What is Two Wheeler Insurance Policy?
A Two-wheeler insurance policy is an agreement between the customer and the insurer to provide financial security to the customer in return for the payment of a certain amount of premium. Two-wheeler insurance policy covers the legal financial liability of your two-wheeler against own damage. It also covers third-party obligations arising owing to any unforeseen circumstances.
Renewal of a Two Wheeler Insurance Policy
Buying a two-wheeler insurance is not enough, you need to renew it on a regular basis to avoid any financial burden arising out of unpredictable vehicular collisions. It is important to renew a policy online on its expiry.
Listed below are some ways by which you can renew your two-wheeler insurance policy online:
- Payment at the Insurance Company office – In this case, you need to visit the office of your insurance company. There is a pre-determined amount of premium that is to be paid against your policy. Once you pay the required amount of premium, the insurer shall provide you an acknowledgement of the payment in the form of a receipt.
- Online payment – With the advancement of technology and digitalization, every type of payment can be made online. Likewise, you can pay the premium of your policy online through NEFT, Debit card, Credit card or through internet banking. For online payment, you have to log on to the website of the insurance company and renew the policy there. Once you renew the policy, it generates a receipt of the payment.
Basic Procedure of Renewing a Two Wheeler Insurance Policy
Following are the basic steps that you should follow while making the payment of the premium online:
- First, you need to login on to the website of your insurer.
- The next step shall ask you to fill out all the required details relating to the renewal of the policy.
- Once you fill in all the details, you can make the payment of the premium online.
- After you make the payment, an acknowledgement of the payment will be generated. You can take a print out of this receipt to keep it as a proof that you have made the payment.
Advantages of Renewing a Two Wheeler Insurance Policy Online
Let us have a look at some of the benefits that you get while renewing a two-wheeler insurance policy online:
- Through online renewal, you can compare the available policies and then make a decision whether you want to continue with the same policy or go for another one.
- You can compare the different insurance providers and choose the best among them.
- Through the online process, you can easily chat with one of the representatives of the company. This will relieve you from the cumbersome task of visiting the insurance company or calling the insurance officers to your place.
By renewing online, you can contribute to eco-friendly and paperless transactions.
Some insurance providers offer the facility of creating your own portal online and keep a track of the renewal of your policy.
Read Also: Motor Insurance: Why Third Party Cover is Not Enough?
The Bottom Line
It is not advisable to risk your two-wheeler insurance policy by not renewing at the right time. So, be alert and renew the policy after expiry to continue enjoying its benefits!