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What are the steps to renew bike insurance?

by Kanika Shelatkar Insurance Consultant

Whether you own a scooter or a geared bike, then you probably know that you need bike insurance. Owning insurance is as essential as compulsory in India. Not only do you need to buy the insurance but must make sure they remain valid. Driving without insurance, even for a single day, is a punishable offence in India. For making sure the insurance policy is active, the insurers allow you to do two-wheeler insurance renewal in by following some steps.

They are as follows –

Visit the nearest insurance company

You can two-wheeler insurance policy renewal by visiting the nearest office of the insurance company. Your insurer’s address is available on the policy document as well as the renewal reminder letter sent by the company. The letter also includes the details of the premium amount as well as the renewal date. Make sure to carry the letter along with two-passport size photographs, cheque book, and photocopy of the motorcycle’s RC book and driving license. Visit the insurance office and renew the policy accordingly.

Online process

If you cannot visit the insurance company, they have other systems in place like two-wheeler insurance renewal online. Enter the website and enter the policy number. Once done, the system adds personal information like name, address, contact details, vehicle details, and renewal date, current policy information, and the premium amount. Also, the facility enables you to review your plan, include or exclude additional riders. You can pay the premiums through different online modes like an internet banking account, debit card, credit card, or digital wallets.

Approach insurance agent

They are individuals who represent a specific insurer. They only sell insurance policies of the company they represent. Agents typically hols expertise about different insurance plans offered by the concerned company and help you with both, buy insurance as well as do two-wheeler insurance renewal. You can communicate your needs to the agent and renew accordingly. Note, the insurance agents usually charge a commission for the services rendered and precisely why your premium pay-out could increase.

Request the insurance agent

Unlike the agents, brokers represent different companies and hence, you gain a better perspective of the insurance industry. These people are not obligated to sell the policies of a specific company and help you select the policy depending on the needs of different insurers. Brokers also help you buy the policy and renew them, like agents. Also, brokers work on commission, which means you need to pay them a fee for the services offered. You must avail the insurance broker facility if you want to change the insurer. 

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About Kanika Shelatkar Innovator   Insurance Consultant

11 connections, 0 recommendations, 73 honor points.
Joined APSense since, March 18th, 2019, From mumbai, India.

Created on Aug 27th 2020 06:34. Viewed 371 times.

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