Insurance is like a spare tyre. You may not require it, but not having one is not an option.

What Are The Best Methods To Renew Your Two-Wheeler Insurance Policy?

 4.5 / 5.0   by 3291 users
Used this product? Write a review >>

Cashless Treatment

Fees & Charges

Promised Interest Rate

Plan Benefits

Policy Coverage

Customer Service

Medical Coverage

Claim Experience

Responsiveness

When insurance as a concept emerged, the only possible way to buy a policy was through an insurance agent. As insurance got more popularity, more and more players jumped in and provided the buyers with umpteen options. Initially, the customers had only two choices - either to approach the insurer directly or through an insurance agent. As the industry progressed further, the insurance agent who was loyal to a single insurance provider turned into an agent of multiple insurers. This led to the concept of an insurance broker. The insurance broker is supposed to study and know everything about different policies they are trying to sell. However, they may try to push for a particular product that offers them a higher profit margin.

With the advent of technology, the way people buy an insurance has completely transformed. Today, there are multiple online platforms available where they can buy or renew online two wheeler insurance policy with ease. Not only it saves time, but it also allows you to compare different two wheeler insurance policies and choose the one that best suits your requirement. However, there also exist different other ways to buy or renew a bike insurance policy. You may check some of the methods explained below and go with the one you are most comfortable with.

Insurance Agents

A two wheeler insurance agent is someone who represents a bike insurance provider and sells insurance products on their behalf. According to the Indian law, an insurance agent can only represent a single insurance provider at any point of time. They receive training and license to guide insurance seekers with respect to their particular needs and sell products that best meets customers’ requirements.

As the customer is completely dependent on the guidance provided by an insurance agent. They are accountable for misleading the customer or selling them the wrong products. So if you are dissatisfied with the product offered to you by the insurance agent, you can raise the issue with the insurance company, the judicial bodies or the Insurance Regulatory and Development Authority (IRDA). The insurance company may ban the agent or may cancel their license.

Insurance Brokers

An insurance broker, unlike an insurance agent represents the interests of the client rather than the insurance company. They are bound by the law to understand the needs and requirements of the customers and guide them with the available alternatives. He is supposed to know the nuances of different policies in order to suggest the customers the best products based on their expectations from the insurance. You may sue the broker if they mislead you or approach the IRDAI for help. The IRDAI may cancel the license of insurance brokers if they are found guilty.

Agents and brokers can also fall under the following categories:

Independents Brokers And Agents

Independent brokers and agents sell products from a range of bike insurance companies. They review multiple products available in the market and offer you the two wheeler renewal policy that gives maximum benefits at reasonable premium. The insurance industry is always subject to changes in premium rates, benefits and plans. It is the duty of independent two-wheeler insurance brokers to keep track of all such changes and provide customers the right information. They may also offer customized two-wheeler insurance policies as per the needs of the customers.

Captive Brokers And Agents

By rule, agents are supposed to work in association with a specific insurance provider. They enter into a business agreement with the insurer which binds them to sell policies offered by the said insurance company. That is why they are called captive insurance brokers/agents.

The insurance company may also allow the captive agents to sell other products offered by the company other than two-wheeler insurance.

Why Should You approach An Insurance Broker?

Approaching an independent broker or agent is a better option as compared to buying or renewing your motorcycle insurance policy via a captive insurance agent. The reason is that an independent broker deals with a variety of products and his accountability lies with the client. It is the duty of an independent insurance agent to understand your requirements and provide you the bike insurance renewal policy which offers you the best coverage at reasonable cost.

Why Should You Renew Your Two-Wheeler Insurance Policy Online?

Most people approach motor insurance brokers because they find it complicated to calculate the premium amount as there are multiple factors to be taken into consideration. These factors range from the make and model of the vehicle, year of manufacture, engine displacement, and prevailing premium rates. There are also certain lifestyle factors such as marital status of a person, city of residence, and others which impact the amount of premium when you look to renew your bike insurance policy.

Now, can you calculate your insurance premium online? Sure you can! There are multiple online insurance portals where you may compare different bike insurance policies and also calculate the amount of premium you will be required to pay by entering a few basic details. You can also renew your motorcycle insurance through the official websites of different insurance providers in an easy, secured, and transparent way.

There are umpteen benefits of getting your two-wheeler insurance renewed online. Unlike in the case of offline insurance renewal, the documentation process is quite simple and you may also skip vehicle inspection if your insurer allows you to do so. In case of an offline insurance renewal, you need to schedule an appointment with the insurance company’s representative who inspects your vehicle and determine the premium rate. On the other hand, renewing motorcycle insurance online also helps you explore and analyse other available products that may be more beneficial to you.

