Online or Offline: How Should You Renew Your Bike Insurance?

Now that everything is readily available on the Internet, the argument that may potentially arise from it is whether or not the online portals are secure. Especially in a country like ours, people usually prefer to buy things in-person. This thus leads to the rise of an age-old custom where people rely on agents to perform all tasks on behalf of them.

If you are among these people, the possibility is that you are simply shying away from the use of the Internet or concerned about your security. But what most of us tend to forget is that with the Internet you are in charge of all the decisions. And it is especially essential when purchasing bike insurance online.

In this article, we will be discussing the online as well as offline means of buying bike insurance online. So, let us begin.

Bike Insurance in India – History

Having a two-wheeler policy under your name is mandatory by law under the Motor Vehicles Act of 1988. Under this act, it clearly states that every vehicle running on the Indian roads must own insurance that has basic coverage. Your primary bike insurance financially covers you in case of accidents and third-party injuries.

Traditionally, people use to visit the insurance outlet or the insurance company agent and fill out the application form in-person. Even today, if you ask these people for their opinion on purchasing an insurance, you will observe that their trust on online websites is minimal.

However, when it comes to today’s generation, the scenario is a bit different. As most of us are comfortable with the use of online portals, purchasing bike insurance online is relatively better than getting it offline. Moreover, the in-person procedure is time-consuming and inconvenient for a lot of us.

Buy/Renew Bike Insurance Offline

Getting bike insurance or offline renewal is quite a hassle, as it mainly requires you to physically go to the insurance office or outlet for applying and again to finalise the process.

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 purpose)

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

• In 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.

Buy/Renew 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

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 an insurance online with us, all you have to do is fill 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 on 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 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 an 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. The Bajaj Allianz Bike Insurance Renewal facility is available on Finserv MARKETS, and it will protect your two-wheeler in case of accidents, theft, and loss incurred due to human-made or natural disasters.

Safeguard your bike with Bajaj Allianz Bike Insurance at affordable premium rates. Furthermore, you can avail cashless claim servicing across our network garages, 24x7 bike roadside assistance, quick in-house claim settlements, and so much more with us at Finserv MARKETS.

Still confused? Head to Finserv MARKETS to read about benefits of buying bike insurance online.

Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!