Bike insurance is a mandatory requirement as per the Motor Vehicles Act. Apart from registration and PUC requirements, insurance is one more thing that needs to be complied with. With a bike insurance policy, you can ensure protection against financial losses due to accidents and repairs. Along with it, any third-party legal liabilities that may become due are also covered under the policy scope.
There are essentially two types of policies than can be bought, third-party or comprehensive plans. Both plans are valid for a limited duration and thus need to be renewed to ensure continued coverage. With consistent insurance renewal
, you can be rest assured that your insurer has you covered based on the type of coverage opted for.
What are the different ways bike insurance can be renewed?
Bike insurance plans can be renewed in two ways, online or offline. While offline is the traditional way to renew your policy, it requires you to visit the nearest branch of the insurer or meet up with an insurance agent. This is followed by requiring you to meticulously fill out the insurance forms along with submitting various documents that may be required. Once you have paid amount of the premium, the policy stands renewed.
The renewal process is simple and straightforward when you purchase bike insurance online
. All you have to do is visit the insurer’s website and locate the renewal section. Here, you can choose among the various plans for insurance renewal along with necessary add-ons. Once you have selected the insurance coverage, making payment is possible using online methods and the policy is renewed instantly and delivered to your inbox.
What are the things to remember when renewing bike insurance online?
Online purchase is a growing concept and hence many people have certain reservations about it. Here are some things to remember when getting your policy renewed online:
Stay aware of fraudulent offers:
Frauds are on a rise when it comes to online policies. This is one area where scammers take advantage and issue fake policies. To be aware of such situations is essential. It is necessary to verify whether the insurance company is a registered insurer by the regulator, Insurance Regulatory and Development Authority of India (IRDAI). Further, check for he insurance company’s feedback and reviews to know more about its credibility.
Checking the policy in detail:
All insurance policies have a QR code which can be scanned to verify the genuineness of the policy. It is either found at the top or the bottom. All tech-savvy people can take advantage of this QR code that embeds a URL which helps to verify the authenticity of the insurance policy. While other details can be imitated, the QR code is difficult to copy and hence can be checked while renewing.
Verifying the issuing authority:
When renewing your policy, make sure to verify the issuing authority’s signature. Most online policies are electronically verified; however, some have a digital signature on behalf of the insurance company. Check for such signature or verification that ensures the genuineness of the policy.
A payment receipt serves as an acknowledgement for the premium paid at the renewal. At each renewal, make sure you have the payment receipt for any premium paid. This will help you keep a track of your premium year-over-year basis.
These are some nifty tips that help to secure the online bike insurance renewal
process. With online purchase and renewal facility, you no longer need to visit multiple insurers to get the best deals with the right coverage. However, you must compare the myriad alternatives before finalising on one. 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.