Best Modes To Renew Two Wheeler Insurance

One of the reasons why there are more number of uninsured vehicles in India is because, the two-wheeler owners fail to renew the two wheeler insurance on time for a number of reason as mentioned in various studies conducted by different government organisations. When a person buys a new bike from the dealer, it is by default that the dealer provides bike insurance documents. But from there on, it is the responsibility of the bike owner to make sure that the policy remains active all the time and has to renew it on time and much before its expiry. Now, whether you opt for a third-party liability policy or the complete protection cover such as a comprehensive policy is your choice. But buying a policy with lower premium does not provide you with an adequate coverage for your vehicle and will end-up paying more from your pocket during an accident, repair, or any other damage that may occur to the vehicle.

Providing a complete protection to the bike is the most vital thing you have to do when you purchase a bike. Only a comprehensive policy can provide the protection that a bike/scooter needs. A comprehensive plant provides protection against a number of situations like accidents, own damage, third-party liability, natural calamities, and man-made calamities for both the bike and the owner. The premium for this policy is slightly higher due to its coverage length. But the basic premium amount is dependent on the cubic capacity of the vehicle that is fixed by the IRDAI.

As we mentioned that it is important to, keep you policy active all the time, you must be wondering what might be the ways you can renew your policy on time.

Below are the listed ways through which you can renew your policy and enjoy the benefits:

1. Through insurance broker:

An insurance broker is a person who works individually and caters to the needs of his customer and does not work for any company as a full time employee. The individual brokers have to be licensed by the IRDAI. The brokers help the customers to renew and purchase the policy with doorstep service. They can be sued and held responsible if at any point in time, they misguide the customers for their own benefit.

There are two-types of brokers;

• Independent broker
• Captive broker

• A captive broker is a person who has an agreement contract with a particular insurance company and he/she is allowed only to sell a particular company’s policies. However they are not directly employed by the company as they work on commission basis.
• Independent broker are individuals who sell policies of various the companies, with a wide variety of offer from various insurers, and if needed the policy can be customized according to the customer’s requirement.

2. Through insurance agent:

If you are a tech savvy and most of your work is done online, then the word ‘agent’ must seem like an alien word. But never the less they do exist even today and there many people who get their job done through trusted agents. This is a very comfortable and a go to option for many people who are reluctant to make use of technology or just don’t believe in the secure transaction systems online. An insurance agent is a trained and licensed person who works for a particular insurance company. So in the traditional method, you can wither call the insurance agent to your home or office and submit the documents to him/her and renew your two wheeler insurance or you can go to the office of the insurer and submit the documents yourself to get the two wheeler insurance policy renewed. But either way, this process is time consuming and needs multi-level communications.

3. Online:

 Online shopping was not something that was accepted soon by Indians. Although the western countries were already hooked to it, Indians Certainly took time to analyse and accept the online facilities. A decade ago, the online shopping, financial services was not considered as an alternative for the daily work which needed physical presence especially for finance related work. But today you can buy anything and everything you want from any part of the world via internet and on even a small device called cell phone. Likewise, insurance shopping was also slowly introduced to online world and now all the payments and transactions are mostly digital and through secure payment modes.

Whether it is purchasing or renewing a two wheeler insurance policy, online is the best way to go. When you renew two wheeler insurance through an agent or broker, there are a lot of distribution cost that is incurred and has to be paid by you and the insurance company in form of commission to the agents or brokers. By providing online insurance renewal or purchase facility, the company can totally eliminate the distribution costs and the middleman by connecting with the customers directly through internet.  You can log on to the insurer’s website through your computer or on mobile app and fill in the details to renew the policy. You can also visit any neutral third-party website and enter the policy details and get it renewed on time with few steps and hassle free process. It saves you money and effort and you can compare various insurance providers’ quotes online. It is not necessary that you renew your policy with the same insurer all the time, but if you wish to change the insurer due to various reasons, you can easily do so through online. You can also calculate the premium amount online with two wheeler insurance Premium Calculator and also know about the factors that affect the insurance premium. It not only saves you time and money, but also you will be contributing to a greener environment with paperless transactions.

The benefits of renewing online can be listed with endless points, but the fact is that through any of the above mentioned modes, renewing two wheeler insurance online is important. If in an unfortunate situation where you have met with an accident, arranging for bigger amount for medical treatment is difficult especially for a middle class man. In times like these, a two wheeler insurance can save you the trouble and you can get the best treatment. You can also repair the vehicle through any of the network of garages of the insurer and avail cashless claim facility without having to pay a single penny. So hurry up, renew your insurance today and enjoy a tension free ride.