Two wheeler is the most common used mode of transportation in India. In fact many people own more than one bike. It is important to note that two wheelers are more susceptible to accidents and damages as compared to cars and other four-wheelers, thus buying a two wheeler insurance policy and its timely renewal is imperative.
A bike insurance
policy protects you against personal accident (death or permanent disability of owner/driver), theft and damage of your bike. It also covers you against third-party liability in case of an accident involving your bike. Bajaj Allianz offers two wheeler insurance policy for up to 3 years, which can be renewed effortlessly when the policy nears expiration.
Two wheeler insurance renewal can be done either online or offline. It is essential that you renew your two wheeler insurance policy on time because the Motor Vehicles Act, 1988 states that it is illegal to ride a bike without having a valid insurance policy. Besides this, there are numerous other benefits of bike insurance renewal.
Following are the top 7 benefits of two wheeler insurance renewal:
1) NCB claims :
NCB (No Claim Bonus) is the discount offered by insurance companies on the premium amount, if the insured has not made the claim even once during the policy term. The concession usually ranges between 20% and 50%. The advantage of bike insurance renewal online is that you can reap the benefits of the NCB and get the policy renewed at lower premiums.
2) Online renewal :
Bike insurance renewal online is a very convenient process. It is time-saving, secure and extremely straightforward. All insurance companies have a slightly different process for renewal, but following are some basic steps:
3) Security in case of natural/man-made tragedy : Two wheeler insurance renewal
- Visit the official website of your insurer.
- Enter details like vehicle registration number and policy number.
- Click renewal button.
- Choose to include any add-on covers and click submit button.
- Make the payment and receive the online renewal receipt.
covers you for the loss/damage in the event of natural disasters like earthquake, cyclone, fire, flood etc. You are also insured against activities like theft, riots, stampedes and accidents.
4) Third-party liability coverage :
The renewal of two wheeler insurance ensures that you are covered for any legal proceedings in case your bike is involved in any road accident causing damage to a third-party, person or property.
5) Add-on covers :
You are given an option to select any desired cover when you renew your policy. So it's a great chance to choose from different covers which you may have missed adding when buying the policy. At Bajaj Allianz, you can opt for following add-on covers while bike insurance renewal:
6) Updating the policy term :
- Loss of accessories
- Personal accident cover for pillion riders/unnamed hirers
- Zero depreciation cover
It is possible to change the policy term period during two wheeler insurance renewal. You can renew the policy for 1, 2 or 3 years. The longer the term of insurance policy more the discounts and benefits you get.
7) Peace of mind :
Timely renewal of bike insurance policy ensures a sense of security and peacefulness. It guarantees that you are safe when interrogated by traffic police and also covered when injured in an accident.
It is evident with these benefits that two wheeler insurance renewal is a necessary process. Bajaj Allianz proffers following two wheeler insurance policies: