Know All About Bike Insurance | RenewBuy | Renewbuy

Know All About Bike Insurance | RenewBuy

Two wheeler insurance is a document which should be kept updated all the time. A problem can occur anytime and then insurance comes in handy. In situations when an insurance is not available with the person, they can face consequences including paying the expenses, losing their license and other fines.

'My two wheeler insurance expired', reminders of statements like these giving you nightmares? Well, for starters, we'd say it’s good. At least you understand the importance of a two wheeler insurance. The current scenario is witnessing multiple cases every day where people are fined for not carrying their insurance when riding. It is important for people to understand what is insurance and why is it important. Owing to the ignorant behavior, people do not pay much attention initially and later regret when a mishap occurs. Since, India has an eminent number of two wheeler users on a regular basis, preventing such incidents is only possible when everyone is educated about two wheeler insurance.

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What is a Two Wheeler Insurance?

Two wheeler insurance is a mandatory document that is needed all the time when you are out on the road riding. It protects your vehicle in case of any incident such as accident, theft, natural damage due to some disaster or anything else depending on your policy. It is provided and renewed by companies registered under the Insurance Regulatory Development Authority of India (IRDAI)

Why Should One Buy a Two Wheeler Insurance?

Apart from the very reason that it is mandatory as per the law, it is important to give all due respect to an insurance policy as it is the need of the hour. The first and foremost reason for anyone though, is to protect themselves from any third party liability cost.

Let us take an example. For instance, Mr. A, who is riding his two wheeler, loses concentration on the road. This leads him into hitting another vehicle, damaging it. Further assessing the situation he finds out he has badly injured two people. Now, the vehicle that Mr. A owns is not insured. So, the entire cost of the accident has to be taken care of by him. The cost of repairing, first aid of the people injured and all other expenses around it.

However, if the scenario was a bit different and he had an insurance policy, all the expenses would have been taken care of by the insurance company and he would have been saved from such hassle.

Now, since we understand how important it is to get vehicles insured, comes the second step, expired two wheeler insurance renewal. An insurance lasts one year from the date it is effective and thus has to be renewed every year. Now, with the oncoming of multiple platforms online, it is easy to renew a policy in just a few simple steps. Entering the type and model of the vehicle gives a list of policies from different companies that one can check and buy as per their requirement.

Two wheeler insurance expired, is even worse than a car insurance expired due to the very fact that driving two wheeler is extremely risky, especially on Indian roads. Therefore, it should always be kept a check upon and renewal should be done before it expires. Read more on How to Renew Expired Bike Insurance