Why on-time Renewal of a Bike insurance Policy is important?

Having any insurance gives a sense of security at any point in time, and with increasing road accidents, a valid motor insurance policy is definitely the need of the hour. If you own a bike, having a bike insurance plan helps you cover your financial liabilities in case your bike meets with an accident. It follows without saying that you can claim for the damages only if you have a valid bike insurance plan.

Every bike insurance plan, whether third-party or comprehensive bike insurance has a validity period post which it ceases to exist. Bike insurance renewal before the validity is necessary to comply with law and meet all your financial liabilities. Although few of us forget to renew it on time due to external factors, some avoid bike insurance renewal deliberately. Here are the factors why on-time renewal of bike insurance plan is necessary.

Law compliant:

As per Indian Motor Vehicles Act, having at least a third-party bike insurance is a must if you are a bike owner. If you do not want to pay hefty fines, you must atleast have valid third-party bike insurance before you ride on Indian roads. Third-party insurance covers all financial liabilities to a third party if, during any accident, third party person or property is affected because of your bike. Your bike insurance bears the cost of all the damages while ensuring you do not have to pay any penny from your pocket and also making you a law-abiding citizen.

In case your bike happens to meet with an accident, it is not just the third party vehicle that suffers damage, even your bike may suffer damage for which you have to pay from your pocket. Having comprehensive bike insurance is necessary to refrain from digging into your savings during such crucial times. Like all insurance, even comprehensive bike insurance has an expiry date before which renewal is a must. Here are the reasons why it is important.

Protection against Own damages:

Comprehensive two-wheeler insurance safeguards your bike from any damages occurred due to natural calamities like fire, storm, earthquake or manmade calamities like riots, vandalism, burglary or theft. You can only claim for damages if you have a valid bike insurance plan which is only possible with on-time renewal. In case if you find renewing insurance a tedious job, go for insurers that offer online bike insurance renewal facilities.

Coverage for third party liability:

A comprehensive bike insurance policy offers coverage for own damage and compensates for third-party damages. Opting for comprehensive insurance thus means you can get dual coverage in a single plan, moreover you can skip the hassle of renewing 2 bike insurance policies on-time. You can choose comprehensive two-wheeler insurance online, where you can choose to renew your insurance before the expiry date.

Benefit of Grace Period:

Often insurers offer grace period for bike insurance renewal online. This period can last from a week to a month and varies across different insurance providers. However, the grace period is only offered to give a chance to renew your bike insurance policy without losing the No Claim Bonus. It doesn’t provide any coverage for your bike, any accidents during this tenure need to be paid from your own pocket.

No Claim Bonus:

As mentioned earlier the benefit of grace period is only to retain the No claim Bonus. NCB is a discount that the bike owners receive for not raising a single claim during the policy period. Acculumated NCB can give a discount of 50% in 5 years. So in order to retain yourNCB and get the offer of reduced Premiums, it is important to renew the two-wheeler insurance within the expiry date.

What are the benefits of Renewing the Bike insurance policy on time:

If you have a comprehensive two-wheeler insurance, on time bike insurance renewal can help you

  • Get coverage for both third party liability and own damage insurance
  • Refrain involving in unnecessary legal issues and avoid paying the hefty penalty
  • Keep continuing the coverage without any interruption
  • Keep the discount received on Bike insurance online renewal and get reduced premiums
  • Ensure a stress free mind for your bike or insurance related concerns
  • The insurance provides coverage for Personal Accidents

Renewing bike insurance online:

Online bike insurance renewal allows the insured to keep track of the expiry date. The process is quick and hassle-free while also keeping your covered. The renewal process is available 24X7, thus you can choose to renew it at your convenient time.

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