Whether it is life insurance, car insurance, health insurance or two-wheeler insurance, often, insurance policies have a much small print that we take a look at and ignore, or that we rarely understand. However, while signing a contract with an insurance provider, you must check every detail mentioned in the printed copy of the policy.
One of the most important aspects that should be kept in mind is the expiration date. Knowing your policy expiration date is essential, as when the time arrives you must be clear on what to do next. When that moment arrives, you have two alternatives; either renew two-wheeler insurance or not go ahead with that insurance contract. However, how to decide what to do and how to do it?
Find A Quick Way to Renew Two-Wheeler Insurance
When you are about to hit the expiration date of your two-wheeler insurance policy in two to three months, the first question that approaches your mind is, HOW TO DO IT?
Renewal of your two-wheeler insurance policy can be done by two methods, offline mode of insurance renewal and online mode of insurance renewal. Although, the offline mode is preferred mostly by the policyholders, online mode to renew two-wheeler insurance has its perks. Some of them are:
- Timely notifications about the two-wheeler insurance premium due dates. This means, you will never miss any of your payments.
- It is less time consuming and requires fewer efforts to complete the procedure.
- Hassle free completion of the process with almost zero documentation.
To be precise, online renewal of your two-wheeler insurance policy can be completed in a time span of 3 minutes. Yes, you heard that right!
Steps to renew two-wheeler insurance online:
- Log on to www.coverfox.com
- You will see a form where you need to fill in your details, vehicle details, and payment details. The form of payment for the renewal of your insurance will be the same that you chose at the time of contracting (if you have not modified it during the validity of the policy).
- Once you are done with the form, proceed to make the payment. You can make the payment via debit card, credit card, NEFT or net banking.
Now let’s discuss some key points to know before you decide to cancel or renew two-wheeler insurance:
The Ultimate Guide to Renew Two-Wheeler Insurance
As a general rule, two-wheeler insurance policies are contracted for annual periods ranging from the start date (called the effective date) to the end date (also known as the expiration date). However, it is difficult to find insurers that make contracts of less than one year, and it is also difficult to find insurers that make contracts of more than three years.
Also, two-wheeler insurance policies are automatically extended for annual periods. If the insured or the insurance company does not want this extension to take place, they are obliged to inform the other party at least one month before the expiration date. If this is not done, the other party can take the policy one more annuity as a continuous. Therefore, cancellations of two-wheeler insurance policies must be communicated one to two months in advance.
Another issue of vital importance is the price to renew two wheeler insurance, which must always be of equal or lower value than the current year, unless your insurance company has warned you, also with one or two months in advance, the variation of the price or the conditions of the contract.
If you do not wish to continue the contract, the best and safest way to cancel the renewal of your two-wheeler insurance is to write a request for it under the terms established by law, although due to carelessness or inability that can be more or less cash depending on the circumstances.
You must know that when we renew two-wheeler insurance with the automatic renewal procedure, we may not obtain many advantages, only in some cases the bonuses, but only if they come. On the other hand, to renew your two-wheeler insurance without comparing is not the best decision for our pocket; because we do not take into account the large number of companies competing in the insurance sector, providing the user with freedom of choice and the possibility of finding the best insurance regarding price-quality.
Using the online insurance broker’s site coverfox.com, users have an opportunity to grab other solutions before automatically renewing and discover that they can get the same coverages, or even better, changing the insurance company. Moreover, also, save money.