Importance of On-Time Bike/Two-Wheeler Insurance Policy Renewal
The ensuing points will highlight the significance of the Comprehensive Bike Insurance Plan on-time renewal.
- Penalty
You risk fines if you don’t renew your third-party two-wheeler insurance on time, which expires. Since riding a bike without third-party liability insurance is illegal, doing so can result in a fine from the police. You can avoid these fines by renewing your bike insurance on time.
- Liability
Also included in the Comprehensive Plan is a third-party liability Cover. It covers your legal obligations if the insured bike is involved in an accident that results in a third party’s injuries or property damage. You could be in serious trouble if you are in a bike accident without a valid insurance policy.
- Own Damage
The insurer will not pay for damages if you don’t renew your bike insurance promptly and your bike is damaged. Only when it is active is the insurance policy effective. Additionally, if the policy is renewed on time, it will expire and be deemed active. You will consequently have to pay for bike repairs out of your pocket.*
- Grace Period
Many bike insurers provide a grace period for renewing bike insurance. This time frame typically extends from the policy’s expiration date for a few weeks to a month. You have an additional opportunity to renew the policy here. The policy will not be in force during the Grace Period, resulting in a loss of coverage.
A bike insurance premium calculator is an easy-to-use tool to determine the premium you need.
- Bike Inspection
The bike inspection process starts if the Grace Period expires and the insurers decide to inspect the bike to assess its condition before renewing its insurance policy. The insurer’s representatives will review the motorcycle here before providing a renewal quote. You may also be able to perform a self-inspection by recording a video of the bike and sending it to the insurer.
- No Claim Bonus
Here are some crucial guidelines regarding the No Claim Bonus (NCB): A benefit of not making any claims during the policy period is the no-claim bonus in bike insurance. The renewal concession may only be available if the renewal date is met. The Own Damage portion of the policy is connected to NCB. For the first year, the NCB may be 20%. The NCB may reach 50% after five years without a claim in a row. When a claim is raised, the NCB is reduced to zero.
After the policy expires, the NCB benefit accumulates for 90 days. After that, it expires. Ideally, you should renew the policy before it expires. However, if you cannot, you may renew it during the 90-day window to continue receiving the NCB. Claims are subject to terms and conditions set forth under two-wheeler insurance policy.*
Benefits Of Timely Bike Insurance Renewals Include:
- Avoid penalties by adhering to The Motor Vehicles Act’s legal requirements
- The insurance coverage continues
- To avoid a price increase and bike inspection
- Utilise the concession for renewal and keep it active
- Assure biking and insurance-related worries
Make sure you are well-versed in the vital process of how to claim bike insurance. Claims are subject to terms and conditions set forth under two-wheeler insurance policy.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
