As per the Motor Vehicles Act, 1988, driving a bike without third-party or comprehensive two-wheeler insurance is a punishable offence. However, in this digital era, most companies are providing online platforms to avail/renew such insurance policies conveniently. Hence, renewing insurance is now a pretty much hassle-free and a smooth task.
However, studies show that the majority of bike owners don’t have insurance for their two-wheelers. If you, too, are one of them, take a look at the reasons mentioned below why you must avail and renew your bike insurance now!
5 Reasons to Renew Your Bike Insurance Before It Expires
To abide by the motor laws
According to the motor vehicle Act 1998, it is mandatory for every vehicle to be covered with insurance, at least with a minimum of third party insurance. It’s timely renewal of the insurance is also abiding to the law, otherwise the bike owner will be charged with a heavy fine and will cease to exist.
Therefore, it is important to renew your bike insurance on time without forgetting, or will have to face the consequences.
To avail financial protection against accidents and natural disasters
In case any mishap happens with your two-wheeler, you can claim the expenses with insurance protection. But, if you are applying after expiry, financial assistance will be unavailable. So, it is always recommended to renew insurance before the expiry.
To avoid lapsing of NCB
NCB in bike insurance is one of the primary reasons to renew before expiry. If you don’t claim the insurance within its current period, it will add a discount on your premium as NCB. So, it is important to renew insurance before expiry and make sure to use a bike insurance calculator for assistance.
Ensures hassle-free renewal
Renewing your insurance on time will not allow your vehicle to be subject to any inspection, and escaping inspections can be hassle free. Delay on renewal will not allow you to enjoy the policy coverage & getting you into unnecessary troubles, and you might have to pay when met with an accident. Furthermore, the insurer will inspect your vehicle, and that inspection will lead to further hassle. Moreover, it may lead to discovery of certain damages. This also might result in reducing your insured declared value (IDV) of your bike.
Prevent increase in premium:
If you skip renewing your bike insurance policy it creates a break that might lead to a hike in your insurance premium. Once your policy expires you will have to buy insurance from scratch again leading to buying expensive policies. With all of these losses, skipping your renewals might also cut you down from the privilege of NCB (no claim bonus).
Instead of going through a tunnel of losses with just skipping renewals, it is best to renew on time and avail the list of benefits mentioned below.
Benefits of Renewing Bike Insurance on Time:
- Renewing your bike insurance on time helps you avoid penalties
- Helps to enjoy undisrupted insurance coverages.
- Avoid bike Inspection and price hike.
- Renewing your policy on time not only keeps your policy active but also helps you avail discounts.
- Ensures complete peace of mind concerning bike riding and insurance-related concerns.
To avail these benefits without forgetting, it is important to renew your insurance on time. Doing that online is the simplest and the best way to renew it. Let us take you through the process to renew your bike insurance online.
Steps to Renew Your Bike Insurance Online
Now, you know why you should renew your bike insurance before it expires?
Follow these steps to renew your two wheeler insurance online:
Step 1: Fill up the Form
You need to visit the bike insurance provider’s website. Then, fill up details including model, variant, vehicle’s make, and registration date. Next, click on ‘Get Quote’ to choose a plan of your choice.
But, before filling up the form, you can check insurance details with the bike insurance calculator.
Step 2: Choose the Insurance Type
You have to choose between comprehensive bike insurance or third-party bike insurance. Add some more details about your previous insurance policy, claims made last year and all that it asks you to fill.
Step 4: Get Your Premium
Lastly, you will get the value of your premium. And if you have opted for a standard plan, you can customise it with further add-ons.
So, you can now realise the reasons & advantages of renewing two-wheeler insurance before its expiry. From add-on benefits to legal and financial benefits, it’s a complete win-win scenario if you renew your bike insurance on time.