How Technology Has Made It Easy to Renew Two Wheeler Insurance
The progress in technology has now completely changed the way people purchase or renew their two wheeler insurance. Today, you have various options and platforms like Coverfox.com for comparing two wheeler insurance policies online. This saves a lot of your time, helps you discover a cost-effective insurance plan, and you can find a policy that meets your requirements.
Additionally, when you want to renew your previous policy, it is just a click away. You will get renewal reminders shortly before the expiry date of your previous policy, and you only have to visit the online platform and follow the renewal process.
Add Renewal Reminders, Use Auto Debit
Renewing your two-wheeler insurance has become as easy as checking your emails, and if you choose auto-renewal, you won’t even have to do that.
Here are two ways technology has simplified the way of renewing your two-wheeler insurance:
1. Renewal reminders
Many of us forget the renewal date of our two wheeler insurance. However, now, with online platforms, you can receive renewal reminders from your insurance policy provider a few days before the expiry date. Then, as soon as you can spare 5 minutes, visit your provider’s website and check the renewal options.
This is necessary as, according to the Indian Vehicles Act, 1988, two wheeler insurance is mandatory. When you renew two wheeler insurance on time, you can utilize the No Claims Bonus (NCB) and stay free from financial stress.
2. Auto-renewal and auto debit
For people who absolutely can’t spare time for renewing their two wheeler insurance, they have another option – auto renewal and auto debit. With this facility, your two wheeler insurance will be automatically renewed on the expiry date or 1-2 days before that.
If you have ever used the auto payment option for your phone bills, then auto-renewal and auto debit work in the same way. At the end of every term of your policy, your provider informs you of the nearing expiry date via a text message and an email. And when it is time for renewal, through your provider’s automated online system, the policy is renewed and the amount of the policy is auto-debited from your saved card or bank details. The information of process and transaction invoice is also sent on your phone via text message and email.
Auto-renewal is a feasible and convenient option as you won’t have to keep a track of your renewal date and going online on the insurers website to go through the renewal process
Leading Service Providers That Excel in Leveraging Technology in Two Wheeler Insurance Renewals
1. Bajaj Allianz
- Hassle-free purchase and renewal via an online platform
- Cashless garage benefit in selected garages
- Compensates damage of own two-wheeler in case of natural calamities such as earthquakes, floods, etc., and man-made issues such as riots, thefts, etc.
- Provisions third-party liability cover for property damage and accidental death or injury to the third party
- Rapid claim support
- 24*7 customer assistance and support
2. ICICI Lombard
- Online purchase and renewal of two-wheeler insurance
- Offers flexible and long-term plans
- Compensates damage from the natural calamities and man-made problems including accident and terrorist attacks
- Provisions third-party cover in case of accidental damage, injury, or death
- Availability of different payment modes for convenience
- Free services in over 3,300+ garages on the cashless basis
- 24*7 customer support and assistance
3. HDFC Ergo
- Online purchase and renewal of two-wheeler insurance
- Ability to customize policy plan
- Offers personal cover of INR 1 Lakh for the policyholder
- Repair service for the vehicle and the accessories
- Online option for claim filing
- 24*7 customer guidance and support
4. Reliance General Insurance
- Online renewal of two-wheeler insurance
- Easy and rapid settlement of claim via NEFT
- Additional benefits such as discount in premium for anti-theft device installation and being member of Automobile Association membership, No Claims Bonus, etc.
- Compensates damage to the policy holder’s two-wheeler in case of natural calamities, accidents, thefts, etc., and also includes third-party liability benefits
- Cashless garage services at 2,100 garages, and up to INR 1,500 towing allowance
- 24*7 customer assistance and support
5. TATA AIG Insurance
- Online provision for claim filing
- Free pick-up facility in case of two-wheeler accident
- Accident repair warranty of six months
- Assured claim settlement in 7 days
- Compensates both total and partial loss of the vehicle in accidents that result in third-party injury or property damage
- Add-on covers such as depreciation reimbursement, No Claims Bonus protection, key replacement, etc.
- Covers lost personal belongings present inside the vehicle at the time of the accident
- 24*7 customer support and guidance
The Bottom Line
Onlinerenewal of two-wheeler insurance is a hassle-free option that saves you from forgetting the expiry date, keeps you free from financial burden, lets you claim the No Claims Bonus (NCB), and enables easy transaction in minutes.
Compare the insurance policies from above leading providers on Coverfox.com and renew your two-wheeler insurance today.