Bike Insurance: While coping with a busy schedule, it is sometimes challenging to keep track of all the essential tasks while prioritizing them accordingly. Especially when it comes to renewals and premium payments of your insurance policy, it is crucial to pay the amount well in time to avoid lapsing of the policy.
As most of you travel on your two-wheeler frequently, you are exposed to the risk of road accidents. To handle such events and keep away from legal repercussions, you should prioritize bike insurance renewal. You can even opt for bike insurance renewal online to avoid delay in paying the renewal fee or premium.
Bike Insurance Renewal
There are several benefits of prioritizing bike insurance renewal and preventing it from lapsing. Find below a few of them:
Eligibility for No Claim Bonus
No claim bonus is a discount offered by the insurance providers on renewing your insurance consecutively for five years without any fail, and if you do not claim any amount during those years. This is the reward for driving safely and as a responsible citizen. The amount of discount increases year by year. You can avail of this discount if your bike insurance renewal is done before 90 days of the expiry date (the duration might vary). But, if you are unable to renew the insurance on time, you will not be eligible for it.
If you are unable to pay for bike insurance renewal on time, it will expose you to the risk of financial losses. On the other hand, if you renew your comprehensive bike insurance on time, you can be free from the additional worries of arranging finance for getting your bike fixed or getting yourself treated if anything unfortunate happens.
Protection Against Natural Disasters
As comprehensive bike insurance provides coverage to your vehicle during natural disasters, like, floods, earthquakes, etc., prioritizing bike insurance renewal is important. If you are unable to do so, you will not be eligible for any compensation.
No Break-in Policy
Bike insurance renewal after the expiration date might increase your premium amount. If your bike insurance is renewed after considerable number of days from the expiration date, it will be considered a break-in policy. The insurance company usually inspects the bike before renewing the policy in this case.
Renewal of Policy Features
During bike insurance renewal, you can revise the features and benefits of your bike insurance. You can opt for certain add-on benefits, like consumable expenses, return to invoice, emergency medical expenses, etc., which might increase your premium amount considerably, but will provide you with wider coverage.
Protection of Legal interest
As per the Motor Vehicles Act, 1988, it is mandatory to sign up for third party insurance. If you choose a comprehensive bike insurance policy, you need not worry about the third party liability that may arise due to an accident involving your insured vehicle. Your insurance provider will be liable to pay the compensation amount to the third party.
Safety from Penalties
A bike insurance document is one of the mandatory documents that you should always have while travelling. In case your bike insurance has expired or you have not applied for it, you will be liable to pay the penalty under traffic laws.
Thus, it is essential to renew your bike insurance on time due to the unparalleled benefits you will be eligible for and to keep away from the legal liabilities. If you haven’t applied for your bike insurance renewal yet, there’s nothing to worry about, as you can easily renew your lapsed policy as well.
Reputable insurance providers like TATA AIG provides end to end assistance to their clients and have a competitive claim settlement ratio. They provide several add-on benefits to strengthen your basic bike insurance policy, so that you can be worry-free if any untoward event happens.
Renew your bike insurance today!