Whether it’s costly one or the cheapest one, but buying a bike is just like a dream come true for every bike lover. As it is not only a passion for everyone, but a necessity for many. Bike comes with a compulsory package which includes two-wheeler insurance. According to the Motor Vehicle Act of India, in case of a new bike, it is compulsory to have a valid third- party two- wheeler insurance for five years. In case if the insurance term for your two-wheeler is expiring soon, you should get it renew on time. As once your bike insurance expires, you will lose a lot many benefits. Let’s have a look at the most important benefits of timely two-wheeler insurance renewal.
In a country like India people might take bike insurance renewal, a matter of waste of time and money, but it is as equally important as buying a new bike insurance. Once the policy is expired, you will lose all the benefits of timely two-wheeler insurance renewal.
Benefits of timely two-wheeler insurance renewal
On timely two-wheeler insurance renewal, you can get good discounts in case if you have not availed any claims in the previous year against your insurance policy. In insurance sector, this discount is known as NCB (No Claim Bonus). You can avail this discount only in case if you have not made any claim in the previous year. You may also lose NCB if you do not renew your insurance policy within the 90 days of your policy expiry date. So, it is advisable to renew your two-wheeler insurance before it expires. You can avail maximum of 50% discount on the premium of your insurance policy.
Policy without break-in
One of the most important things is to ensure that you have not missed the renewal date of your two-wheeler insurance. If you missed it for any reason, your policy will be termed as break-in. Practicing a break-in insurance policy is not at all a good idea as it costs you more premiums. In such cases, there are chances that your insurer may also request for an inspection just to be sure about the condition of your two-wheeler or bike. The surveyor might notice all the minor damages or dents on your bike and this will lead you more premium cost. So, make sure that you renew your bike insurance policy on time and avoid the chances of break-in policy.
Free from legal penalties
As per the Motor Vehicle Act, every vehicle owner must have a valid motor insurance before riding a two-wheeler or four-wheeler on Indian roads. It is an offence, if you don’t have a valid vehicle insurance. Having an insurance policy not only provides you a financial security in case of any accident, but also protects you from any legal procedures.
Sustained Insurance Policy
One of the benefits of timely two-wheeler insurance renewal is having a continuous insurance policy. It is very important to have a continuous policy as in case your policy expires and during that period you get into some accident, the insurance company will not pay a single penny and you have to bear all the cost of damage from your own pocket. In fact, if third- party is involved in an accident, you will be liable to pay a compensation to the damages caused to the third-party. In such cases, depending upon the income and age of the affected third-party, the compensation can be very high. Not only third-party damages, you cannot claim even for your own damages.
How to Renew Two-Wheeler Insurance Online?
There are so many websites like RenewBuy.com, which offers you an online renewal of your two-wheeler. All you have to do is just visit the website and enter your two-wheeler’s details and select the appropriate plan which suits your requirements. Once you choose the right plan, just proceed to the payment page and make online payment. You will instantly get an insurance policy on your registered email id.
Above mentioned are the benefits of timely two-wheeler insurance renewal, so now just renew your two-wheeler insurance policy on time and feel safe.