Buying bike insurance while buying a bike is important, but renewing the policy on a periodic basis is equally important. Some may see this as a waste of money, but the process is necessary and can be beneficial for the bike owner.
Benefits Of Renewing Bike Insurance On Time
#1 Avail discounts
For bike insurance renewal on time, you can avail a prominent discount if you did not raise a claim in the previous policy year. This discount is called a No Claim Bonus. By renewing your bike insurance policy on time, you can keep this bonus intact. If you do not renew your policy in time there is a chance that you may lose this bonus. This discount can be as high as 50% on the cost of your bike insurance policy. Thus, you get the benefit of keeping the NCB discount intact by renewing your policy in time.
#2 No break-in policy
If you miss the date of your bike insurance policy’s expiry, the new policy issued to you could be termed as a break-in policy. It is not a good practice to have a break-in policy and it may increase the cost as well. Your insurer may also request an inspection in case of a break-in policy. They need to be sure about the vehicle’s condition that they are insuring. Your insurer might note all the minor dents and damages (if any) in case of a break-in policy.
#3 Instant policy
As mentioned earlier, in case of a gap in bike insurance renewal, your insurer may need to take a look at your bike. However, if you renew bike insurance in time, an inspection may not be needed and you may receive the renewed policy instantly. Otherwise, if an inspection is requested, your insurer may require more time to issue your bike insurance policy.
#4 Continued Insurance Cover
If you do not renew bike insurance policy in time, you may ride your bike around without an active insurance policy. If you get into an accident during this period, your insurer will not be liable to pay for the damages. During this time, if you get into an accident with a third-party, you will have to compensate them from your pocket. The compensation can be very high, depending upon the income and age of the affected third-party.
Apart from third-party damages, you can also not claim for own damage. This coverage falls under a comprehensive bike insurance policy. There are chances that your bike is subjected to theft or damage from natural or man-made calamities. When your insurance policy is not active, you need to bear all kinds of financial and legal liabilities related to your bike.
#5 No Fear of penalties
Riding your bike without an active bike insurance policy is an offence in India. As per The Motor Vehicles Act, 1988 it is mandatory to buy at-least a third-party bike insurance policy so that the third party can be fairly compensated for the loss they suffered. Without an active policy, you will have to pay the penalties for not renewing it in time.
Why should you insure your bike?
Buying bike insurance is important because of two things – 1) it is mandatory 2) it offers a financial cover in case of unfortunate events. Thus, depending upon the type of coverage you buy, you will be covered against third-party liabilities or comprehensively for both legal liabilities and own damage. You will also be covered for theft, damage against natural or man-made calamities.
How to complete two-wheeler insurance renewal online?
In order to complete the two-wheeler insurance renewal online, you need to visit your preferred insurer’s website and enter the details related to you and your bike. Select a plan and proceed to make payment to complete bike insurance renewal.