Every bike insurance policy has an expiration date. This holds true for both comprehensive plans and third-party bike insurance. Since bike insurance is required by law in India, you, as the owner of a bike, must renew insurance for the bike online or offline. Only an active policy can protect your bike from losses. Additionally, your coverage under the insurance policy ends when it expires. Therefore, it is in your best interest to choose to renew your bike insurance coverage on time. Continue reading to see why it’s crucial to do this, and how you can renew insurance for your bike online.
1. Seamless insurance coverage
In the event of an unexpected accident on the road, you won’t have any backup if you fail to renew your insurance. Timely renewal will enable you to maintain your protection against unforeseen losses. You cannot file a claim if you sustain damages, and your policy is expired. If there is a lapse, your bike insurance is no longer valid. In that case, you would have to spend money from your pocket to repair your bike. Replacing important parts can turn out to be an expensive endeavour for you.
2. Securing No Claim Bonus
No claim bonus (NCB) is a benefit that you can take advantage of when you renew insurance for a bike online if you haven’t filed any claims over the course of the policy. With such a bonus, you might get a premium discount that can range from 20% to 50%. However, as you may already be aware, your NCB may be cancelled if your two-wheeler insurance is not renewed during the grace period. So, if you had been earning the NCB incentive every year, one missed insurance renewal would put you back where you started.
3. Avoid Break-in Policy Disadvantage
Failure to renew insurance for bikes online prior to the expiration date will be regarded as a “break-in policy” circumstance. As a result, your insurance provider would have to inspect your bike, which can result in a rise in your insurance rates. You can prevent a break-in policy penalty by choosing to renew your bike insurance during the grace period.
4. Coverage Review
The ideal time to examine your insurance requirements is during your policy renewal. The chance to improve your policy by expanding its coverage is during the bike insurance renewal. On the other side, you can even reduce your policy coverage if you believe it to be excessive. Additionally, it permits you to add rider advantages to your policy for comprehensive protection or change insurers if you are dissatisfied with your current insurance provider.
5. Stand legally correct
In India, it is required by law to have two-wheeler insurance. Third-party insurance has been made mandatory by the government of India. Therefore, it is best to renew insurance for bikes online on time if you want to follow the law and avoid penalties or fines.
The Bottom Line
You can see that while skipping the bike insurance renewal dates only results in difficulties and losses. If you renew insurance for bikes online on time, it offers you a number of benefits. Two-wheeler insurance offers financial security against a variety of risks you can face on the road for a reasonable rate. Therefore, be sure to remember when your insurance coverage expires and renew it early.