Due to the uncertainty in life and increasing cases of accidents, having some security offers peace of mind. A bike insurance policy safeguards you from any financial liability and provides a backup in case of an unforeseen event. But is two-wheeler insurance policy renewal really that crucial? So, if you fail to renew your bike insurance plan on time, you lose the protection offered by the policy. So, let’s understand the importance of timely 2 wheeler insurance
Benefits of Two Wheeler Insurance Policy Renewal
Here are some key perks of renewing your two-wheeler insurance policy:
Enables You to Ride Legally
Having third-party insurance is mandatory for all vehicle owners, and there is no way of opting out of it. Thus, by renewing your policy, you can ride legally on the Indian roads. But if you are found riding without a proper third-party policy, you would be fined. According to the new Motor Vehicle Act, 2019, the penalty amount for the first offence of riding without an insurance plan is INR 2000 and/or imprisonment of up to 3 months. Previously the fine amount was INR 1000. On the second time offence of continuing to ride your vehicle without insurance can attract a penalty amount of INR 4000 and/or imprisonment of up to 3 months. Hence, set reminders with your insurer and opt for two wheeler insurance policy renewal online before your policy expires to enjoy continued benefits.
Takes Care of Third-Party Liability
During an accident, there’s a possibility of injuring someone, damaging property or even causing death. If you do not have bike insurance, the compensation amount will go from your own pocket. But with a third-party policy, you don’t have to worry about the financial aspect of an accident. In the event of an unfortunate mishap, your insurer shall compensate for the loss or damage incurred!
Protects Your Vehicle from Calamities
We often see natural calamities ruining people’s homes and vehicles, only leaving behind loss and damage. But if you opt for two wheeler insurance renewal
, your bike will be safeguarded from calamities like earthquake, floods, explosion, cyclones, fire and many other. The cost of recovering from such a loss can quickly eat up all of your savings. Therefore, having financial backup such as an insurance plan goes a long way in securing yourself.
Provides Monetary Backup for Man-Made Hazards
Warnings do not come knocking on your door, and thus, preparing beforehand is the key. Some man-made hazards such as theft, burglary, strikes, accidents and many others can damage your vehicle. However, with the right bike insurance, your two-wheeler is safeguarded from such mishaps, and you shall get compensated for the loss incurred. Thus, 2 wheeler insurance renewal becomes of utmost importance!
Offers No Claim Bonus
No Claim Bonus is a reward you get for making zero claims during the policy term. On two-wheeler insurance policy renewal online, you can enjoy a discount on the premium and a lower quote! This percentage of discounts keeps increasing as you continue not to file any claims and it ranges from 20 to 50%. But NCB discount is only applicable on Own Damage component of the policy and not on third-party insurance. Hence, you will be rewarded a bonus if you don’t make claims as a pat on the back for driving safely!
With this, you can now understand why timely two wheeler insurance policy renewals are important as well as beneficial. It is recommended to renew your policy before the expiry date as you do not want it to lapse and lose your NCB discount. Thus, set a reminder for a quick two wheeler insurance policy renewal online or else you can opt for auto-renewal to avoid missing the date!
In case your policy has expired, here’s a guide on two wheeler insurance renewal online after expiry