Knowledge Centre

Factors to consider for bike insurance renewal

Published on January 8, 2020. EST READ TIME: 5MIN

Motorbikes have always been trendy and efficient and have a mass following of passionate riders. With a large number of motorbike riders in our country it is imperative that we ensure their safety. Two-wheelers are more vulnerable to road accidents than any other vehicle in India. To ensure that your bike is safe, it is necessary to have two-wheeler insurance.If you are a rider, you must ensure that you and your vehicle are insured against any harm.

In India, a third party liability cover insurance policy for motorbikes is a must as per the laws of the Motor Vehicles Act, 1988. However, the cover provided by this insurance policy may not be adequate and you might want to consider all-round protection for your motorbike. This can be done by purchasing a comprehensive insurance policy for your bike. This will cover any damages caused to your bike due to both natural and man-made calamities; hence, providing all-round protection to your motorbike.

Importance of motorbike insurance

A comprehensive motorbike insurance is the best way to make sure you are always covered in case of an accident.  It also other benefits, some of which are listed below.

  • The most important reason for having bike insurance is that it will help in providing financial aid in case of any repairs needed for damages incurred in any natural or manmade calamities.

  • Motorbike insurance policy will work in your favor as you will not have to bear the expenses related to bike repairs.

  • Along with cover for the expenses incurred in repair of your bike, motorbike insurance will also cover expenses incurred in repair or treatment of third party person or vehicle.

  • You can avail cashless claim settlement facilities at the network garages, which will reduce the need to wait for a longer duration for claim settlement.

Importance of on-time motorbike insurance renewal

The best possible method to continue availing protection for your motorbike is to renew your bike insurance on time. It is quite natural to miss your bike insurance renewal due to hectic schedules or any other emergencies. But, renewal of your bike insurance on-time will help you in keeping away from both financial and mental stress.

Let us take a quick look at the benefitsthat can be availed by renewing motorbike insurance on-time.

  • Protection against natural calamities

    By renewing your motorbike insurance on-time, you can avail the benefits of protection against natural calamities such as floods, cyclones, earthquakes, storms, etc. Any damage caused to your bike due to these natural calamities will need repairs and the expenses can be covered under the motorbike insurance policy if it is renewed on time.

  • Protection against manmade calamities

    Manmade calamities such as burglary, theft, riots and other malicious activities can also cause damage to your motorbike. The expenses incurred in the repair of your bike due to these calamities can be covered under the renewed bike insurance policy.

  • Easy access to No Claim Bonus

    By renewing your motorbike insurance on time, you would be able to have access to several discounts and perks such as No Claim Bonus (NCB).

  • Legal interest can be protected

    Since third-party insurance is mandatory as per the Motor Vehicles Act, 1988; if motorbike insurance has lapsed then you would be liable for paying the third party in case of any damages caused to person or vehicle. However, if your bike insurance is renewed on time you are legally safe and will not have to bear any expenses.

  • Sense of security

    On the renewal of your bike insurance on time, you will be able to have peace of mind and a sense of security while riding your motorbike on the roads.

Conclusion

Hence, motorbike insurance is essential as it would provide you with security and would also help in avoiding financial stress. Moreover, the renewal of your motorbike insurance on time is also important as this would enable you to avail of the benefits of bike insurance without any hassle and inconvenience.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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 Kumarrecommends "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


Awards & Recognition