Comprehensive bike insurance gives total protection against theft, loss, or any type of damage to the car caused by accidents, riots, natural disasters, and so forth. In order to give the financial assistance needed to recover from injuries caused in an accident, these also contain personal accident coverage.
One of the most pleasant forms of transportation is a bike, especially in India's congested cities. The benefits of easy travel come with an equally high risk of operation, though.
Therefore, purchasing bike insurance coverage is really beneficial.
Renew Your Policy on Time
Consider this: Your bike suffers some damage due to anti-social activity. Its seat is burnt and the rim is twisted. Since your policy had an engine cover as an add-on benefit, you think of this as an opportunity to give it the makeover it needs. You visit a cashless garage for service but they inform you that they cannot service your vehicle on the basis of this insurance policy. You contact your insurer and they politely let you know that your policy has expired, and due to non-renewal even after the given grace period time, they can’t provide coverage for these expenses. Imagine the dejection and disappointment!
An aggressive dash against one’s vehicle, a nasty fall, a sudden heart attack, a sneaky theft incident, or a freaky electrical short circuit causing a fire — any of such events can cause a loss — physical and/or financial. A bike insurance policy is comforting in the sense that you have an insurer to fall back on in challenging circumstances.
The Convenience of Buying an Insurance Policy Online
Your insurance policy is up for renewal when your policy term ends. The renewal date on your policy is based on when it first took effect. This period is a suitable time to shop around so as to make the most out of the offers of various insurers to ensure better protection and coverage at lesser prices. You can negotiate terms with your current insurer or switch to a different bike insurance company.
Since most Insurance buyers prefer to purchase policy plans online these days, it makes for a seemingly easy process to renew them as well. The renewal processes are completed almost instantly, no expert assistance from agents or brokers is required, the details of the policy can be revisited and read again to make an informed decision, and there are no time constraints as online services are available 24*7. Nowadays, there are secured payment gateways introduced by NPCI like UPI, etc that ensure that consumers are safe from fraudulent practices and can be used for payments of premiums.
Your insurer may chase and persuade you for a renewal but the worst impact of a policy expiration is on you, the insured as a stakeholder as there is a loss of many key benefits linked to a failure of renewal.
Ensure that you are Always Protected
No human being can ever predict if there is a natural calamity expected. It is always wiser to be prepared and safeguard yourself and your vehicle against these unfortunate events. Even manmade calamities such as theft, riots, arson, etc are protected by a valid insurance policy. In addition to the standard policy, you can opt for add-ons by paying slightly more premium. These include Zero Depreciation, Pillion Rider, Two-Wheeler Insurance Personal Accident Cover, and NCB Protect to name a few.
Therefore, having a financial backup in the form of bike insurance can be instrumental in keeping your peace of mind in these uncertain times. They allow you to be relieved from the burden of unforeseen expenses in case of repair works.
Guarantee your claim on the No-Claim Benefit
No Claim Benefit is a discount offered by the insurer in case you don't make any bike insurance claims during the policy term. Such rewards allow you to enjoy a discount ranging anywhere from 20% to 50% on insurance premiums.
However, NCB is conditional in nature. NCB discount is only applicable on the Own Damage component of the policy and not on third-party bike insurance. It can be availed by an insured person for a new vehicle (which carries a high IDV), and avail substantial savings in OD premium. Insurance breaks can lead to the loss of NCB.
If the concerned policy, via which some amount of NCB is accumulated, is not renewed within the grace period after the expiry date, the benefit lapses. A fresh bike insurance policy is issued and a new NCB cycle begins, leading to the loss of the collected benefits.
It is advisable to keep a track of your accumulated NCB per annum and make sure that you renew your policy in time to not miss out on these high discounts.
Fortify Yourself as a Responsible Citizen
Indian laws state that all two-wheelers and motor vehicles on the road need to have a valid insurance policy. This applies to third-party liabilities that safeguard a policyholder from financial harm caused by physical harm to a third party or their property. Additionally, it deals with any legal obligations that can result from the aforementioned accidents. If you don't have bike insurance, you'll have to pay the settlement out of your own money.
It will also help you avoid getting fined under traffic laws. The traffic police and any other official authorities can demand to see your driving licence and insurance papers in the physical copy on your person if stopped with your two-wheeler.
There is a monetary penalty for riding on the road without a third-party policy.
The penalty amount for the first offense of riding without an insurance plan is INR 2,000 and/or imprisonment of up to three months, and the second time offense of continuing to ride your vehicle without insurance can attract a penalty amount of INR 4,000 and/or imprisonment of up to three months.
Conclusion
Compared to cars and other four-wheeled vehicles, two-wheelers are more prone to accidents and damage.
You must realize the significance of renewing your bike insurance coverage now that you are aware of the information provided in this article. It might be devastating to forget to renew your bike insurance before the deadline since you will lose both your insurance coverage and any No Claim Bonus you have acquired over the years.
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