Benefits Of On Time Renewal of Bike Insurance
Published on December 24, 2020. EST READ TIME: 5 MIN
The thrill of riding a bike and going on endless road trips is unparalleled. Exploring new places while feeling the wind in your hair is a feeling that only bikers can understand. If you are one such rider, chances are high that you take extremely good care of your bike.However, there is one particular thing you must not forget when it comes to taking care of your bike, which is renewing its insurance on time.
The need For Bike Insurance
There are many reasons why one must renew their bike insurance policy on time. For starters, unless you renew your bike insurance, you cannot legally ride your bike on public roads. This is because the Motor Vehicles Act mandates all vehicles to have a valid insurance policy.
While you only need to have a third-party liability policy to get the legal clearance, it is a much better idea to buy comprehensive bike insurance. A comprehensive plan comprises a third-party liability policy and offers cover for own damage as well. The policy will come in handy if there are any damages due to natural calamities like earthquakes, landslides, cyclones, etc. The policy also offers financial protection against man-made nuisance such as strikes, vandalism, riots, etc.More importantly, it gives you complete peace of mind, so that you can go on your biking expeditions without any worries.
Advantages of renewing your policy on time
Renewing your bike insurance policy on time lets you avail of the following benefits.
No Claims Bonus
This is one of the biggest advantages of renewing your policy on time. On time renewal enables you to continue reaping the benefits of No Claim Bonus (NCB). For every year that you do not make any claims, you are entitled to NCB. The discount starts from 20% for the first year and goes up to 50% for the fifth consecutive year. Should you fail to renew your policy on time, you will miss out on the NCB.
Continued Legal Clearance
As already mentioned, the law mandates all vehicle owners to have a valid bike insurance policy. Renewing your policy on time ensures that you can ride your bike without having to worry about incurring hefty fines. Also, due to timely renewal, you will not have to bear any expenses related to repair or injuries to other individuals or properties.
Protection against Disasters
Should a natural calamity occur, there is barely anything that you can do about it.However, you will have to shell out money from your pockets for any repairs if your bike is caught up in a natural disaster. When you renew your bike on time, you are always insured and have financial protection against natural calamities.
Peace of Mind
By renewing your bike insurance policy on time, you will essentially buy complete peace of mind. Neither do you have toworry about hefty fines nor shell out extra bucks for repair costs or medical expenses if you are in an accident. All that you need to do to achieve such a sense of security is to renew your policy on time.
Protection against Man Made Disasters
Another advantage of renewing your bike insurance policy on time is that you can continue getting coverage against man-made disasters.Incidents such as strikes, riots, vandalism, theft, etc. do not wait for appointments. The absence of a policy will put the onus on you to pay for any repairs from your pockets. But timely renewal will ensure that you can park your bike and not have to worry about any manmade disasters.
If you do not have a policy or if your policy is about to expire, now might be the best time to renew it and continue reaping the benefits mentioned above.
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
Mukesh Kumar | Motor Insurance Expert | 36+ years of experience in insurance industry
A veteran in the insurance industry, Mukesh Kumar has the expertise of handling various functions like Business Development, Underwriting, Claims, Human Resources, Quality Management and Marketing. With rich knowledge of the industry, he loves to share his views on topics of insurance sector and takes special interest in educating people on advantages of having insurance.
Mr. Mukesh Kumar recommends "getting your two wheeler insured from HDFC ERGO, a brand serving more than 1 crore+ customers. With overnight repair services and more than 6,800+ network garages, you can be assured of help in event of any damage to your vehicle