As a two-wheeler owner, an individual’s responsibility doesn’t just end with them purchasing the vehicle. Among many other things, they should also shoulder the responsibility to renew their vehicle’s insurance policy once their existing one voids out. Doing so not only helps them avoid paying fines, which according to the new law stands at Rs.2000, but also reimburse the costs of any unexpected damage. In this article, we will list out some of the most popular ways you can use to renew your two-wheeler insurance. What are they? Read on to find out.
Going through an insurance agent to renew your insurance in this day and age seems rather old-fashioned and counter-intuitive. However, it’s one of the best methods available for people who are averse to using technology. An insurance agent is the perfect person you should get in touch with if you want to have your insurance renewed. A great thing about an agent is that they are trained and licensed to deal with any problems or queries a policyholder has and solve them effectively.
Before you begin to argue that an insurance agent is the same as an insurance broker, you should know that the roles they fulfil are completely different. To begin with, an agent is contracted to a company and primarily serves a company’s interest while a broker works to take care of your needs. Usually, such brokers are licensed and can be sued directly if they happen to misguide you in any which way possible.
In India, there are two types of brokers. They are:
- Captive broker: A captive broker, as the name suggests, is more or less like an agent as he/she is contracted by a particular insurance company and is allowed to sell only that company’s products.
- Independent broker: An independent broker basically has the freedom to show a wider variety of insurance products to his/her client.
While doing any form of financial transactions weren’t possible a few years ago, you can buy just about anything right now. If you’d rather want to save your money and effort which you’d otherwise expend on a broker or an agent, going the online way is the best for you. Besides, using this method would also help you save a lot of time as the renewal can be carried out in a matter of minutes.
Depending on your comfort levels, you can choose any of these three methods to renew your two wheeler insurance policy.