These days it is very easy to renew your bike insurance online. In a nutshell, it involves:
- The first step to renewing bike insurance online is to visit the insurance provider’s website.
- Click on the link that takes you to the renewal page. Next, fill in the requisite details in the renewal form.
- Get a premium quote online and make the payment accordingly choosing the payment option that suits you.
India has observed a good growth in its auto sale numbers. This rise in the number of vehicles on road along with the lack of regulation has increased the chances of accidents in India. Most of the individuals have health insurance to cover themselves towards accidental injuries, but when it is about meeting the finances of the accidental damage to the vehicle or towards third party one has to bear the cost from his/her pocket. Such expenses incurred towards your two-wheeler, due to accidents or other unforeseen events, are well covered by 2 wheeler insurance policy.
A good two wheeler insurance policy in India can give financial assistance for repairing of your two-wheeler or motorcycle. In addition, it also provides risk coverage towards loss/damage caused to the third party during an accident.
Two wheeler insurance is an agreement between the motor insurance company and the insured (or policyholder), wherein the company agrees to bear a pre-decided cost of expenses incurred towards loss/damage of vehicle due to an unforeseen event. The company agrees to bear the decided sum after the policyholder pays a fixed cost called premium.
The risk coverage offered under a two wheeler insurance or a motorcycle insurance policy is applicable for a period of one year only. By end of the one-year tenure, the policyholder would have to renew his/her 2 wheeler insurance or motorcycle insurance by paying a one-time fixed amount to the company i.e. premium.
A two wheeler insurance renewal is done in two ways. Either he/she can directly contact the insurer and get the policy renewed or can choose to do an online payment of your premium on the company’s website and renew the motorcycle insurance policy.
Benefits of Renewing Bike Insurance Online
Online motorcycle insurance renewal is very beneficial. Renewing your insurance through offline mode would consume a lot of time, effort, and money, unlike online 2 wheeler insurance renewals. By renewing your 2 wheeler insurance online, you can avail the benefits of automatic renewal reminders for premium payments, which in turn helps you in making timely premium payments and thus would keep you and your vehicle covered and secured always.
The process of renewing your bike policy online would vary from company to company. However, the requirement to fulfill the process would be more or less same. Therefore, ensure to check with your motorcycle insurance company about the exact process of making an online payment for 2 wheeler insurance renewal
It is always advisable to renew your 2 wheeler insurance at least two months in before its expiry. This way you can avoid discontinuation of insurance benefits.