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

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    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
    • Iffco Tokio Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have two wheeler insurance with IFFCO TOKYO from last 6 years, a premium of Rs 1300 has to be paid for this insurance policy. There was no claim experience so far with this insurance policy. I am happy with the policy coverage and plan benefits of this policy.
      Was this review helpful? 0
      , khargone
      Reviewed on Nov 19, 2018
    • HDFC Ergo Two Wheeler Insurance
      "No claim experience with HDFC ergo"
      0.5 4.0/5 "Great!"
      Last two years i have not spoke with the customer care service for any reason. The dealer has provided the policy with HDFC Ergo since i took the loan with them. I pay the premium amount of Rs. 1000 and its renews every year. I have not gone through about the policy details. For past 2 years, i have been renewing the policy with same company.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 17, 2018
    • Oriental Insurance Two Wheeler Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I took a two wheeler insurance with Oriental Insurance. In my company, they have tied up with one agency for the personal and vehicle insurance. I have paid 1400 rupees for a year. The services are good. The process was simple. The policy coverage and the plan benefits.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 17, 2018
    • Royal Sundaram Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My two wheeler is insured with Royal sundaram insurance from last 4-5 years, a premium of Rs 2000 has to be paid for this insurance policy. There was no claim experience so far with this insurance policy. I am happy with the policy coverage and plan benefits of this policy.
      Was this review helpful? 2
      , jaipur
      Reviewed on Nov 16, 2018
    • Reliance General Two Wheeler Insurance
      "Yet to experience the claim"
      0.5 4.0/5 "Great!"
      I have not used the insurance policy so far. I never claimed anything in this policy. I have not spoke with the customer care. My friend has recommended me about the two wheeler insurance policy with Reliance. I pay the premium amount of Rs. 1500 for one year. I renew the policy through onine.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 16, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a two wheeler insurance with HDFC Ergo. I got a Passion Pro and Scooty for both the vehicles, I used to renew with HDFC Ergo. The customer service is good. There is no claim experience. The policy coverage and the plan benefits are good. I pay 4,000K yearly for 2 vehicles. The policy period is one year.
      Was this review helpful? 1
      , tiruchirapalli
      Reviewed on Nov 16, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good insurance policy"
      0.5 4.0/5 "Great!"
      When i purchased the vehicle, the dealer has provided the insurance with HDFC Ergo. I have not used any claim with HDFC Ergo. I have not spoke with their customer care. I pay the premium amount through credit cards. Last year i have bought this policy. Since i'm existing customer of HDFC, i have selected my two wheeler policy with HDFC Ergo.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 16, 2018
    • Reliance General Two Wheeler Insurance
      "Good Policy to use"
      0.5 4.0/5 "Great!"
      My two wheeler insurance policy was taken from Reliance. The dealer was provided the two wheeler insurance policy when i purchased my bike. I have paid a premium amount of Rs. 7000 for two years. The policy covers all the parts of the vehicle. The documentation process was good. According to the bike condition, they have provided 100% coverage value.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on Nov 16, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good"
      0.5 4.0/5 "Great!"
      It is very good and I have a two wheeler insurance with Bajaj Allianz and it was recommended by the showroom person. I have a Honda Activa bike. It is a one year policy. I got the insurance papers on time. There is helpline number to reach the customer support. The premium was paid through cheque.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 16, 2018
    • New India Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance with New India Assurance from last 3 years, i am not aware of the premium amount as my company pays it. There was no claim experience so far with this insurance policy. I am happy with the policy coverage and plan benefits of this policy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 16, 2018
    • Oriental Insurance Two Wheeler Insurance
      "Claim process is taking more time"
      0.5 4.0/5 "Great!"
      I have purchased the health insurance policy with Oriental. My entire family has been covered in this policy. My organization has provided the policy and they will be managing all the policy details. I never interacted with the oriental customer care services. I had a claim experience with oriental but my company taking care of that when i submitted the documents. Its taking 20 days to get settlement. They have given me a coverage value of Rs. 5 lakhs.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 16, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Best Policy"
      0.5 4.5/5 "Excellent!"
      Using the bajaj Allianz insurnace for my two wheeler for last 2 years. I used to pay the premium of Rs. 1240. They have provided the value of the bike Rs. 38000. They have covered for 70% of the bike value. I never faced any issues with the policy. Because of the lower price, i have selected the policy with Bajaj Allianz.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 16, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have a bike insurance with ICICI Lombard. Its a one year policy. I asked the service provider for an insurance and they was suggest me ICICI Lombard. I have paid 1300 rupees for a year through cash. I have claim experience, they have taken almost 18 months for the reimbursement. I am satisfied with the policy coverage and the plan benefits.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 15, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      The plan is good with Bajaj Allianz insurance company, in terms of coverage value, the insured value around Rs. 47,000 for my Honda Dream yuga bike, its just two years old. I have coverage for loss, damage, accidental. They have many service centers as well.
      Was this review helpful? 3
      , ghaziabad
      Reviewed on Nov 14, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good protection for two wheeler"
      0.5 5.0/5 "Blown Away!"
      The bike policy was arranged through the dealer, since it mandatory purpose I took the policy from Bajaj Allianz. I don't have any option hence I took by paying some premium. I availed comprehensive policy for my bajaj discover bike for one year tenure.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 13, 2018
    • Bharti Axa Two Wheeler Insurance
      " Its convenient policy renewal"
      0.5 5.0/5 "Blown Away!"
      Its convenient to go head to chose all the options, they have option to increase the IDV, even the premium is good. I have been experience with Bharti axa two wheeler policy around five years, whenever I renew the policy I get the no claim bonus.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 13, 2018
    • National Insurance Two Wheeler Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I did not have any claim experience with National two wheeler insurance. I have not spoke with the customer care service as of now. I made a premium amount of Rs. 1400 for one year. The reason for selecting the National insurance is when i purchase a bike from dealer who provided the policy with National and i'm continuing the same. They have given a value of the bike is Rs. 55K.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 13, 2018
    • National Insurance Two Wheeler Insurance
      "Good"
      0.5 4.0/5 "Great!"
      When I purchased the Honda Activa bike at that time they provided an insurance. It is a one year policy. One of my friend is working there so he will takes care of my policy. If anything goes wrong,they will recover 70% to 80% of the damage, remaining 20% from my end.I am planning to renew the policy again with National Insurance.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 13, 2018
    • National Insurance Two Wheeler Insurance
      "Good Protection for two wheeler"
      0.5 5.0/5 "Blown Away!"
      As per IRDI policy, National Insurance is following the terms, the premium is reasonable, I have taken bike policy for three years now they do have five years plan. I have comprehensive plan its always better to go with full cover its good for us.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 12, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Need improvement on service"
      0.5 3.0/5 "Satisfactory"
      I have bike insurance with ICICI Lombard, I paid Rs.8700 for three years policy. It has third party plan with personal accidental. But the guys are not responsible, when they want to sell some thing they call , during queries they wont respond.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 12, 2018
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