Getting your bike insurance renewed on time makes you feel at peace as you have a sense of being secured the whole time. Besides this security, there are other benefits of renewing your insurance policy. Let’s see what they are and how you can get bike insurance renewed instantly online.
Advantages of Renewing Two Wheeler Insurance
Makes You a Responsible Citizen
Getting your policy renewed ensures that you comply with the law. This helps you avoid any penalty and continues to shield you with your insurance. You can be penalised or even imprisoned for driving your bike without any insurance.
As soon as the policy expires, it becomes inactive. Thus, timely renewal of your bike insurance is recommended on or before the policy expiration date.
If you fail to renew your policy, you become vulnerable to any damages arising from accidental events. Comprehensive insurance protects your two-wheeler if it incurs any damages. Renewing this insurance enables you to gain sustained protection.
No Break-in Policy
As you know, your insurance policy has to be renewed before the expiry date. If it is renewed after the expiration date (differs from one insurer to another), your insurance policy would be considered break-in insurance. In such cases, the insurer may demand to check your two-wheeler. This may also lead to an increase in insurance premiums.
An Active NCB
No-claim bonus (NCB) is an additional discount provided by the insurance company on renewal if you don't claim in the previous policy year. This bonus will lapse if you cannot renew your insurance even within 90 days of the policy expiration date. This 90-day period is a grace time to keep your bonus active.
Time to Review
Usually, the appropriate point to review is a month before the expiration date of your comprehensive insurance cover. While renewing it, you can go for add-ons like pillion rider cover, roadside assistance, etc, which fulfill your needs.
Add-ons may cause a rise in the premium, but more importantly, increase your coverage against uncertain events. You may also choose another insurer while you get your policy renewed. As digitisation has modified the insurance sector, new users have arrived.
Discount on Renewal Premiums
While renewing your bike insurance policy on a timely basis, the insurer gives you some discount on the policy premium via NCB if you don't claim in the previous policy year. It may even go up to 50% if you don't claim for the first five years of the policy.
An Intact Coverage
Non-renewal of bike insurance makes you vulnerable to various damages and perils. A timely bike policy renewal makes sure that you are protected against the following cases:
- Third-party Liability
Bike insurance policies safeguard you from third-party liabilities like injuries, legal damages, property damage, etc. You don't need to worry about compensating them for their losses. In this case, you will be financially safeguarded.
Claims on account of fire caused are also included under a comprehensive insurance policy.
- Own Damages
Similar to third-party damages, own damage, i.e., any damage caused to the bike of the insured, also falls under this insurance. You can avail of cashless repairs if you take a damaged bike to a network garage.
Read more - Own Damage Bike Insurance
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- Calamities or Theft
This two-wheeler insurance for your bike financially protects you against natural disasters like landslides, floods, earthquakes, etc., and man-made calamities like vandalism, riots, etc. In case of theft, your insurer reimburses you approximately up to the bike's market value (current).
Avoid Charges and Penalties
The penalty for not having cover for your bike is around INR 2000 or imprisonment. So, non-renewal of your bike insurance leads to no coverage for damages as well as makes you pay fines and penalties.
Options to Choose from
Policy renewal is a great chance to compare various plans with their prices and features. You can carry out your two-wheeler insurance renewal online and even have the choice to switch insurers as well as plans.
The Final Word
In this digital era, online insurance platforms like Paytm Insurance provide various policy services online. This digital platform allows you to renew, purchase, and make claims online.