Benefits Of Two Wheeler Insurance Renewal
Published On Dec 18, 2021 10:00 AM By InsuranceDekho
Want to know the benefits of two wheeler renewal? Here are some of the benefits of renewing your bike insurance for complete coverage.
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Bike insurance is a necessary element of owning a bike. By ensuring your bike with the Comprehensive Bike Insurance Policy, you'll be covered against unanticipated financial losses resulting from bike damage or third-party liability. When you renew your bike insurance on time, you can rest certain that you are financially covered at all times.
Benefits Of Bike Insurance Renewal
Here are some of the benefits of renewing your bike insurance for complete coverage:
1. Being a Law-Abiding Citizen
When you renew your two-wheeler insurance coverage when it expires, you will be following the law of the country. You will avoid fines and be protected under your insurance policy. Riding a bike without a legal two-wheeler insurance coverage might result in a fine or even imprisonment. Your two-wheeler policy will become inactive after it has expired. As a result, quick two-wheeler insurance online renewal after expiration is critical.
2. Keeping your Insurance Current
If you do not renew your two-wheeler insurance coverage, you will be exposed to financial damages in the event of an accident involving your bike. A comprehensive two-wheeler insurance coverage protects your bike in the event of an accident or natural disaster. It also protects your two-wheeler from being stolen. Renewing your two-wheeler insurance will ensure that you are covered and may continue to ride your bike.
3. The Absence of a Break-in Policy Disadvantage
As previously stated, you must renew your insurance coverage prior to its expiration date. Your two-wheeler insurance policy will be regarded as a break-in policy if you renew it after a certain amount of time (varies per insurer) has passed since the expiration date. In such circumstances, your insurance provider may wish to check your bike. This might result in a higher insurance cost for your motorcycle.
4. Maintaining the NCB's Functionality
The No Claim Bonus (NCB) is a five-year discount granted by insurance companies when you renew your policy. It's a discount given for safe driving and not filing a claim throughout the policy's duration. If you file a claim or do not renew your bike insurance policy within 90 days of its expiration date, your No Claim Bonus will be forfeited. A grace period of 90 days is granted to keep your NCB operational.
5. When is the Best Time to Review
It's always a good idea to evaluate your Comprehensive Two-Wheeler Insurance coverage a month before it expires. If it matches your needs, you may purchase Add-ons such as Roadside Assistance, Pillion Rider Cover, and so on when renewing your policy. Add-ons will raise the insurance price somewhat, but they will boost the coverage by expanding it. While renewing your coverage, you can also change your insurance provider. The insurance sector has transformed as a result of digitization, and new insurers have emerged.
6. Coverage in a Foreign Country
Motorcycle cross-border travel has become fashionable in recent years. A two-wheeler insurance policy also covers damages that occur outside of Indian territory. 2 wheeler insurance may be required in the country/territory you're visiting at the time of immigration. As a result, timely renewal aids in the fulfillment of statutory responsibilities.
Keep track of the policy's expiration dates and renew far ahead of time to avoid additional fees such as Inspection Fees. Before you apply for insurance, shop around online for the best deals. There's a chance that a different insurer will provide better coverage at a lower cost. To achieve a reduced premium, take advantage of reductions like the No Claim Bonus (NCB) and consider increasing your Voluntary Excess share.
Also read - Guide to Getting Two Wheeler Insurance for Old Vehicles
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.