Benefits of Bike Insurance Renewal on Time
Published on December 26, 2019. EST READ TIME: 5 MIN
Having a bike is a matter of pride for all the youth and they want to use it in travel all times, however considering the ever increasing risks of accidents while travel, one needs a valid bike insurance coverage at all times. We all follow all our social meetings on schedule but when it comes for bike insurance renewal we follow a relaxed approach and ignore the risks associated with the bike getting uninsured.
Let’s look at some of benefits of getting bike insurance renewed on time.
Mandatory Requirement: As per Motors Vehicle Act 1988 and recently enacted Motor Vehicles (Amendment) Act 2019, it a mandatory that a motorist has a valid third party insurance coverage for the bike at all times, however a comprehensive bike insurance plan offers benefits of third party plan coverage as well as coverage for risks from natural calamities and manmade events, it would be a wise decision to buy a comprehensive bike insurance plan.
Insurance Coverage: Whenever you are not able to renew your insurance policy in stipulated time, it falls in lapsed state, this results in your bike losing all the insurance coverage it had. You become liable for any bodily injury to the third party or any damage to the third party property. You would also have to bear costs of damage to your bike from natural calamities or any of the manmade events.
No Claim Bonus: No Claim Bonus is a discount on premium offered by the motor insurer, when you do not raise a claim during the year you will get the no claim bonus advantage which could the added year on year of no claim& up to 50% of your own damage premium When you fail to renew you insurance policy in 90 days from its expiry date, No Claim Bonus would become 0 .
Avoiding a Break-In Policy Disadvantage: It is always suggested to get bike insurance renewed before expiry , howeverif the policy is not renewed before expiry the policy will be considered as lapsed and there is a break in the policy Whenever you decide to renew the plan, the insurer may ask you to get the bike inspected again which may be result in you getting a higher premium.
General Procedure to Renew Two Wheeler Insurance
Online Bike Insurance Policy renewal is a prompt way of ensuring that your bike enjoys continued insurance coverage. The procedure to renew your bike insurance online is
Log onto the website of the bike insurer
Go to the login portal and enter your login id and password
Click on the renewal button and enter details of your two wheeler insurance policy if needed
Choose any Add-On covers that you need and click on the submit button
Pay the renewal premium using debit card, credit card or online banking
Save the online receipt carefully and also get a hard copy of the same
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.
This blog has been written by
S. Gopala Krishnan | Motor Insurance Expert | 40+ years of experience in insurance industry
A veteran in insurance industry. S. Gopala Krishnan is a name to reckon with in the field of reinsurance, he has headed the Reinsurance department and has rich experience in other fields of motor insurance. He loves to share his opinion on latest topics in the insurance industry and how he can help people in safeguarding their assets using insurance products.
Mr. S. Gopala Krishnan recommends "HDFC ERGO for your vehicle insurance needs, it has always put customer’s interest at the forefront, with round the clock assistance to deal with emergency breakdown issues and hassle free claims process. You can be assured of complete and reliable guidance through the whole process.".