Online VS Offline - How To Renew Your Bike Insurance

Offline and Online Bike Insurance

Having a two-wheeler policy under your name is mandatory by law under the Motor Vehicles Act of 1988. Under this Act, every vehicle owner driving on the Indian roads must own an insurance policy that has at least the basic coverage. Your primary bike insurance financially covers you in case of accidental damage to third-party damages and injuries.

Traditionally, people used to visit the insurance company or connect with the insurance agent and fill out the application form in person. However, getting a new bike insurance policy or its offline renewal is quite a hassle, as it mainly requires you to physically go to the insurance office for applying and again to finalise the process. On the other hand, getting insurance online has become an easy and straightforward process. Let’s take a look at some of the benefits of online bike insurance renewal.

Benefits of Online Bike Insurance Renewal

Following are some of the benefits of online bike insurance renewal:

• Cheaper Insurance Plans

When you buy or renew two wheeler insurance online, you can get it for much cheaper rates, as compared to buying insurance from an agent in person. The reason behind the cheaper plans is that when you buy insurance online, there are no additional costs such as commissions involved.

• Comparing Online Plans

When purchasing insurance online, you can look at the various plans offered by insurance companies online and compare them to find out which policy offers the best benefits as per their prices. This will allow you to select the right plan which offers the best balance of features and value for money.

• Quick Process

Buying an insurance plan online is a quick and hassle-free process. All you need to do is upload your documents online, pay the fees and your insurance plan will get activated soon.

• Safety

During uncertain times, it is much more prudent to make the majority of your purchases online, thus reducing your chances of being exposed to health threats. You can stay at the comfort of your home by buying insurance online and keeping yourself protected at the same time.

• Faster Renewal and Claims Process

Most insurance companies that offer online services also have faster insurance renewal and claim processes online as very little paperwork is required and everything is verified digitally.

Steps to Renew or Buy Bike Insurance Online

Thanks to the internet, you can purchase almost any type of insurance online. Similarly, purchasing or renewing insurance online is quite straightforward. In case you have already purchased bike insurance from your auto-dealer or in person from the insurance provider, you can renew the policy online.

The process of bike insurance renewal online is explained as follows:

• Visit the insurer’s official website, either through your desktop/laptop or the mobile app

• Fill out the required details like information regarding your previous bike insurance policy. It may include the policy number, the term of insurance, premium amount details, and so on

• Confirm the details before submitting

• Upload the scanned copies of the requested documents

• Upon successful submission and online payment, an online insurance policy will be issued to you immediately. You will receive a digital copy of the insurance on your registered email id as well

Steps to Renew or Buy Bike Insurance Offline

Despite the hassle, if you still wish to buy bike insurance or renew your policy in person by visiting the insurance office, here’s what you need to do:

• Visit the nearest insurance outlet or company’s office/branch

• If you are purchasing insurance, then fill the application form with the requested details

• If you are renewing bike insurance, then present the previous paperwork for verification

• Further, fill in the renewal form with the required information of the previous policy (such as the policy number)

• Submit the application/ renewal form along with the requested photocopies (for verification purposes)

• After verification, you might receive your insurance policy through post or will have to revisit the insurance office to get the paperwork

• In the case of bike insurance renewal, usually, you will receive the issue of renewed copy as soon as you submit the renewal form with the requested documents

Why Buy/Renew Two-Wheeler Insurance Online at Finserv MARKETS?

Since the online purchase of bike insurance is a feasible and hassle-free option, you might as well know the key reasons why you should renew the policy with us at Finserv MARKETS:

• Secure Online Purchase

When purchasing/renewing insurance online with us, you have to fill in the essential details and pay the premium amount. The process is seamless, secure and quite convenient.

• Transfer NCB

No Claim Bonus in bike insurance (NCB) is like a reward you receive with every claim-free year. At Finserv MARKETS, you are allowed to transfer up to 50% of the NCB from the previous policy.

• Hassle-Free Renewal

Not only can you buy bike insurance online quickly, but also renew the policy easily. Hence, rest assured as your bike is always insured. During the insurance renewal, no inspection is needed, and no security questions are asked. All you have to do is visit Finserv MARKETS online, fill in the required details, and pay the premium amount. You will receive your policy in no time.

To Conclude

If you carefully go through the process of buying bike insurance (online as well as offline), you will realise that purchasing insurance online is hassle-free and secure. It is highly advisable to make use of the high-end technology which is put in place for our convenience.

For secure online payments and hassle-free insurance renewal, get in touch with us at Finserv MARKETS. You can check out the two-wheeler insurance plans on Finserv MARKETS, choose a plan as per your preferences, and safeguard your bike with insurance at affordable premium rates. Furthermore, you can avail cashless claim servicing across our network garages, optional bike roadside assistance, quick claim settlements, and so much more with us at Finserv MARKETS.