According to the Motor Vehicles Act of 1988, it is mandatory to have at least a third-party two-wheeler insurance. Thus, it is essential to renew the policy on time.
Renewing your bike insurance on time is essential as riding it on a lapsed insurance can be risky. Renewing your bike insurance online has a lot of benefits compared to processing it through the conventional method.
Here are some of the advantages of doing your insurance renewal online.
- Compare Different Policies
Using an online portal to renew your bike insurance, especially a third-party portal, gives you the convenience of comparing the policies offered by different insurers. Most of these portals give you quotes from different companies with varying premiums, so that you can choose the one that is the most beneficial for you.
Just by entering few details (like bike model and year of manufacture) you can have access to information about the several policy options. This ease in collecting the policy details and lets you select the right policy for renewal.
- Set Your Own IDV
Insured Declared Value or IDV is the maximum amount the insurance company promises to pay the insured in case of a total loss of vehicle or theft. Your insurance premium depends largely on the IDV of your bike. Some agents may quote you a very low premium but also give you a low IDV. While a higher IDV means a higher premium, setting it too low may mean a lower amount in case of a total loss.
Moreover, it may also impact your resale price should you choose to sell it after a few years. Buying online bike insurance ensures you can set your own IDV and know the exact difference in the premiums.
- Helps you in choosing Important Add-ons
While renewing your insurance online, you can go through the website to include an add-on that you want for your vehicle. The different add-ons available include:
- Zero depreciation cover
- NCB protection cover
- Key replacement
- Loss of accessories cover
- Personal accident cover for pillion riders/unnamed passenger
As compared to the conventional method where you have to rely on an agent to tell you the list of add-ons, here you can customise your plan in just a few clicks. This ensures you choose an add-on that actually matters to you and not the one forced upon you by the agent.
- 24X7 Renewal Process
If the renewal date is near, it can be a harrowing time for you because expiry of the insurance can cause many inconveniences. By choosing the online method to renew your policy, you can save time and do it any time of the day. Renewing your policy online also requires less effort due to the minimal documentation needed and the little paperwork involved. It is also a cost-efficient way to renew your policy because you get details about any deals that are available.
- Instant Renewal
In a conventional method, the policy is renewed once your cheque is realised, which may take 2-3 days. However, when you renew it online, the payment can be made through debit/credit card, net banking or any other mode and the policy is issued to your email address instantly. You can also ask for a hard copy to be mailed to your home/office address. It saves your time.
- Sending Prompt Reminders
Due to the risks of riding a bike with lapsed insurance, online portals send you timely reminders. Thus, online bike insurance renewal can save a lot of hassle because you will not have to panic about renewing it at the last minute.
By renewing your bike insurance online, you can rest assured that your vehicle will stay insured without any lapse. This, in turn, gives you mental peace and relieves you from having to worry about an expired policy.