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Why You Should Never Ignore Bike Insurance Renewal?

For a bike rider, a bike is not just a vehicle to make commutation comfortable rather an important part of the self. Imagine what an emotional trauma it would be to know that the bike is lost or damaged in an accident. The financial trauma a bike owner suffers due to such a mishap can surely be reduced with a bike insurance policy.

In India, a basic insurance policy covering third-party liabilities is mandatory. A comprehensive bike insurance policy covers you against various damage costs, including third-party liability and own damage. Bike insurance covers various types of two-wheelers like a scooter, motorcycle, and moped.

Merely buying bike insurance and forgetting about it will add no benefit. You must pay premiums timely and renew bike insurance. Be it busy schedule or lockdown due to pandemic, you can now easily pay premiums of bike insurance and renew bike insurance online. Bike insurance renewal is necessary to be done before the expiry date of the policy and shouldn’t be ignored. Here are some reasons why you shouldn’t ignore bike insurance renewal.

  1. Makes you a law-abiding citizen – As per the set of traffic rules in India, every bike owner must have third-party insurance. This covers the insured person against third-party liabilities. One can buy own damage bike insurance or comprehensive bike insurance that covers other risks as well. In case the policy expires, the policyholder may have to face legal actions and pay the penalty. Hence, it makes the right decision to renew bike insurance onlineand be a law-abiding citizen.
  1. Provides accident protection – Having no bike insurance can expose you to heavy damage costs in case of accidents. Hence, it is necessary to renew bike insurance to get protection against accident damage costs. The accidents aren’t limited to road accidents and collisions but also includes natural and man-made calamities.
  1. Provides theft protection – Thefts of vehicles are common, and two-wheelers like bike and scooter being lighter in weight than four-wheelers are easier to steal. In case of vehicle theft, you may have to suffer a huge loss, which can be covered only if you invest in a good bike insurance cover and make on-time bike insurance renewal.
  1. The benefit of No Claim Bonus – NCB or No Claim Bonus is a discount offered by the insurance company in case there is no claim made in a year. This discount can be availed at the time of bike insurance renewal. Typically, bike insurance companies offer a 15%-20% discount on the premiums of a bike insurance policy. The discount increases depending on the number of years for which you file no claim. You can avail the NCB while you renew bike insurance online.
  1. Analyse your cover – Your requirements, risks, budget often keep changing, and this at times makes the cover you receive meaningless or the premium rate becomes expensive. Time-to-time analysis of your policy details is necessary. During the time of bike insurance renewal, analysing these factors is ideal.
  1. Make necessary changes in policy – After analysing, if you feel there are any changes that you want to make, then you can do it as you renew bike insurance online.

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