5 Benefits of On Time Two-Wheeler Insurance Renewal
Holding valid insurance for your two-wheeler is a mandatory requirement under Motor Vehicle Rules applicable in India. Besides being a legal requirement, it safeguards your vehicle from accidents and other calamities. But an insurance policy is a periodic contract, which is required to be renewed from time-to-time to continue availing the benefits. Many people fail to renew their insurance policy on time due to various reasons. Little do they realize that skipping this small action of renewing their policy could propel them into big troubles. Whether you opt for your bike insurance renewal online or otherwise, always keep in mind to do it on time.
In this blog, we have presented 5 major advantages of renewing your bike insurance policy on time.
No Break-in Policy
If your 2 wheeler insurance renewal is not done on time, then the new insurance issued after the renewal period will be considered as a break-in policy. In such a case, the insurance company will demand an inspection of the vehicle. While conducting the inspection they will point out every minor damages and defect before issuing the policy. As a result, the cost of the policy will increase. If the renewal is done on time, the insurance company will do away with the inspection process and then you will be able to save additional amounts on the insurance premium. Also, a break-in policy requires a longer time as inspections are carried on. The process is a little lengthier, which will make you wait for a few more days before actually getting the policy. However, if you renew your policy on time, the renewal is done instantly without much of a hassle thus saving you from waiting for days.
Continued Benefits of NCB
No Claim Bonus (NCB) is a discount offered on insurance premium amount for prudent use of a vehicle. For motor vehicles, it is generally allowed for a period of 5 years and the rate of discount keeps increasing every year. NCB can also be transferred from an old vehicle while purchasing insurance for a new vehicle. The benefits of NCB can be availed only if the bike insurance renewal is done before 90 days the date of its expiry.
Continued Insurance Cover
If your two-wheeler insurance renewal is not done on time, you will have to keep around riding your bike without any insurance cover. If you happen to get into an accident or mishappening during this period, your insurance provider will not be liable to cover for damages or costs that might result due to the accident. You will not receive any compensation from them. If the compensation amount is high, it will result in a huge financial loss to you. Even if the accident occurs because of someone else’s fault, you will not be eligible to claim the amount for your own damages. In short, if your insurance policy is not renewed on time, all expenses resulting out of any calamities will have to be paid out of your pockets.
Be a law-abiding Citizen and Protect Yourself from Legal Consequences
As insuring a two-wheeler is a mandatory compliance under The Motor Vehicles Act, 1989, hence riding your bike without any active insurance policy is a legal offense and punishable with fines and penalties. Hence, if you do not renew your policy on time, your vehicle will be considered to be one without any policy and legal consequences will follow.
Allows You Time to Review the Policy Features
Renewing a policy on time provides you with enough time to review the features and benefits of the insurance policy. While renewing, you can choose to add additional features to strengthen your policy. Alternatively, you can also choose to opt out of certain unwanted additional features thus saving yourself from spending a few extra bucks. You can also choose to switch to a different insurance provider while renewing. Not renewing your insurance on time results in haste actions and does not allow you with enough time to review the policy.
Hence, it is recommended to renew your two-wheeler insurance on time to enjoy uninterrupted benefits. You can opt for two-wheeler insurance renewal online for a simplified and faster renewal process.