Finance

What Are The Benefits Of Renewing Bike Insurance?

In case you get involved in an accident that damages your vehicle, you will need to take it to a garage immediately, which means long repair bills. Therefore, to safeguard yourself from such unwanted financial burden, it is imperative to have an active two-wheeler insurance plan.

Here are 5 major benefits of two wheeler insurance renewal:

1. Keeps you insured

The primary reason of renewing your bike insurance policy is that you will stay insured and never not have an insurance policy. Especially if you purchase a comprehensive two-wheeler insurance policy, it will cover own damage along with third-party liability. If your car gets stolen, your insurance company will compensate you for the IDV of your car. These services will stop as soon as your policy term comes to an end. However, if you insure your policy before the expiry date, you can enjoy continuous coverage.

2. Provides you with the benefit of NCB

No-Claim Bonus (NCB) is the concession you receive from your insurance provider if you don’t raise a single claim in your policy term. However, if you miss out on renewing your policy, you will be losing out on your NCB benefits as well. The insurance company offers you a grace period of 30 days, which is like a second chance for you to renew your insurance policy. This is provided to help you keep your NCB active.

3. Keeps you on the right side of the law

It is mandatory to have the basic third-party liability cover as per the Motor Vehicles Act, 1988. As soon as your policy expires and your grace period comes to an end, your insurance policy will become inactive. Riding your bike on Indian roads without a valid insurance policy means disobeying the law. You will be charged fines for this as well. Therefore, timely two wheeler insurance renewal is imperative.

4. Saves you from the inspection process

Don’t wait for your insurance policy to lapse in order to renew it. Instead, do it before it expires. Once your grace period is over, it will be considered as a break-in policy. To offer you a new insurance policy, your insurer will conduct the inspection process all over again.

5. Right time to review

The accurate time to get your policy reviewed is one month prior to its expiry date. Also, if you didn’t already know, you can also opt for suitable add-ons while renewing your insurance policy. Add-on options include roadside assistance, engine protector, lock and key replacement, etc. However, also understand that these covers will add up to your premium amount. Therefore, avoid selecting unnecessary add-ons. If you are not quite happy with your existing insurance provider, you can even switch them at the time of insurance renewal.

To make the renewal process easier, you can simply visit the insurance company’s website and fill in the necessary details after you’ve selected the policy of your choice. You don’t have to go through tedious processes anymore. To learn more about your policy, you can go onto the insurer’s website and read it in detail.

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