Gone are the days when getting a bike insurance policy meant actually visiting an insurer’s office or even calling an insurance agent to meet you. Nowadays, you can apply and pay for a policy online without hassle. So, if you are about to buy an insurance policy for your two wheeler, then you are at the right place. Read on to know all about paying for the policy.
The cost of bike insurance
It is hard to mention a specific cost for bike insurance because it varies from one insurer to another. Also, it depends on a host of factors. For instance, a new bike will cost you more in terms of insurance than an old one. At the same time, insurance policies tend to cost more when you stay in the city compared to staying in a rural area or town.
In other words, the cost of an insurance policy varies based on the insurer and risk assessment of your vehicle. In a city, your bike has a greater risk of getting into accidents or theft. Similarly, it will cost you more to repair and find replacements for a new bike model than an old one.
Thus, it is not possible to state an exact amount regarding how much the insurance is going to cost you. You will have to talk to your insurance company to get an accurate idea.
How to pay for the bike insurance policy
These days, you can buy an insurance policy and pay for it online without the need to move an inch from your home. So, considering you have sat down to submit the application and pay the premium, here’s what you need to do:
Check the details before paying
Start by reviewing the details you have filled up in the application form. Have you included the right registration number? What about the manufacturing date and bike number? Any mistake in all these details can be a cause of rejection. Therefore, be careful while filling in these details.
Choose a mode of online payment
After you submit this part of the application form, you will be redirected to the payment page. You can pay for your policy online via credit card, debit card, NEFT, or UPI. So, it is time to choose a payment mode that you feel comfortable with.
Go through the payment confirmation email
When you successfully pay the premium, you will receive a confirmation on the contact number and email ID you mentioned in the form. Go through the confirmation and see if the payment details are correct. Also, you will get the related policy documents in your mail.
The final note
The insurance companies have taken steps to ensure that paying for a bike insurance policy is as simple as possible. If you still encounter any issue or face a problem, then you can always contact customer support for assistance.