Why are more and more people choosing to renew their bike insurance online?

After the passing of the Motor Vehicles Amendment Act on September 1, 2019, the Delhi police have been issuing close to 4,000-5,000 challans daily to vehicle owners for violating traffic rules. [1] We also learned about bike owners spending an entire day to get a pollution-under-control (PUC) certificate, and heard stories about record-breaking fines paid by motorists across the country.

While some states have somewhat lightened down the fines and some have decided not to enforce the amended law at this moment, the sudden crackdown have created a sense of fear in the hearts of traffic violators. If this fear is maintained for long, then the amended law would have achieved its objective. Hopefully, the Motor Vehicles Amendment Act, 2019 will improve bike insurance penetration in the country where more than 70% of two wheelers ply without mandatory third party insurance.

Though online bike insurance renewal is already gaining popularity, the amended Act will encourage more people to buy bike insurance online and do more bike insurance renewal online. At Finserv MARKETS you can carry out hassle-free, online Bajaj Allianz bike insurance renewal without two wheeler inspection, even if your policy has lapsed.

Why online bike insurance renewal is gaining popularity?

A recent survey by a leading general insurance company in India revealed that, though 1 in 4 motorists didn’t bother to renew their motor insurance, online renewals were gaining immense popularity in the country. For obvious reasons, overall 60% respondents were renewing motor insurance from the insurance company’s website while 9% were using web aggregators. 14% of the respondents were using agents and brokers, and the remaining 17% were buying through company employees or other offline modes.

CITY WISE ONLINE MOTOR INSURANCE RENEWALS

Benefits of renewing bike insurance online

No paperwork

One of the top advantages of renewing bike insurance online is that it can be done without any paperwork or documentation. You can visit the insurance company’s website or a licenced web aggregator’s site, enter your old policy number, date of two wheeler policy and policy expiration date and you will receive your quote in a few seconds.

Easy to compare

It’s easy to compare insurance quotes and coverage from different insurers during online renewal of bike insurance. Web aggregators provide you quotes of various insurers in a single window, thus saving you time in comparing various two wheeler insurance policies.

Easy to renew even after lapse of policy

When you buy two wheeler policy offline or from a broker or agent, you have to take your two wheeler for physical inspection if the two wheeler policy lapses. But Bajaj Allianz bike insurance renewal available on Finserv MARKETS allows bike owners to renew their lapsed bike insurance policy from the comfort of their home without any physical inspection.

However, ensure that you make the renewal within 90 days of policy expiration to enjoy no claim bonus (NCB). After the expiry of 90 days, you won’t get the benefit of NCB.

Cost effective

The elimination of middlemen and commission agents from the transaction allows insurance companies to offer bike insurance at lower premium online. Therefore, online bike insurance renewal will always cost you less than an offline two wheeler policy.

Easy to track

It’s easy to keep track of bike insurance renewal, set reminders and make payments online. You save valuable time as you don’t have to visit a physical office or an agent to renew your bike insurance.

Safety

Some people fear buying and renewing bike insurance online but it is safer than offline transactions if you buy it from the insurance company’s website. For instance, you may hand over cash to your friendly, neighborhood insurance agent who may misplace, lose or may become a victim of theft. With online transactions, you get prompt documented proof from the insurance company for your renewal payments.

Customers are seeing the benefits of online bike insurance renewal; hence, it’s gaining immense popularity with time. If the Motor Vehicles Amendment Bill, 2019 is enforced effectively it will see more increase in online renewal of bike insurance in the country. The government’s pilot project to connect traffic violations by the insured to his insurance premium will also motivate more people to comply with road and traffic regulations and become more law abiding citizens. Also know how to renew bike insurance.