When it comes to our bikes or two-wheeler, we’re mostly all somewhat touchy and mighty careful, always mindful of the tiniest of scratches, the slightest of performance and handling issues. And even the most forgetful of us have at least a little idea of when the insurance is due to be renewed.
A lot has changed since the last you bought bike insurance—there’s GST, lots of new policy providers, loads of new policies and quite a few new ways to purchase or renew two wheeler insurance. So before you call your insurance agent, take a few minutes to go over the key factors to consider about bike insurance renewal.
A lot has changed since the last you bought bike insurance—there’s GST, lots of new policy providers, loads of new policies and quite a few new ways to purchase or renew two wheeler insurance. So before you call your insurance agent, take a few minutes to go over the key factors to consider about bike insurance renewal.
Understand what two wheeler insurance covers
Strange as it might sound, a lot of people don’t have a clear understanding of the specifics of their insurance cover and as such are ill-placed to make a right decision when choosing an insurance plan. Your two wheeler insurance primarily provides coverage for these three factors.
- Loss of vehicle or damages caused to it by natural calamities like fires, earthquakes, floods as well as self-ignition.
- Loss of vehicle or damages caused to it by human actions like theft, deliberate harm, and accidents.
- Legal accountability in cases of damage done to a person or property in case of a mishap or accident.
Essential terms you should understand before renewing or buying bike insurance
You can’t efficiently compare different insurance policies or ascertain the advantages one has over the others unless you have a clear understanding of standard insurance terminology.
- Third party insurance coverIt’s one of the most important and noteworthy terms in motor insurance. But what does third party insurance cover imply? Third party two wheeler insurance, in essence, offers coverage for accountability in cases of loss of your vehicle as well as accidental damages.
- LiabilitiesFirst and foremost, liabilities under bike insurance provide financial cover for your bike in case it causes injury or death of a person. In addition, it offers coverage for any legal accountability in case of a dispute.
You can renew your bike’s insurance policy online, apparently, and it’s really simple and quite rewarding
Online renewal of two-wheeler insurance has been an option for quite a few years now, but never quite as quick, convenient or nearly as profitable as it’s today! Leading insurance companies like Bajaj Allianz and IFFCO Tokio promise fantastic service and support in addition to some advantageous offers.
Instant activation of your insurance policy
With online renewal or purchase, you no longer need to wait for days for policy activation. No more waiting for the mailman, you ’re issued a digitally signed copy almost as soon as you’re finished with the processing requirements.
Simple and easy No Claim Bonus (NCB) transfer
So, you’re a good or even a very lucky rider with no history of bike insurance claims; you’re now rewarded with secure transfer of NCB discount when you purchase a new bike or two-wheeler.
Discounts
While GST has caused the service tax to be paid on insurance premiums to increase from 15 to 18 percent, there’s some good news as well. Buying from IRDA approved insurance companies can get you some profitable concessions. Two-wheeler owners with blemish-free history are offered discounts with No Claim Bonus (NCB). Discounted offers are also available for vehicles with approved anti-theft devices and on membership of recognized automobile associations.
Additional and Optional Covers
You can now opt for extra coverage at the time of bike insurance renewal, with choices like Zero Dep Cover, accident cover for pillion riders and enhanced protection for your two wheeler accessories and spare parts. Sure, it’s a little extra expenditure, but it’s pretty useful in case of an unfortunate mishap.
Online bike insurance renewal lets you compare and choose the best policy for you
Picking the best policy for your bike or two-wheeler is a breeze with the option of side-by-side policy comparison. Online insurance renewal facilities offer dedicated customer support and help you save on both time and energy.
Also Read Two-wheeler Insurance Renewal: Conventional Vs Online Process
Other ways of renewing bike insurance
- Download the mobile app Every leading insurance company now offers the customers the option to buy, renew and keep track of their policies via mobile applications. It’s as simple as using the FaceBook app. Directly download the form in your Smartphone, enter your details, check what you’ve keyed in and agree to the terms and conditions to proceed.
- Pay a visit to the company’s Branch office Even the old-fashioned way of going to the branch office and requesting a bike insurance renewal has become more accessible with time and increased focus on customer service and satisfaction. You can get the policy document within in a few minutes if you pay through cash, credit card or demand draft. Cheque payments still take time to clear so you’ll need to wait a few days to receive the policy document if you’re paying through a cheque.
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