Finance

How to Renew Your Bike Insurance Policy Via Different Available Avenues?

If you are a bike owner, you must have heard that the trifecta of registration, PUC and insurance are the legal requirements to ride a bike legally in India. While the registration process is dealt by the vehicle dealer, the insurance and PUC requirement are your share of responsibility. Among the two, PUC is a simple and straightforward process whereas insurance is the one that takes up most time and effort. The myriad policies offered can often be confusing for new buyers.

A one-time insurance purchase is not enough, and it needs to be consistently renewed over each period. But there is more than one way to renew a 2 wheeler insurance policy. This article mentions some of the different avenues, both modern and traditional, that can be used to renew your insurance plan.

  • Renewal through insurance agents

Insurance agents are appointed by insurance companies to facilitate the sale of their policies. These agents help you select a plan that checks all the right boxes with the extensive knowledge of insurance policies they possess. They are not only trained to understand your requirements, but also help offer a valuable advice of insurance coverage.

  • Renewal through insurance company

If you haven’t bought your policy from an insurance agent, it is more likely that you have directly approached the insurance company. Two wheeler insurance renewal is also possible by visiting the nearest branch of insurance company to renew your policy. Here, you need to provide the previous policy details along with any changes in coverage that are required.

  • Online renewal

With digitisation picking up pace across the world, online renewal of insurance plans is the modern way to go. It is a simple and straightforward process where you can renew the policy at the convenience of your home. All you need to do is visit the insurance company’s website and login to your account. Then, select the policy that must be renewed. Further, modify the coverage if required and proceed to payment. Since the insurance company has all your personal details as well as existing insurance coverage details, the renewal process is seamless when done online.

  • Mobile applications

A development in internet technology and mobile technology has seen many insurance companies develop their own mobile applications. With that being said, insurance companies are slowly making purchase and renewal of your bike insurance policies possible through mobile applications. It is an extension of online renewal, but within smartphones that lay in your pockets.

These are some different ways you can use to renew your insurance policy. When renewing your policy, remember that you are free to amend the insurance coverage, both for features and terms. Moreover, you can upgrade your policy, or if financial constraints exist, even downgrade. Also, the add-ons in your bike insurance coverage can be modified at renewal. However, any changes you make to the coverage, directly impacts the bike insurance price. So, keep in mind these different ways of renewing your policy and ensure a timely renewal. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

 

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