With the increased demand for two wheelers in India, the sale of the same have increased manifold. And along with the increased sale comes higher need of two wheeler insurance. According to a report published by NDTV on December, 2016, about 25% of the total road crash deaths are caused by two wheeler accidents. While a life insurance policy or a term insurance policy will insure your life and that of your dependents, the losses incurred to your two-wheeler from an accident would surely cost a bomb in getting the vehicle repaired and back to normal working conditions. Thus the need of a two wheeler insurance policy has gained tremendous importance in the past few years. Also, the Government of India has made it mandatory for all the two-wheelers plying on the road to have a compulsory third party insurance policy, as stated in Indian Motor Vehicles Act, 1988.
Most of these insurances are bought at the showroom while buying a new two-wheeler. Riding a two wheeler without a valid insurance cover can invite several complications ranging from legal obligations to fines and can lead up to imprisonment, depending on the case. It thus becomes imperative to renew the insurance once it has expired. Two wheeler owners have to thus make sure that they ride with adequate documents and the insurance is renewed at the right time. Most of the insurance policies now available for a two wheeler are renewable annually. So even if your insurance has lapsed, care needs to be taken to get the lapsed insurance renewed on priority.
However, to reduce the hassle of renewing the two wheeler insurance policy every year, insurers now offer multi-year insurance policies which are valid for more than a year. Generally multi-year insurance policies are valid for up to three years. Post the tenure, the policy needs to be renewed or a fresh insurance can be bought from a different insurer.
With the masses having easy access to the internet nowadays, insurance companies too have explored the online platform to sell fresh insurance policies and also facilities to get the insurance renewed just with a click of a button. Almost every insurance company selling two wheeler insurance policies have begun selling the policies online with added features of timely reminders which notifies the policy holder for a renewal much before the date of lapse of the policy. The process is made further easy for the first time buyers and for the existing customers with an interface where all it takes for the customer is to login to their insurer’s website using their credentials and renew the existing policy with just a click of a button! There are various options available on the insurer’s website catering to diverse needs of the customers. Options are made available to even change their type of two wheeler insurance and coverage during renewal depending on the present requirement of the client.
The process is extremely easy. Once you login to the insurance company’s website with your credentials, you need to enter specific unique pieces of information. The information that is usually collected, and is consistent with almost every insurance company are the existing policy number, policy type, and vehicle registration number and owner details. Once the verification and authentication process is completed based on the information entered, the user is furnished with an option to choose the type of policy, kind of coverage available or with an option of renewal. Upon selecting the renewal option for the existing policy type or preference for a different kind of policy with a different coverage instead of renewal, the payment can be made with the policyholder’s debit or credit card through a secured financial payment online gateway. Receiving an acknowledgement for the payment made is just a matter of minutes which can then be downloaded and printed or saved for the policy holder’s future reference. Also, the hardcopy is sent at the registered address within few days of renewal.
One can thus, avoid long queues at the insurance companies’ office or get rid of often misleading agents and get the entire process done by own within minutes with just few simple steps, provided a steady internet connection is used.