Benefits of renewing bike insurance policy on time

It is mandated by the 1988 Motor Vehicles Act to buy insurance at least till third party before riding your bike on Indian roads. However, did you know it is also against the law to allow your insurance policy to expire? This, among many other reasons, is why you should never let your insurance policy expire. Let’s read about the different benefits that come with renewing your bike insurance policy on time.

What Are The Benefits Of Renewing Your Bike Insurance Policy On Time?

The following are some of the benefits and advantages that come with renewing two-wheeler insurance on time.

1. Protection From Natural Disasters

Many insurance policies would provide you coverage against natural disasters such as floods, earthquakes, and more. When you do not have valid two wheeler insurance, you are exposed to the financial burden of the damages that may arise as a result of any such unfortunate occurrence. Renew your insurance policy on time to prevent your financial exposure in such situations.

2. Coverage In Case Of Man Made Calamities

The next thing that insurance gives you coverage from is man made calamities, such as accidents, war, strike, burglary, or theft. This is extremely beneficial as it can lead to a huge financial loss if you are unprotected by insurance. If you renew your insurance policy on time, you would be protected from the financial burdens of unfortunate instances such as theft and also gain the peace of mind of knowing you are protected against such situations.

3. Legal Interest

As mentioned, it is mandated by the Motor Vehicles Act of 1988 that you have at least up till Third Party insurance for your two wheeler when riding it on Indian roads. This ensures that if you have an accident involving a third party, the insurance company will take care of the damages sustained by them. Renewing your policy on time ensures that you would not have to shoulder this legal liability, nor be liable for fines when it comes to insuring your vehicle.

4. No Claim Bonus

Another extremely beneficial aspect of renewing your policy on time is No Claim Bonus or NCB. NCB is a discount that is given at the time of renewal as a reward for cautious riding if no claim is raised during the policy tenure. If you miss out on renewing your policy in time you would not be given the NCB discount which would be a financial loss for you.

Takeaway

Thus in addition to the extra peace of mind that it would give you, there are many advantages to renewing your policy on time and making sure that your two wheeler is never uninsured. It would surely lead to a lot of savings for you as well as legal benefits, if you renew your two wheeler policy on time.

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No Claim Bonus (NCB) in Two Wheeler Insurance

Two Wheeler Insurance Claim Settlement

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.