Disadvantages Of Not Renewing Bike Insurance

Purchasing a bike of your choosing or dreams is a desire shared by all of us. If you do not believe this argument, maybe the year-over-year record-breaking bike sales figures will give you a better view. Regardless, an increasing number of people are purchasing automobiles. And one of the most important considerations to consider when purchasing or buying a vehicle is insurance.

The Motor Vehicles Act of 1988, for those who are unaware, requires all vehicles to have valid bike insurance.

Disadvantages Of Not Renewing Bike Insurance

Here are a few disadvantages of not going for bike insurance renewal:

Each coin has two sides, and bike insurance policies are no different. There are some advantages and disadvantages of constantly renewing your auto insurance policy for years. Some drawbacks of sticking with the same strategy are as follows:

1. Insufficient Coverage

   Every few years, such changes to current standards, laws, and regulations take place. In certain situations, you don't want to feel left out because the strategy stays the same. Similarly, during the renewal period, it is important to read the policy documents carefully and thoroughly.

2. Increased Payments

   When you have a good relationship with an insurer, the odds of you sticking with them are high, and because insurance rates do not rise as a result, a bike owner isn't bothered. By contrast, it is during renewal periods that you can save a lot of money on your car insurance plans. When you compare different plans, you will see what other insurers have to say on a particular vehicle, as well as what other prospects are protected by similar policies.

Advantages Of Renewing Bike Insurance on Time

There are various advantages by renewing your bike insurance on time. These are:

1. Lower Deductibles

   A few bike insurance companies have a reputation for lowering the mandatory deductibles that you would pay while making a claim. The majority of the time, this is delivered as a loyalty incentive. Of course, it is based on a variety of variables, including recent claims, premium, vehicle model, and so on. Even if it doesn't help you save money up front, you will benefit from it when it comes time to file a claim.

2. NCB

   An ncb in bike insurance or no claim bonus is a benefit offered by insurers if you haven't claimed for your policy in the previous term. To take advantage of the same, make sure there isn't a difference in between and that you don't sue. The discounts begin at a minimum of 20% for the first claim-free year and increase to 50% over the next five years. Since NCB is a cumulative discount, it provides greater savings.

3. Accidents

   Certain insurers will let you retain your policy without raising your premiums even though you have made an accident claim. It makes perfect sense to stick with those insurers for a while longer. The basic explanation is that such incentives cannot be transferred when you move insurers.

4. Additional Expenses

   If you stick with the same insurer, you'll have all of your loyalty perks and rewards. If you switch insurers, you will be liable for some of the costs associated with beginning a new contract and paying premium fees.

Conclusion

Make sure to renew your bike insurance on time to avail protection against accidents, thefts and other mis-happenings. Also note that it is compulsory by law to have a third-party coverage for your bike.

Also Read: 

Documents That You May Need For Bike Insurance Policy Renewal

How To Renew Two-Wheeler Insurance After Expiry?

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.