Love to ride your bike, but think that the renewal process is cumbersome? Then here we tell you about plethora of benefits associated with renewing two wheeler insurance. As per a survey conducted in 2016, The Insurance and Regulatory Authority of India (IRDA) revealed that 75% of two wheelers on the road are not insured, despite being made mandatory by law. Since, for new bike owners, buying a two-wheeler insurance policy is an obligation, it is the old owners who are the ones who avoid the renewal of the policy. Hence, considering the importance of having a bike insurance policy, its renewal is important too.
Keeping in mind, the need to insure oneself, third party and your vehicle, renewing your bike insurance is absolutely necessary. Considering the host of benefits that a bike insurance policy offers, it is imperative you don’t miss out on its renewal by not renewing the policy, you also miss out on the NCB. From the date of the expiry, every insurance company offers you a grace period of 30 days to renew your bike cover. By not renewing the bike insurance, you are not only violating the law, but also exposing yourself to huge liability risk. So it’s always necessary to renew your bike insurance on time.
1. You are legally secured:
Having a third-party liability two wheeler insurance policy is a legal mandate in India. It ensures that the vehicle is covered against accidental damage caused to the third-party due to the insured’s vehicle. Hence, renewing your two-wheeler insurance policy ensures that you don’t have to bear the expenses of any damages caused to the third person or property.
2. Protects you against natural and man-made calamities:
What if just yesterday your policy has lapsed and your bike is washed away due to floods? Who will compensate for the loss? No one. By not renewing your insurance policy, you will miss out on the coverage that a bike insurance policy would provide. Hence, to save yourself from times like these, renewing your bike insurance policy is essential. A two wheeler insurance policy protects the policyholder against natural and man-made calamities.
3. You don’t lose out on NCB:
Insurance companies offer you a no claim bonus for every claim-free year. This helps in getting discounts on your premium amount. Not renewing your policy on time means you lose out on your accumulated no claim bonus. Also, a policyholder gets 90 days period from the date of lapse to save his NCB and a grace period of 30 is for offered for renewal.
4. Gives you a sense of security:
One of the benefits of renewing the bike insurance policy is that it gives you a sense of security to ride confidently and also keeps you away from any financial stress caused due to an accident.
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