February 21st, 2019 | Updated on January 29th, 2020
Despite knowing the repercussion of not having bike insurance, only 25% two-wheelers are insured in India, while 75% are not renewed on the exact due date.
The multitude of benefits offered by bike insurance can only be enjoyed if you renew it on time. Your responsibility doesn’t end at buying a policy online or you can’t evade renewing the plan.
The point is you can’t delay your decision towards bike insurance renewal.
Why Does It Require?
Two wheeler insurance is a way of protecting your finances against major perils such as calamities, accidents or theft. Even it is mandatory in India as per the Motor Vehicles Act, at least third party insurance.
Hence, failure to renewing the policy makes you susceptible to huge penalties.
Common Benefits Of Bike Insurance Renewal
Apart from enjoying the basic policy benefits uninterruptedly, on time renewal of your two wheeler policy entails certain other benefits as well:
1. Makes You A Responsible Citizen
Renewing the policy when it is due will ensure that you adhere to the law of land. This way you can avoid penalties and continue to be financially shielded in case of an emergency.
Riding a bike without valid insurance may even lead to imprisonment. Remember that, your insurers will not cover you if the bike insurance remains inactive at the time of a claim. So, the sense of renewing your policy makes you even a better responsible citizen.
2. Staying Financially Insured
Let’s imagine, you have forgotten to renew Iffco Tokio bike insurance when it was due. In this case, to avail the policy benefits contentiously, you will have to ensure Iffco Tokio bike insurance renewal immediately.
Comprehensive bike insurance covers you financially in case of a contingency only it is active throughout. To remain financially covered, you must ensure that you carry valid insurance only.
3. No Break-in Policy Advantage
By renewing bike insurance before it expires, you can ensure not facing the hassle of a break-in policy. Well when you miss the exact policy date, the insurer offers a grace period within which you will require to renew the policy.
However, the grace period may vary insurer to insurer. When you renew the policy after a considerable period, the policy will be considered as break-in policy, in which case, a vehicle inspection may be required.
This may lead the insurance price of your vehicle. to avoid this, renew bike insurance before it expires.
4. Keeping NCB Alive
No Claim Bonus is an additional discount that can be earned for every claim-free year. If you can ignore claiming your policy for minor dents or bear the expenses on you, you will be entitled to NCB discount, which is offered either as an increment on the sum insured or discount on the premiums.
This NCB is ceased to exist if you claim your policy or forget to renew it, before 90 days from the actual expiry date. 90 days is the grace period to keep your NCB alive. So, you can’t afford to lose NCB.
5. Good Time To Analyse Your Cover
A month before the expiry of your current policy is the right time to evaluate your comprehensive cover. It is to time to review whether the existing cover is sufficient or not. If you feel to add more cover, go for add-ons such as Zero Depreciation, Road-side Assistance etc. and enhance the basic cover.
Though add-on covers will slightly increase the premiums, your basic cover will be braced. If not you can also think of porting the policy. Every day, insurers come with innovative insurance solutions that you can consider at the time of renewal.
If you are not satisfied with the services of your current insurance provider, you can even port the insurer as well.
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Why Choose Online Two Wheeler Insurance
Gone are the days, when you had to take leaves for visiting the insurers’ offices or called off an important meeting. With internet booming day-by-day, getting insurance is a matter of a few clicks now.
Not only this, even you can renew the policy online. Apart from a hassle-free post-sale experience, online renewal comes with some perks as well:
A. It Saves Time
Doing anything online is time-saving. Insurance is o exception. When you renew the policy online, you can save your precious time. If we talk about today’s lifestyle, there is hardly someone who has time, even for itself.
In such a busy schedule, it can be difficult to manage to wait in a long queue or to rush for the insurer’s office for getting the policy renewed, especially in the nick of time. Online insurance renewal will help to get the policy renewed instantly.
B. Allows You To Compare Hassle-free
One of the most alluring benefits of online insurance renewal is it allows you to compare different plans on various grounds such as claim settlement ratio of the insurer, coverage or benefits, premiums etc.
It helps you being acquainted with whatever is offering by the others and to take a call accordingly.
C. Offers Are Abundant
Online insurance comes with plentiful offers as compared to offline insurance. Some insurers offer seasonal discounts, while some others offer a discount for being the first-time customer. You can decide on the NCB bonus offered by the various insurers.
D. Help You Land On The Best Coverage
As renewal is the right time to evaluate your policy benefits, you are open to browse through the other insurance policies in the market.
This way you can ensure the right cover as per your insurance needs at an affordable rate. This way you can save up to a certain percentage on the premiums.
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Wrapping it Up!
Now that you are aware of the benefits of online bike insurance renewal, why to waste your time by waiting for hours in the long queue or blindly believing in whatever is said by the agent. Spare some time, explore by your own, renew the policy online and remain covered for the probabilities!