What Are The Best Methods To Renew Your Two-Wheeler Insurance Policy? Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Ergo Two Wheeler Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken two wheeler insurance from Hdfc General insurance . I made the payment for 1 years through online banking . Customer service and responce is average as thye have explained the benefits of the policy .This policy covers with road side assistance and bumper to bumper coverage and the premium amount which am making for this is pretty economy .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
  • Royal Sundaram Two Wheeler Insurance
    "Low Premium with Higher IDV value"
    0.5 5.0/5 "Blown Away!"
    My two wheeler insurance purchased from Royal Sundaram. They are giving the higher IDV value hence i have chosen this company. I pay the premium amount of Rs. 1000. They have given me a IDV value of Rs. 24000. I have renewed the policy through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Good Protection with HDFC Ergo"
    0.5 5.0/5 "Blown Away!"
    My Activa Honda got insured with HDFC Ergo, I have been with them around two years, total term of my two wheeler policy is around three years. The premium amount is lesser based on the vehicle age. I took first party insurance its good and satisfactory.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • Liberty Two Wheeler Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I currently have the two wheeler policy with Liberty General. The services are good. There was a issues with the third party from whom I took the policy through. It got sorted out but it took time like four months. The premium cost is also nominal.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Good features"
    0.5 4.0/5 "Great!"
    I have taken a two wheeler insurance earlier from Bajaj Allianz. The process was good to get the policy. The premium is economical and there are good benefits as well. The policy coverage is also satisfactory. Fortunately I have not used the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • United India Two Wheeler Insurance
    "Smart Protection"
    0.5 5.0/5 "Blown Away!"
    My friend's relative working with United India Insurance, If I have any issues in the vehicle they will take care of it. There was no claim experience. I have insured honda activa scooter, the premium amount is reasonable I took comprehensive cover comes under third party, own damage include.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 19, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Need to reduce the premium"
    0.5 4.0/5 "Great!"
    My two wheeler insurance is with Bajaj Allianz because mine is Bajaj bike so it will be easier for claim and also lot of showrooms included. I got the insurance paper. The claim process was average, the amount was not fully refunded. Also the process was lengthy. I have paid the premium of Rs.2000 for one year. It is a first party insurance. I felt the premium is quite high.
    Was this review helpful? 3
    , hyderabad
    Reviewed on Jan 18, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I took my two wheeler insurance from Bajaj Allianz last year. It was suggested by my friend because he is working. I have paid approx 1000 rupees to purchase the policy. I never had a customer service experience and no claim. The benefits are good and its a third party insurance.
    Was this review helpful? 1
    , pune
    Reviewed on Jan 18, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Not recommendable policy"
    0.5 3.0/5 "Satisfactory"
    My two wheeler insurance was taken from ICICI Lombard. I have applied the claim from with ICICI Lombard but they have not given proper response. They have not processed the claim also. Since because of the lowest premium, i have opted this policy. The service is not upto the mark.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 18, 2019
  • Bharti Axa Two Wheeler Insurance
    "Excellent Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy a long back and the premium has been paying annually. The premium amount has not been too high and the payment method has also been convenient. I had not made any claims so far and it has been a good policy for others as well.
    Was this review helpful? 2
    , navi mumbai
    Reviewed on Jan 18, 2019
  • New India Two Wheeler Insurance
    "Good Insurance company"
    0.5 4.0/5 "Great!"
    They are good in all service, without approach them they are providing good service. New India premium is economical, I paid the premium around Rs 7000 for three years. They gave me the third party cover, cash less service. They got tie up with many experience the agents are good.
    Was this review helpful? 2
    , chennai
    Reviewed on Jan 18, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Premium should be economical for the renewal"
    0.5 4.0/5 "Great!"
    Whenever there is a issue, I can reimburse with Bajaj Allianz its good than other company. One time I claimed, they gave me cash less service the premium is lesser than others then I changed it. The renewal option is good but they show more premium when I go for renewal.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jan 17, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost four years back and i am paying the premium annually. The premium amount has not been high and the payment method has been simple. There has not been any claims made so far and the services which they had offered so far was good.
    Was this review helpful? 2
    , chennai
    Reviewed on Jan 17, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Good for two wheeler"
    0.5 4.0/5 "Great!"
    My policy belongs to HDFC Ergo, its a premium policy for one year the insured value is fine for me Rs. 97,000, I have the KTM Duke bike its good, I took first party insurance with HDFC Ergo, I really not interacted with them for any policy queries.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 17, 2019
  • Bharti Axa Two Wheeler Insurance
    "IDV percentage should be increased"
    0.5 4.0/5 "Great!"
    The insured value is low in Bharti axa, I Purchased Royal Enfield bike for Rs. 1.75 but they gave me only Rs. 1.20 lakh . My policy has the tenure of two years, I am not sure about the tie up services. I have taken the first party insurance. I purchased in the month of october 2017.
    Was this review helpful? 3
    , new delhi
    Reviewed on Jan 14, 2019
  • National Insurance Two Wheeler Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I had my two wheeler insurance from National Insurance and it was a better experience. This insurance was issued by the showroom as a default. There is no claim. I felt the premium is bit higher so moved to HDFC Ergo. The customer service is better.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jan 14, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    My two wheeler insurance was taken from HDFC Ergo because it has more benefits and the premium is lower compared to others. It is a first party insurance. The customer service is very good. There was no claim and IDV value is good. I got the insurance paper.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 14, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance for my bike a long time back and it had been a good policy. I had been paying the premium on an annual basis and the premium amount was not too high as well. The payment method has been simple and there has not been any hassle. There has not been any claims made so far and there has not been any hassle faced with the services of them.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Good features"
    0.5 4.0/5 "Great!"
    I have my two wheeler insurance with ICICI Lombard. The services are good and there no hassles to get the policy. The premium is also nominal. The policy coverage and benefits are satisfactory. I also received the policy papers on time. Good in all.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 12, 2019
  • United India Two Wheeler Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    This policy was recently renewed for my bike, my brother went to the showroom and then he renewed the policy, the premium is economical as per the market. They are issuing the policy with the good coverage of bike. Its a trusted insurance company and I got the paper on time.
    Was this review helpful? 4
    , kolkata
    Reviewed on Jan 11, 2019
Common Loader Icon
Page 1 of 50 1 2 3 4 5

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.