Bike insurance is mandatory as per the motor vehicles act, and yet 70 percent of the bikes plying on the Indian roads are insured. It’s not that we all are law-breakers, it’s just that we don’t find insuring our bikes worth the effort. It’s also not that easy to remember bike insurance renewal.
However, the best way to protect your bike from unforeseen incidents, such as, accidents, theft, etc. is to purchase and renew bike insurance online. Bike Insurance renewal on a timely basis is beneficial in many ways as it not only makes sure that the continuity of policy is maintained but also provides you security against any mishappening.
Benefits of Bike Insurance Renewal
The following are benefits of Bike Insurance renewal:
- Safeguard Against Natural Calamities
It is necessary to renew your bike insurance on timely basis as it protects you from heavy expenses and maintains continuity in protecting against any natural calamities such as cyclone, Fire, Explosion, Earthquake, Landslides, Storm, Self-Ignition, Flood and many more. It reimburses the cost of the repair work for any damages occurred due to any natural calamities and also repays for loss of life or injury to the rider and its co-rider.
- Safeguard Against Manmade Disasters
Man-made disasters such as Accidents, Theft, Malicious Acts, Burglary, Strikes and many more can lead to loss of bike or damage to it. It provides coverage on your financial liability by paying off the sum insured for loss of vehicle or service costs of repair and replacements charges.
- Security of Legal Interests
As you all are aware that bike insurance is mandatory by law. But the fact is that even third party insurance is compulsory by law. This is because it protects the owner of vehicle from any third party liability that is caused due to any unforeseen incident in which the insured bike is involved. Hence, renewal of your bike insurance makes sure that your responsibilities as owner of the bike is accomplished and it also protects you from the cost of repairing in case of any unforeseen incident.
- Cross Border Insurance Cover
Travelling to Foreign land on bikes has become a fashion in today’s time. If you have a bike insurance, it will pay off for damages incurred in such foreign land as well. You just need to purchase it from an insurer who covers for that. During immigration, bike insurance may be compulsory in the country you are travelling to. Hence, it is necessary to renew your bike insurance on time as it helps to comply with the statutory obligations.
- Benefit of Discounts and Perks
Timely renewal of bike insurance ensures that you are eligible to avail discounts such as No Claim Bonus (NCB). If not renewed on time, you will lose the benefit of these perks and discounts.
- Provides You Security
The most significant feature provided to you at the time of Bike Insurance renewal is the safety and confidence to ride. With such security, you will be able to save the penalties levied by traffic laws, such as traffic police impose fine for not wearing a helmet while riding or for breaking traffic signal.
So this time just keep a Google Calendar reminder in place for your bike insurance renewal, if you don’t miss out on the benefits of bike insurance policy in general. Your bike is important to you, and it’s worth it to keep a secure under a valid two-wheeler insurance.
An Afterthought: Things to be kept in mind prior to Renewal
Here are a few things you take care at the time of Bike Insurance renewal in India:
- Keep an eye on the validity dates of your policy and make sure that you renew your policy in advance as per the time limit stated in policy documents so that you can save fine imposed for late renewal.
- Compare quotations provided by various insurance companies online before renewal as you may find many insurers offering policies with all required benefits at reasonable price.
- Take the advantage of discounts such as the No Claim Bonus(NCB) and involve yourself in Voluntary Excess to renew your policy at a lower premium amount.