your bike insurance, it is important that you get bike insurance renewed before the present policy expires and avoid last-minute hassles. A failure to do so can have various consequences. For instance, an expired policy means no insurance coverage, in case of an accident or theft, you will not be entitled to any financial assistance. Additionally, there can also be hefty fines if you are caught without valid third-party insurance for your vehicle. You will also face serious legal consequences if you injure a third-party property or an individual. Renewing the policy on time can save you from these hassles and also help you save on premium with ongoing discounts on renewal as well as no claim bonus.
- No Claim Bonus: While you may be tempted to use your insurance coverage for minor damages caused to your bike, to utilize the insurance policy, the insurance providers reward you for not using your insurance by being a responsible driver. This is done in the form of a claim bonus on renewal. If you have not made any claims during the policy tenure, you may get discounts on the renewal premium. These discounts can go as much as 50% helping you save a lot of hard-earned money.
Buying things online has become a norm nowadays. Whether you are investing in mutual funds or buying groceries, there is nothing you cannot buy online. Insurance is as easy to buy online as any other commodity. You can simply visit the website of your preferred insurer or download the app and get bike insurance renewed or purchased in simple and quick steps.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.
Vivek is a published author of Meidilight and a cofounder of Zestful Outreach Agency. He is passionate about helping webmaster to rank their keywords through good-quality website backlinks. In his spare time, he loves to swim and cycle. You can find him on Twitter and Linkedin.