Home Finance What Are the Modern Ways to Renew Your Bike Insurance Plans?

What Are the Modern Ways to Renew Your Bike Insurance Plans?

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It is common knowledge that as a bike owner, you need to buy an insurance cover. It forms part of the three legal compliances—registration, PUC and insurance. While renewing your registration is long range process, once in fifteen years, the PUC and insurance renewal need to be carried out periodically. Moreover, obtaining a pollution certificate isn’t hassle free since the procedure is streamlined. But for insurance renewals there is more than one way you can go about.

Offline mode

This mode of bike insurance renewal or purchase requires you to visit the office of the insurance company or get in touch with an insurance agent. Once you have looked for a few insurance options, you can shortlist a policy based on the requirements of your insurance checklist. However, offline mode is generally a lengthy and arduous process due to the time lag in comparing, shortlisting and final renewal of a policy.

While the offline mode is the traditional way to buy and renew a bike insurance policy, digital revolutions in India has promoted other ways too. These new-age ways help making the lengthy process to a couple of minutes. Now you can renew your policy online or using a mobile app, if your insurance company has one on offer.

Online policy renewal

Renewing your policy is simple and convenient. You no longer need to make multiple visits to the insurance company’s office or follow up with an insurance agent to provide the best bike insurance coverage. Since you can shortlist a suitable insurance plan from the myriad alternatives that are available, unbiased information is at your disposal. Online information only shows facts and features without any personal bias of the people interacting with you like your insurance agent or the executives at insurer’s office.

Further, there is convenience since you need not travel to branch of the insurance company making all the information you need available at your fingertips. In addition, there is direct dealing with the insurance company eliminating all the middlemen, that otherwise are involved in the sale of an insurance plan. This has the effect of lowering the insurance premiums too, in some cases. In addition, some insurance companies offer online-only policies that offer subsidised prices and exclusive policy features. *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply

The payment for online policies is made via a secure encrypted channel thereby offering protection against frauds and misappropriation of your money. Online policies further eliminate the requirement for documentation. Easy scanned copies of documents are sufficient for online insurance renewal or purchase. Lastly, online plans aid you in comparing the different alternatives using nifty tools like a bike insurance calculator.

Renewal using mobile apps

Similar to online bike insurance renewal, mobile apps offer same features, with the addition of a mobile application of the insurance company helping you renew your policy within the application itself. In the digital age, mobile applications help you keep track of all the policies purchased from the insurer in one single application.

These are some of the modern ways you can purchase and renew insurance policies. When you renew your policy, keep in mind that 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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